Hungary's insurance sector posted 2.2% y-o-y annual GWP growth in 2015, Anett PANDURICS, President of MABISZ stated at a specialty conference organized in Budapest. As reported by porfolio.hu, the Hungarian insurance market has expanded for the third year in a row, reaching HUF 851 billion, according the central bank's statistics.

The life insurance market contracted by 3.2% y-o-y, whereas the non-life segment expanded by about 8.5%, mostly driven by the MTPL insurance line. However, on the life insurance sector it is noticeable, despite the overall reduction in premiums, that "there was growth in continuous premium life insurance products".

According to MABISZ data, as disclosed by a recent press release of the association, the insurance market's overall GWP volume reached HUF 871.3 billion, which corresponds to an over 2% y-o-y increase. While both motor insurance lines saw a positive evolution, encouraged both by the increase recorded in cars sales and a significant decrease in the number of the uninsured cars. Other noticeable positive evolutions were recorded in the property insurance and health insurance fields.

A survey presented by PANDURICS during the conference showed that "according to the profession, insurance companies act ethically and although there are exceptions their number is low. When it comes to life insurance policies, the clients want to know primarily about the total cost level (and not about commissions, for instance), but they are generally in the dark about the Total Cost Indicator (TKM). According to the survey, the profession "has no clue" whether climate change will have a positive or a negative impact on the insurance market's profitability in the next five years and the respondents believe it is pension insurances that could provide the best take-off point," informs portfolio.hu.