Hungarian insurance sector expands more than 23% in Q1-Q3
Combined revenue from premiums of Hungary's insurance sector rose 23.3% to Ft 628.9 billion in Q1-Q3 compared to the same period a year earlier, the Association of Hungarian Insurers (Mabisz) said on Thursday.
Revenue from premiums on life policies rose 46.3% to Ft 312.5 billion during the period, and revenue from premiums on non-life policies was up 6.6% at Ft 316.3 billion. Allianz Hungária Zrt was Hungary's biggest insurer during the period, with 22% of all premium revenue, followed by Generali-Providencia Zrt (14.6%), ING Insurance Zrt (13.5%), OTP Garancia Zrt (10%), Aegon Hungary Zrt (9%) and Uniqa Zrt (6.4%). Allianz's revenue from premiums rose 22% during the period, Generali-Providencia's rose 15%, ING's was up 40% and Uniqa's rose 56%.
On the life insurance market, ING was the biggest player during the period, taking in 27% of all revenue from premiums. ING was followed by OTP Garancia with 11.7% and Aegon with 10%. Revenue from policies with multiple premium payments rose 13% to Ft 172.3 billion. Revenue from policies with one-off premiums jumped 224% to Ft 137 billion. The increase was due in large part to the raising of Hungary's capital gains tax from 0% to 20% on September 1.
On the non-life market, Allianz led with revenue from premiums of Ft 121 billion, followed by Generali-Providencia, with Ft 61 billion. Of the Ft 99 billion mandatory vehicle insurance market during the period, Allianz took Ft 41 billion, Generali-Providencia had Ft 13 billion, K&H Insurance Zrt had Ft 7.6 billion and Uniqa had Ft 6.4 billion. Payments on claims for non-life policies rose 4.5% in Q1-Q3, increasing at a slower rate than revenue from premiums.
Revenue from premiums on mandatory vehicle insurance polices rose 6.4%, while payouts fell 3%. The fall was especially marked at Allianz, where payouts fell to Ft 27 billion from Ft 32 billion in Q1-Q3 2005. OTP Garancia's payouts fell to Ft 2.3 billion from Ft 3.1 billion during the same period, while Generali-Providencia's rose to Ft 9.5 billion from Ft 8 billion.
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