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Hungarian insurers see premium revenues climb 7% in 2017

Hungarian insurersʼ combined revenues from premiums rose 7% to HUF 948.1 billion last year, data released by the National Bank of Hungary (MNB) on Wednesday show, cited by state news wire MTI. Insurance companiesʼ after-tax profits rose 25% to HUF 64.5 bln in 2017.

Revenue from premiums on general insurance policies increased 9% to HUF 487.3 bln, while revenue from premiums on life policies climbed 5% to HUF 460.8 bln.

In the general insurance segment, revenue from premiums on mandatory vehicle policies climbed 15% to HUF 150.9 bln.

In the life segment, revenue from premiums on unit-linked policies rose 3% to HUF 240.0 bln.

Payouts on claims increased by 10% to HUF 588.8 bln, the MNB data show. Payouts on claims for general insurance policies rose 15% to HUF 224.3 bln, while payouts on life policies rose 7% to HUF 364.5 bln.

There were 25 insurers in Hungary at the end of the year. Seven were exclusively engaged in the life insurance business, while nine only sold general insurance policies.