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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.

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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.