Insurance market grows, company ranking remains unchanged
Insurance revenues grew 4.2% in 2014, as compared to a year earlier, data published by MABISZ reveals. Life insurance revenue grew 4.4% while non-life insurance revenue grew by 3.9% in the same period.
Although the market has become somewhat less concentrated, the top three companies still own 40% of the market, Allianz being the largest by revenue. The German insurance giant’s market share fell by 2.5% over the last two years, while second place Generali’s market share shrank to 13.6% from the previous year’s 14.3% and third place Groupama’s share remained unchanged.
Aegon and ING have been fourth and fifth, respectively, for the last two years. Magyar Posta (Hungary’s postal service company) has shown dynamic growth in the past two years, with its market share climbing from 5.7% to 8.5% this year.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.