Growing Property and Health Insurance Portfolio

The life insurance segment stagnated, but the property and liability and health insurance sectors in Hungary showed strong growth last year, according to Allianz's latest global insurance report, a summary of which was sent to MTI on Friday.

According to the statement, the Hungarian insurance market grew by EUR 0.2 billion, or 7.4%, in 2022, with total premium income reaching EUR 3.6 billion. In the life insurance sector, premium income increased by 0. 7% to EUR 1.5 billion.

Meanwhile, in the property and liability insurance sector, premiums grew by 12.6% to reach EUR 2.0 billion, and the health insurance market, still modest at EUR 58 million, expanded by almost 20%.

Total global insurance premium income in 2022 was almost EUR 5.6 trillion, according to the report. Premiums grew by EUR 259 billion, or 4. 9%.

Life insurance remains the largest segment, ahead of property and liability and health insurance. However, there was a wide divergence in the performance of the three segments: in contrast to the strong growth of 8. 7% in property and liability insurance, health insurance grew by a more modest 4.9%, while the life insurance market grew by only 2.4%.

Property and liability insurance premiums rose in all parts of the world. Life insurance markets suffered particularly in Western Europe last year.

According to the summary, the annual growth rate of insurance premiums in Hungary is expected to be around 3. 5%; the total market value will reach €5.2 billion in 2033.

Property and liability insurance is expected to remain the largest segment with €3.0 billion, followed by life insurance with EUR 2.1 billion and health insurance with EUR 0.1 billion.

However, health insurance is expected to be the most dynamic growth area, with the segment expected to grow at 8. 4% p.a., more than double the overall market, Allianz said.