Hungarian insurance broker Agenta-Consulting Kft saw a 36.5% growth in life insurance in 2015, while the whole market saw a 2.6% contraction according to data from the Association of Hungarian Insurance Companies (MABISZ), the company announced yesterday in a press release. Agenta sees further potential in the market.
The company, a member of Keszthelyi Holding, sees increasing interest in life insurance, chiefly boosted by the growth in household savings, which have reached 5-6% of GDP, the press statement notes.
Agenta-Consulting saw an increase in revenues last year to HUF 537 million, up from the previous year’s HUF 457 mln, a growth it attributed mainly to positive results in both the life insurance and non-life insurance segments of the firm.
“The retirement and health insurance segments have the most significant momentum in the Hungarian insurance sector, as well as for Agenta,” said Erik Keszthelyi, owner of Keszthelyi Holding. “We are expecting a gradual growth from 2017, while in the next 3-5 year period 20-25% growth can be expected in the life insurance market,” the owner added.
Keszthelyi noted that the growth in household savings has been significant lately, accounting for an approximately 5-6% slice of Hungary’s GDP cake. “Although Hungary is at the bottom of the list of European Union members in terms of revenues per capita from life insurance, hopefully the gap will be narrowed in the coming years,” he added.