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Hungarian insurers see 5.3% drop in first-half premium revenue

Hungarian insurers' revenue from premiums fell to HUF 419.4 billion in the first half of this year from the same period ain 2010, the Hungarian Insurers Association (MABISZ) said on Friday.

Data on MABISZ's website show insurers' revenue from premiums was HUF 442.9 billion in H1 2010, which calculates as a 5.3% year-on-year decline in H1 2011.

Revenue from premium on general insurance policies fell by HUF 8.7 billion to HUF 206.6 billion during the period, MABISZ said.

Revenue from premiums for life insurance policies reached HUF 212.8 billion. MABISZ said the base period was not comparable because it did not contain the results of CIG Pannonia Life Insurance, a new player on the market.

Data on MABISZ's website show revenue from life insurance premiums was down almost HUF 15 billion from H1 2010.

In the general insurance segment, revenue from premiums for mandatory vehicle insurance fell 12.8% to HUF 55.9 billion. Revenue from premiums for comprehensive vehicle insurance dropped 13.6% to HUF 38 billion, even though stock of contracts rose almost 14,000 to 818,000 by the end of June.

Allianz remained the biggest insurer with 21.2% market share. Generali-Providencia was runner-up with 14.9%. Groupama was in third place with 11.1% market share.