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Comprehensive vehicle-insurance revenue continues to decline in Q1

Comprehensive vehicle-insurance (casco) revenue continued to fall in Hungary during the first quarter of 2010, the business daily Napi Gazdaság reported on Wednesday.

The newspaper attributed the decline to weak sales of new vehicles in the first quarter, declining demand for policies for old cars - partly as a result of fewer leasing contracts and more cash buying on the used car market - and a 6% fall in the price of comprehensive vehicle-insurance coverage during the period.

Pál Ertl of Uniqa Biztosító told Napi Gazdaság that comprehensive vehicle-insurance market revenue in Hungary could fall to HUF 83.8 billion (€301.9 million) in 2010 from HUF 91.1 billion in 2009, 97.8 billion in 2008 and an all-time high HUF 105.2 billion in 2006.

The newspaper reported that Allianz's comprehensive vehicle-insurance revenue declined 17.09% yr/yr to HUF 9.37 billion in first quarter, while that of Generali decreased 10.64% to HUF 6.41 billion and that of Uniqa fell 9.5% to HUF 3.49 billion during the same period. (MTI-ECONEWS)