Hungarian insurers' revenue from premiums inched up 1.6% to HUF 843 billion in 2010, rising under the rate of inflation, Zoltán Paál, chairman of the life insurance section of the Hungarian Insurers Association (MABISz), said.
Revenue from premiums for mandatory vehicle insurance policies fell by HUF 7 billion and revenue from premiums from comprehensive policies dropped by HUF 8 billion, said Gábor Megyeri, in charge of the vehicle insurance section of MABISz.
Including the HUF 15 billion drop, revenue from non-life insurance policies declined 13% to HUF 401 billion in 2010.
Revenue from life insurance policies rose to HUF 442 billion from HUF 411 billion in 2009. The rise came from one-off life insurance policies which generated HUF 167 billion in revenue.
The number of mandatory vehicle-insurance policies fell 80,000 to 3.95 million. The average annual fee per contract fell to HUF 29,000 from HUF 31,000. The number of comprehensive policies dropped 60,000 to 785,000, while the average cost of the policies slipped to HUF 100,000 a year from HUF 107,000.