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Insurersʼ revenue from premiums climbs 8% in Q3

Third-quarter revenue from premiums of Hungarian insurers rose 8.1% year-on-year to HUF 270.7 billion, state news wire MTI reports citing data released by the National Bank of Hungary (MNB) on Friday.


Revenue from premiums on general insurance policies jumped 16.5% to HUF 157 bln, lifted by the application of a 23pc insurance tax to compulsory third-party liability insurance for vehicles from the start of the year.

Life insurance policies generated premiums of HUF 113.7 bln during the period, down 1.6%.

Insurersʼ number of policies rose 3.5% to 14,279,792 in the twelve months to the end of September. The number of general insurance policies climbed 4.3% to 11,900,699, but the number of life insurance policies edged down 0.4% to 2,379,093.

There were 22 insurers in Hungary under the Solvency II directive in Q3. The rate of foreign ownership among life insurers stood at 80%, while two-thirds of general insurance providers were foreign-owned. Composite insurance companies were all under foreign ownership.