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Hungary insurance market growth slows to crawl in Q1-Q3

Hungarian insurers' combined revenue from premiums inched up 1.4% to HUF 690 billion in Q1-Q3 from the same period a year earlier, slowing sharply from 8.3% growth in Q1-Q3 2007, figures published on the website of the Hungarian Insurers Association (MABISz) show.

Allianz led the market during the period, taking about one-fifth of total revenue from premiums. Generali-Providencia was in second place with 15% market share, followed by ING with 10%. Allianz's market share was little changed from the same period a year earlier, but Generali-Providencia's grew a single percentage point, while ING's fell 2.5 percentage points.

OTP Garancia and Aegon tied for the next two places, with market shares of almost 10% apiece. Uniqa was in sixth place with market share of 7.5%.

Premiums on life insurance policies accounted for 52% of all revenue from premiums in Q1-Q3, practically level with the ratio in the same period a year earlier. Mandatory vehicle insurance policies accounted for HUF 98 billion of Hungarian insurers' HUF 328 billion in revenue from general policies. Comprehensive vehicle insurance policies made up HUF 74 billion. (MTI – Econews)