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Insurers’ premiums revenues start rising

Hungarian insurers' revenue from premiums climbed 3% to HUF 622 billion in Q1-Q3 from the same period a year earlier, professional association MABISz said.

Revenue from premiums on life insurance policies rose 15% to HUF 308 billion. Revenue from premiums on general insurance policies was down more than 4% at HUF 314 billion. Revenue from premiums on mandatory vehicle insurance policies slipped 8.5%.

The market grew for the first time since the start of the crisis, although the only revenue from premiums to show an increase were those for single-premium life insurance policies, said head of MABISz's life insurance division Zoltán Paál. Revenue from premiums on the single-premium policies came to HUF 125 billion in Q1-Q3 and could reach HUF 180 billion for the full year, still well under the HUF 239 billion peak seen in 2007, he added. 

Payouts on claims rose 22% to HUF 464 billion during the period. Payouts on claims for general insurance policies were up almost 40% at HUF 213 billion.

Gábor Megyeri, who heads MABISz's vehicle insurance division, said the association had launched an online calculator which offers potential clients an impartial comparison of premiums on mandatory vehicle insurance offered by 14 insurers. (MTI – Econews)