The aggregate Q1 GWP reported by Hungarian insurers totaled HUF 458 billion (~EUR 1.2 billion), 8.62% more y-o-y, according to the Q1 statistics published by the Central Bank of Hungary. The life insurance business accounted for 33.3% and the non-life insurance business accounted for 66.6% of total premium income.

In terms of claims, overall, total incurred claims (payments and change of reserves summed-up) increased by 0.7% y-o-y to HUF 195 billion. Life incurred claims totaled ~HUF 107 billion, while the same indicator in non-life totaled HUF 88 billion.

At the end of March 2024, on the Hungarian insurance market were active 22 insurers: 4 specialized life insurers, 9 non-life, and 9 composite insurers.

According to the Q1 statistics, at the end of March 2024 the aggregate market gross profit of Hungarian insurers more than doubled to HUF 17.89 billion the equivalent of EUR 45.2 million (vs. HUF 8.56 billion). The value of net profit increased by 130% y-o-y to HUF 16.24 billion (EUR 41 million) vs. HUF 7.09 billion in March 2023.

At the same time, the technical result (life and non-life, summed-up) was up to HUF 22.36 billion (EUR 56.5 million) vs. HUF 9.77 billion a year before. Of HUF 22.36 billion, HUF 4.41 billion was generated by the life insurance segment, the remaining HUF 17.94 billion being accounted by non-life insurers.

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