The Hungarian insurance market demonstrated healthy growth in revenues during the 2023, according to the Central Bank of Hungary.
Hungarian insurers posted aggregate Q3 2023 GWP worth EUR 2.9 bn, up by 4.1%. The life insurance business accounted for 37.4% and the non-life insurance business accounted for 62.6%.
The profitability of insurance companies doubled compared to the previous year, reaching the highest level in 15 years, excluding extra profit taxes.This trend is expected to continue into 2024.
The income of the top 20 players in the independent insurance brokerage market grew by 14.1% in the last year.
At the end of Q3 2023, the aggregate market gross profit of Hungarian insurers decreased by 36.5% to EUR 37.6 mn. At the same time, the value of net profit decreased by 42.4% to EUR 31 mn.
However, the market faces challenges due to a decreasing number of intermediaries and low penetration rates. Non-life insurance dominates with a 74% share compared to 26% for life insurance.
The Q3 2023 aggregate technical result totaled EUR 65.8 mn, up by 11.5%.
For forecasts into 2024, given the current growth trajectory, the Hungarian insurance market is likely to continue positive growth. However, the challenges of low market penetration and a declining number of intermediaries may need addressing to sustain this growth.
At the end of September 2023, on the Hungarian insurance market were active 22 insurers: 4 specialized life insurers, 9 non-life, and 9 composite insurers.
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