Hungarian insurers’ revenue from premiums edges down 2% in Q1-Q3


Hungarian insurers’ combined revenue from premiums fell 2.2% to HUF 623.4bn in Q1-Q3 from the same period a year earlier, dropping mainly because of lower vehicle insurance premiums, the Hungarian Insurers Association (MABISZ) said on Monday.

Revenue from premiums on life insurance policies was practically unchanged at HUF 323.4bn but revenue from premiums on general insurance policies fell 4.4% to HUF 300bn.

The average annual premium for mandatory vehicle insurance fell to HUF 23,486 in Q1-Q3 from HUF 29,000 in the same period a year earlier. The average annual comprehensive vehicle insurance premium dropped to HUF 91,654 from more than HUF 99,000 during the same period.

Revenue from premiums on comprehensive vehicle insurance policies dropped by HUF 4.9bn to HUF 55.7bn, but the number of policies rose to 814,000 at the end of September from 791,000 twelve months earlier as more comprehensive policies were sold linked to mandatory policies.

The number of policies covering fire and damage by the elements rose by 49,000. About 73% of homes are covered in Hungary, good in comparison to the European average, MABISZ said.

Premiums paid on unit-linked policies continued to account for two-thirds of revenue generated by life insurance policies. Policies with one-off premiums generated HUF 117.5bn or more than 36% of all revenue from premiums from life insurance policies.

Allianz remained market leader in Hungary, although its market share fell to 18.97% in Q1-Q3 from 21.2% in the first half. Generali-Providencia was runner-up with 14.63% market share, followed by Groupama with 10.84%. Aegon was in fourth place with 10.04% market share.

On the life insurance market, ING led with 16.21% market share. Allianz was second with 12.51% market share, followed by Groupama with 10.61% and Aegon with 9.52%.

On the general insurance market, Allianz led with 25.93% market share, followed by Generali-Providencia, with 20.63%, Groupama, with 11.09%, and Aegon with 10.61%.


Consumer price levels below EU avg in 2020 Analysis

Consumer price levels below EU avg in 2020

Lawmakers approve 2022 budget Parliament

Lawmakers approve 2022 budget

Breast cancer screening at Dr. Rose Private Hospital Interview

Breast cancer screening at Dr. Rose Private Hospital

Budapest launches revamped coupon card for visitors City

Budapest launches revamped coupon card for visitors


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.