Hungarian insurers' combined revenue from premiums edged down an inflation-adjusted 2.7% to HUF 821 billion in 2011, the Hungarian Insurers Association (MABISZ) said on Friday.

The number of policies fell by 60,000 to 11 million, MABISZ said.

MABISZ chief secretary Dániel Molnos blamed the fall in the number of life insurance policies -- by 47,000 -- on an early foreign currency-denominated mortgage repayment scheme.

Under the scheme, which borrowers could join until the end of last year, repayment could be made at discounted exchange rates.

Allianz led the market last year, taking 17.5% of revenue from premiums. It was followed by Generali-Providencia, with 14.5% market share, Groupama Garancia (10.9%), Aegon (10%) and ING (9.2%).

Life insurance policies generated revenue of HUF 439.7 billion, down 0.6%. Within the segment, revenue from single-premium policies came to HUF 156.2 billion.

ING led the life insurance market with 17.2% market share, followed by Allianz (11%) and Groupama Garancia (10.4%).

Revenue from premiums on general insurance policies dropped 5% to HUF 381.3 billion. Within the segment, premiums from mandatory vehicle insurance came to HUF 98.2 billion, while fire and natural disaster insurance polices generated HUF 89.7 billion and comprehensive vehicle insurance premiums revenue reached HUF 72.3 billion.

Allianz led the general insurance market with 25.1% market share, followed by Generali-Providencia (20.7%), Groupama Garancia (11.4%), Aegon (11%) and Uniqa (7.6%).

MABISZ said about 730,000 vehicle owners switched mandatory insurance policy providers in 2011.

 

Fresh data from financial market regulator PSzÁF show that 738,000 vehicle owners switched mandatory insurance policy providers in 2011. Another 288,000 owners signed new contracts with their existing providers. The former saved more than 28% on their premiums, on average. The latter saved just a fraction.