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Insurance market expands 17% yr/yr in Q1

Hungarian insurance companies had revenue from premiums of Ft 206.8 billion in the first quarter of 2006, 16.97% more than in the same period a year earlier, according to a report the Association of Hungarian Insurance Companies (Mabisz) published on Friday.  

Allianz was the biggest insurer in Q1, with revenue from premiums of Ft 55.2 billion. Allianz was followed by Generali, with revenue from premiums of Ft 31.2 billion, and ING with Ft 24.7 billion. The order is the same as in Q1 2005 as well as in Q4 2005.
Among insurance companies with revenue from premiums of more than Ft 10 billion in Q1, OTP Garancia revenue from premiums increased the most compared to the same period a year earlier, rising 32.5% to Ft 20.7 billion. Uniqua reported an increase of 28.43% to Ft 11.8 billion during the period, and Allianz's revenue from premiums rose 9.1% to Ft 55.2 billion. Generali's revenue from premiums increased 11.7% to Ft 31.3 billion, ING's grew 28.43% to Ft 24.7 billion and Aegon's rose 3% to Ft 10.2 billion.
In terms of market share, Allianz had 25%, Generali 15%, ING 12%, OTP Garancia 10%, Aegon 9.3% and Uniqua 5.7%.
On the life insurance market, ING was the leading insurance company in Q1 with revenue from premiums on these policies of Ft 24.7 billion. OTP Garancia was second, with revenue from premiums of Ft 11.5 billion, and Aegon was third with Ft 10.2 billion. Aegon was the second on the list in Q1 2005. Hungary's life insurance market was worth Ft 90 billion in the first quarter, with single-premium policies accounting for 33.5% of the total, compared to 24% of the Ft 67 billion in revenue from premiums on life insurance policies in Q1 2005.
Mabisz noted that the increasing proportion of products with one-off policies was not favorable for insurance companies, because clients regard these products as investments and may not keep them for ten or more years.
In the non-life insurance segment, Allianz leads the market with revenue from premiums on general policies of Ft 49.4 billion. Second is Generali, with non-life revenue from premiums of Ft 22 billion, followed by OTP Garancia, with Ft 9.1 billion, Aegon with Ft 8.9 billion and Uniqua with Ft 7.7 billion. Allianz was the market leader in the mandatory car insurance segment, with revenue from premiums of Ft 15.6 billion on these policies, followed by Generali, with revenue from premiums of Ft 4.5 billion.