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Hungarian insurance market posts lesser fall in revenues

Hungary's insurance companies had combined revenue from premiums of HUF 604 billion in January-September 2009, still 12.41% down year-on-year (yr/yr), but better than the 13.33% minus yr/yr in January-June and the 14.14% yr/yr fall in the first quarter of this year, according to figures published on the Hungarian insurance companies’ association Mabisz.

Allianz Hungária retained its position as market leader, controlling 20.66% of the market, after a 16,14% drop in revenues yr/yr, to HUF 124.5 billion in the January-September. Generali-Providencia takes second place with 15.87% market share. Its revenues fell by 6.86% yr/yr to HUF 95.9 billion. Third place is again taken by Aegon Hungary with 10.46% market share, after its revenues decreased by 3.72% yr/yr to HUF 63.2 billion.

The top five insurance companies control an almost unchanged 66.7% of the market.

Life insurance, the segment most hit by the financial crisis, posted revenue from premiums of HUF 280 billion in January-September, 21.3% down from the same period of last year. The segment of unit-linked insurance policies registered a drop of 26.4% in revenue from premiums. Life insurance accounted for 46.4% of all revenues from premiums.

Non-life insurance policies generated HUF 324 billion in January-September 2009, just 2.6% down from one year earlier.

Mandatory third-party vehicle insurance continues to account for 52% of revenues from premiums in the non-life insurance segment. Revenues in the third-party vehicle insurance segment fell 1.4%, due to the intensive price competition as well as the effect of the crisis. (MTI – Econews)