Market share of two biggest insurers shrinks
Monday, November 7, 2005, 14:48
Hungary's two biggest insurers' hold on the market continued to slip in the in the first nine months of the year, according to a report by the Alliance of Hungarian Insurers. The share of market leader Allianz Hungária fell from 26.61% to 25,85% in the twelve months to September, and number two Generalis share dropped from 17.25% to 15.58%. The share of Aegon Hungary, which is in the top five, also fell 0.63 percentage points. The share of the other two companies in the top five, ING and OTP Garancia, rose from 10.71% to 11.86% and from 9.47% to 11.05%, respectively. Both companies' revenue from premiums was boosted by single-premium products.
ING's revenue from such premiums rose from Ft 2.11 billion to Ft 12.45 billion in the twelve months to September and OTP Garancia's rose from Ft 10.32 billion to Ft 20.75 billion. Insurers' combined revenue from premiums of unit-linked products rose from Ft 60 billion to Ft 95.3 billion during the same period. Total revenue from premiums was Ft 510.39 billion in the first nine months of 2005 compared to Ft 446.8 billion a year earlier.