Life insurance policies generated 231.7 billion forints of revenue during the period. General insurance policies brought in 204.2 billion forints, down 1 percent from the same period a year earlier.

After a long period of time, Hungary’s insurance market expanded by more than the rate of inflation but its growth is still based on fragile foundations, with the sector’s total revenue still lagging far behind the pre-crisis level of 473.2 billion forints registered in the first half of 2008, MABISZ said.

The decline in general insurance policies can mainly be attributed to a 12 percent decline in revenues from casco insurance policies and a 4.7 percent drop in mandatory liability insurance policies.