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Insurersʼ premiums revenue climbs almost 10% in Q2

Hungarian insurersʼ combined revenue from premiums rose 9.6% year-on-year to HUF 275.1 billion in the second quarter, the National Bank of Hungary (MNB) said today.

Revenue from premiums on life policies rose 1.6% to HUF 125.9 bln. Premiums revenue from general insurance policies jumped 17.5% to HUF 149.2 bln as an insurance tax was applied to compulsory vehicle insurance policies, replacing an accident tax, from January 1, 2019.

Insurers signed more than 510,000 policies in Q2, lifting the total number of policies by 3.8% to 14.1 million. The number of life insurance contracts edged up 0.3%, while the number of general insurance contracts rose 4.5%.

Insurers had solvency capital of HUF 576.4 bln at the end of June, more than double their combined solvency capital requirement of HUF 258.4 bln.