Insurance market grows, company ranking remains unchanged

In Hungary

Insurance revenues grew 4.2% in 2014, as compared to a year earlier, data published by MABISZ reveals. Life insurance revenue grew 4.4% while non-life insurance revenue grew by 3.9% in the same period.

Although the market has become somewhat less concentrated, the top three companies still own 40% of the market, Allianz being the largest by revenue. The German insurance giant’s market share fell by 2.5% over the last two years, while second place Generali’s market share shrank to 13.6% from the previous year’s 14.3% and third place Groupama’s share remained unchanged.

Aegon and ING have been fourth and fifth, respectively, for the last two years. Magyar Posta (Hungary’s postal service company) has shown dynamic growth in the past two years, with its market share climbing from 5.7% to 8.5% this year.

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