Hungary

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Location map
author: OCHA/ ReliefWeb


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

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

Macro indicators
* 2018 estimates
Surface:93,030km2
Population*:9.8million
Pop. density*:105.1people/km2
GDP*:130.9EUR billion
GDP/capita*:13,383.1EUR

European Union:
EU member, since 2004

Currency: Forint
Code: HUF
Since: 1946


Insurance market portfolio
* 2018 estimates
TOTAL LIFE*:47%
TOTAL NON-LIFE*:53%
Overall Property*:18%
Overall Motor*:26%


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






 


Statistics

Hungary 3Q2019 Market Portfolio (MNB)

Hungary 1H2019 Market Portfolio M N B


See all statistics

Latest news


HUNGARY 1H2013: for the first time in the last years, on the upswing trend

For the first time in a long while the Hungarian market recorded a positive growth rate in real terms: a 4.72% growth in GWP, an over 1.9% consumer price index. However, according to the latest statement of the Insurers Association (MABISZ) , "this growth is rather fragile at this point as its primary source is an increase in single premium life insurance sales." Life insurance accounts for a 54% share of the GWP volume, with underwritings of HUF 231.7 billion (EUR 784.4 million), up 9.95% y-o-y in national currency. Non-life premiums amounted to HUF 204.2 billion (EUR 667.4 million), decreasing by 0.8% as compared with 1H2012.

HUNGARY: GENERALI, the best in vehicle insurance again

At  the 10th Jubilee Professional Insurence Conference by the Association of Independent Insurance Brokers in Hungary (FBAMSZ), domestic insurers were awarded for quality  services in 9 categories. Generali has proven to be the best in the field of vehicle insurance for the seventh time.

HUNGARY 1Q2013: market trend "reversed" by the currency depreciation

The volatility of the national currency exchange rate is once again affecting the market results when denominated in euro - thus, the almost 1% growth in the total GWP volume turns into an almost 2% fall when the market results are denominated in European currency. Yet, the situation is not changing so drastically when looking separately to the two main business line: the life insurance segment recorded a positive trend regardless the currency used, while the fall in non-life insurance premiums is visible both in HUF and euro.

Most HUNGARIANS travel by car

When travelling abroad, half of the vacationers travel by car, according to a survey of Generali Insurance. 60% of respondents had been on holiday by car, and 11% of them said that they had problem with their car during the holidays. The reparation costs were an average of HUF 51 000. In most cases the vehicles broke down, got a flat tire, but the boiling of cooling water and the discarge of batteries is also common.


HUNGARY PSZAF President says integration into NBH good idea

The Hungarian Financial Supervisory Authority (PSZAF) has responded to plans of its amalgamation into the central bank (NBH). The President of the watchdog said the supervision could function well even as part of the national bank.



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.



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