Hungary
HUNGARY: new legal provisions concerning the micromobility devices’ MTPL insurance provisions will apply starting July
The range of vehicles that must have mandatory MTPL insurance in Hungary will expand. This requirement will apply to the affected parties starting from July 16, 2024. The Association of Hungarian Insurance Companies (MABISZ) provided the basic details on the regulatory change.
16 May 2024STATISTICS: Hungary: insurers' YE2023 net profits decreased to EUR 55 million
According to the YE 2023 MNB (the National Bank of Hungary) statistics, the local insurance market totaled at the end of last year about HUF 1,508 billion (EUR 3.94 billion), up by 5.65% y-o-y.
12 March 2024HUNGARY: The average Motor Hull price increase was only 9.5% last year
According to the data of the insurance intermediary Insura.hu, the average price of Motor Hull for passenger cars last year was HUF 205,200 (~EUR 535), which was 9.5% higher than in 2022, Portfolio.hu reports.
7 February 2024HUNGARY: Hungarian farmers to receive HUF 14 billion in insurance premium subsidies
In December this year, due to more than 23,000 farmer applications, insurance premium subsidies worth almost HUF 14 billion (~EUR 36.40 million) were approved for farmers who supplement their risk management tools with agroinsurance, Portfolio.hu reports.
9 January 2024Hungarian Government and VIG intensify cooperation
A cooperation agreement on strategic issues was signed between the Hungarian government and Vienna Insurance Group (VIG) in Budapest on 14 December 2023. The cooperation is intended to support the successful joint development and expansion of the insurance sector in Hungary, as the Austrian insurer informed in a statement.
18 December 2023STATISTICS: Hungarian insurers' Q3 net profits decreased to ~EUR 31 million
According to the quarterly statistics published by the Central Bank of Hungary, at the end of Q3 2023, the aggregate market gross profit of Hungarian insurers decreased by 36.5% y-o-y to HUF 14.7 billion the equivalent of EUR 37.6 million (vs. HUF 23.2 billion/EUR 55 million), according to the quarterly statistics published by the Central Bank of Hungary. At the same time, the value of net profit decreased by 42.4% y-o-y to HUF 12.1 billion (~EUR 31 million) vs. HUF 21 billion/ ~EUR 50 million.
18 December 2023HUNGARY: MTPL average premiums up by 12% y-o-y in Q3
The average MTPL yearly premium reached EUR 138 (HUF 52,500) in Q3, in Hungary, 12% more y-o-y, the Budapest Business Journal wrote quoting data from the National Bank of Hungary (MNB).
5 December 2023HUNGARY: The MNB is working on a new concept to improve life insurance
The National Bank (MNB) wants life insurance policies with a better price-to-value ratio, lower cost and sold without defects on the Hungarian life insurance market, therefore it is working on a new, ethical concept to be introduced on the market, announced Gergo Szeniczey, Executive Director of the MNB at the MABISZ conference, Portfolio.hu reports.
5 December 2023VIG increases its share of Hungarian business from 55% to 90%
On November 21, 2023, Vienna Insurance Group (VIG) signed a purchase agreement to acquire 35% of the Hungarian holding company VIG Magyarország Befektetesi Zrt., which are currently held by the Hungarian state holding company Corvinus. After completion of the transaction, VIG's share in the holding company will increase from 55 to 90%.
22 November 2023HUNGARY: Gergely Bacso to take over the position of Allianz Hungaria CEO and Chairman of the Board
As of January 1, 2024, Gergely Bacso will take over the position of Allianz Hungaria Zrt. CEO and Chairman of the Board from Alexander V. Protsenko, Portfolio.hu reports with reference to the insurance company's announcement.
30 October 2023HUNGARY: FBAMSZ: The insurance market shows healthy growth of both revenues and profitability
The Hungarian insurance market shows healthy growth in terms of both revenues and profitability, but the decreasing number of intermediaries and low penetration mean challenges for the sector, Ministerial Commissioner Zsolt Kovacs spoke at the conference of the Hungarian Association of Independent Insurance Brokers (FBAMSZ) in Esztergom, Portfolio.hu wrote.
25 October 2023STATISTICS: Hungarian H1 2023 net profits decreased to EUR 45 million
Hungarian insurers' end-June 2023 GWP decreased by 0.8% y-o-y to HUF 779 billion (EUR 2.1 billion), according to the quarterly statistics published by the National Bank of Hungary (MNB).
28 September 2023HUNGARY: The storms in early August far more destructive than entire seasons in recent years
As a result of the storms during the first week of August, about 20,000 claims based on home insurance contracts were received so far by insurance companies that had sent their data to MABISZ (Association of Hungarian Insurers). This number is expected to rise further in the coming days, Portfolio.hu wrote.
16 August 2023STATISTICS: Hungary: insurers' Q1 net profits compressed to EUR 18.6 million
The aggregate Q1 GWP reported by Hungarian insurers totaled HUF 421.71 billion (~EUR 1.10 billion), 6.57% more y-o-y, according to the Q1 statistics published by the Central Bank of Hungary. The life insurance business accounted for 35.85% and the non-life insurance business accounted for 64.15% of total premium income.
21 June 2023Aegon completes the sale of CEE businesses to VIG
Dutch insurer Aegon announced the completion of the divestment of its businesses in Poland and Romania to Vienna Insurance Group for EUR 125 million.
13 June 2023HUNGARY: new partnership to strengthen bancassurance in the country
CIB Bank, Intesa Sanpaolo, and Generali entered into a partnership in the Hungarian market with the aim of strengthening bancassurance activities in the country and providing a comprehensive financial solution for families and businesses, MABISZ (Association of Hungarian Insurers) reports.
11 May 2023HUNGARY: last year agricultural claims were 45% higher that agricultural premium income
Several insurance companies had to cancel their previous contracts after the record paid claims due to the last year's drought, according to the Hungarian Association of Independent Insurance Bargainers (FBAMSZ) , portfolio.hu wrote.
3 May 2023STATISTICS: Hungarian insurers' YE2022 net profits decreased to EUR 89.5 million
According to the YE 2022 MNB (the National Bank of Hungary) statistics, the local insurance market totaled at the end of last year about HUF 1,428 billion (EUR 3.56 billion), up by 7.39% y-o-y. Life GWP increased by 1.02% y-o-y to HUF 609 billion / EUR 1.52 billion while non-life portfolio expanded by 12.68% y-o-y to HUF 819 billion / EUR 2.04 billion. Thus, during the analyzed period, the life insurance business accounted for 42.7% and the non-life insurance business for 57.3% of total GWP.
6 April 2023HUNGARY: According to the MNB, the average MTPL premium only increased by 8% in 2022
In the fourth quarter of 2022, the average MTPL premium for passenger cars increased by 8% compared to the same period in 2021. Claim expenses increased by 13% as a result of rising service and spare parts costs and changes in the exchange rate, according to the MNB's latest KGFB index, portfolio.hu wrote.
8 March 2023HUNGARY: Only every tenth new home insurance has the MNB's consumer-friendly rating
One tenth of the new home insurance contracts were qualified consumer-friendly products last December among insurers with MFO, which now protect almost HUF 1,100 billion of customer assets, portfolio.hu wrote.
28 February 2023
