Location map
author: OCHA/ ReliefWeb

- Central Europe;
- Neighbours: Serbia, Croatia, Slovenia, Austria, Slovakia, Ukraine, Romania.

- temperate climate;
- cold, cloudy, humid winters;
- warm summers.

Macro indicators
* 2018 estimates
Pop. density*:105.1people/km2
GDP*:130.9EUR billion

European Union:
EU member, since 2004

Currency: Forint
Code: HUF
Since: 1946

Insurance market portfolio
* 2018 estimates
Overall Property*:18%
Overall Motor*:26%

Starting October 1, 2013, the National Bank of Hungary took over all activities of financial market regulator PSZAF



Hungary 1Q2019 Market Portfolio M N B

Hungary FY2018 Market Portfolio

See all statistics

Latest news

HUNGARY: VARGA meets with insurance association chief

National Economy Minister Mihaly Varga met on Tuesday with chairman of the Hungarian Insurers Association (MABISz) Anett Pandurics to review the situation of the insurance business in Hungary, the National Economy Ministry told MTI.

HUNGARY: tax on insurance companies brought in EUR 14 million for state coffers in February

The evolution of the Hungarian public budget attracted particular attention from the financial analysts in February, as the first payment of several new taxes was due then. The financial transaction tax (FTT) brought in ~EUR 45.7 million (HUF 13.37 billion), about half of the average monthly government's cash flow FTT target for this year. The insurance industry's contribution to this amount was of about EUR 14 million (HUF 4.1 billion).

HUNGARY, FY2012: Higher aggregate profitability despite the business volume shrinking

The Hungarian insurance market didn't succeed to maintain the upward trend that seemed to emerge at the end of the first quarter of 2012. Thus, in the next quarters the market volume continuously decreased as compared with the correspondent periods of the previous year, although the appreciation of about 6.5% of the Hungarian currency in relation to the Euro somehow flattened the downward curve. Thus, 2012 ended with a 6.75% GWP decrease in the local currency, while the figures denominated in euro showed a quasi steady evolution (a -0.4% GWP change as compared with 2011).

HUNGARY, 3Q2012: the Forint appreciation flattens the downward curve

After the results of the first half of 2012 showed a worrisome decrease, the Hungarian insurance market seems to recover to a certain extent, according to the market results denominated in the European currency. Thus, although it maintained a downward trend, the 3Q2012 results appear to show signs of a flattening downward curve. GWP amounted to EUR 2.06 billion, 2.45% y-o-y less, as compared with the over 12% fall recorded in 1H2012. Yet, the improvement is mostly due to the HUF 8% appreciation, while in local currency, the total GWP amounted to HUF 586.08 billion, 5.26% y-o-y down, maintaining a quasi constant decreasing pace.

HUNGARY: FoS insurers subjected to the new premium tax starting 2013

The Hungarian government has approved the introduction of a new premium tax which will come into force on 1 January 2013. According to the global fiscal consulting company FiscalReps, the new tax applies to gross premiums at the rate of 15% on comprehensive "Casco" policies (EU classes 3 to 6) and 10% "accident and property" classes. We understand that the new tax replaces the Fire Brigade Tax but not the 30% tax on compulsory motor third party insurance which remains in force.

HUNGARY: Insurance sector lowest of the low

Among regional competitors the Hungarian insurance market has been through the biggest setback since 2010, insurer Aegon's regional director Andras Kepecs has said in an interview with website

HUNGARY: VIG to Grow in Hungary

Vienna Insurance Group intends to expand into Hungary. The Eastern neighbor country is the favorite growth market, the Austrian insurance group said. VIG reaffirms to be highly interested in further acquisitions, CEO Peter Hagen explains.

HUNGARY: The insurance markets returns on a downward trend

Once again, the strong depreciation of the Hungarian Forint, has put a dramatic accent on the Hungarian insurance markets' negative dynamic, translating the 4.72% y-o-y nominal decrease registered in local currency by the end of 1H2012, into a double digit falling rate of 12.19% when denominating the market results in EUR. Thus, the overall underwritings of the Hungarian insurers totalized EUR 1.42 billion, EUR 197 million less than in 1H2011.

HUNGARY, 1Q2012: Premiums up 2%

Hungarian insurance market revenues increased by 1.96% to HUF 238.98 billion (EUR 808.46 million) in the first quarter of 2012, compared to the same period of last year, according to Hungarian Financial Supervision Authority (PSZAF). On the other hand, in 1Q2012, insurers paid out claims amounted HUF 163.62 billion (EUR 553.51 million), 19.96% more than a year earlier.

Violeta CIUREL is the new President of AXA Insurance Hungary

Violeta CIUREL, CEO AXA Life Insurance Romania will also take over, starting July 1st, as President of AXA Insurance Hungary, further coordinating both Easterns subsidiaries of the French group. Jacques MAIRE, the current President of the Hungarian company will return to Paris, after a three years mandate. "I am pleased and honored by this appointment. Hungary is a challenging market, but I am very motivated and I also believe that opportunities and successful business always arise if you're affraid of discipline and systematic work. I trust my new colleagues in Hungary have these skills and our joint efforts will pay off", said Violeta CIUREL.

HUNGARY: VIG wants to expand in Hungary

Vienna Insurance Group wants to expand in Hungary, its outgoing chief executive told a magazine, predicting his successor would keep generating record profits.

HUNGARY: New fiscal plans will affect insurers' financial results

The Hungarian Government intends to introduce starting 2013 an unified tax on insurance companies, by merging and transforming taxes previously levied on insurance companies, as part of its Szell Kalman Plan 2.0, a package of new reform measures. The estimated financial outcome of this operation is of HUF 15 billion per year. Thus, profitability of Hungarian insurers will be further affected, probably even in a stronger manner than in the current context.