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Hungarian insurers premium revenue climbs 11% in Q1

Hungarian insurers' combined revenue from premiums climbed 11.1% to HUF 245.2 billion in Q1 from the same period a year earlier, the Hungarian Insurers Association (MABISZ) told MTI on Wednesday.

Life insurance policies generated revenue from premiums of HUF 118 billion, up 26.8%. Policies with one-time premiums accounted for HUF 50.4 billion of the total, more than double the HUF 23.3 billion in Q1 2009.

Premium revenue from general insurance policies was practically flat at HUF 127.1 billion. Mandatory vehicle insurance policies accounted for HUF 39.9 billion of the total, down slightly from HUF 40.1 billion, home insurance for HUF 30 billion, up from HUF 28.7 billion, and comprehensive vehicle insurance for HUF 24.3 billion, down from HUF 25.9 billion in Q1 2009.

Hungary's five biggest insurers - Allianz, Generali-Providencia, Groupama Garancia, Aegon and ING - accounted for two-thirds of the market. (MTI-ECONEWS)