Only 10-20% have an accident insurance, while in many countries of the Western Europe accident insurance coverage among their population is of more than 80%, The Budapest Business Journal reports. The low penetration leaves about 8 million Hungarians uninsured for the accident risk.
Extreme weather conditions have significantly affected Hungary during
the first half of June, resulting in about 18,500 claims files worth a
combined HUF 2 billion (~EUR 6.1 million) in losses, the local
association of insurers said.
Hungarian 25 insurers reported 1Q 2018 aggregate GWP up by 8.2% y-o-y to HUF 275.6 billion (EUR 881.9 million), according to the market data published by the National Bank of Hungary (MNB).
Hungarian 25 insurers reported FY2017 aggregate GWP up by 7% y-o-y to HUF 948.1 billion (EUR 3 billion), according to the market data published by the National Bank of Hungary (MNB).
VIENNA Insurance Group announced Hungary's central bank approved the merger of the three VIG Group companies. Thus, starting 1 April 2018, VIG will be represented in Hungary solely by the insurance company UNION Biztosito, while in Slovakia, bancassurer Poistovna Slovenskej sporitelne (PSLSP) will merge with Kooperativa Poistovna.
While the Hungarian financial services market is forced to navigate new legislation, the insurance sector continues to thrive by using digitalisation to meet clients' demands.
Hungarian insurer CIG Pannonia is making inroads into markets in two of
the Baltic states through its general insurance unit Elso Magyar
Altalanos Biztosito (EMABIT), the company told national news agency MTI.
The National Bank of Hungary (MNB) announced on its website it
approved the merger of the three local subsidiaries of the Austrian
VIENNA Insurance Group into one company. Gabor LEHEL, CEO of UNION
Biztosito, will be Chairman of the Board of the resulted entity after
MCI Group has acquired Netrisk, a Hungarian online insurance broker. The value of the deal is 56.6 million euros (about USD 67.8 million). Mezzanine Management and Bank Gospodarstwa Krajowego are co-investors in the transaction.
Hungarian insurers nine-months GWP was up by 6.6% y-o-y to HUF 711.2 billion (EUR 2.3 billion), according to the most recent market figures published by the National Bank of Hungary (MNB).
The number of cars not covered by MTPL insurance in Hungary has decreased substantially during the last five years, from 5.8% to 1.8%, as in September 2017, MABISZ - the Hungarian insurers' association said.
Q1-Q3 revenues from premiums of Hungarian insurer CIG Pannonia Group rose 41% year-on-year to HUF 18.6 billion, the company said in an unaudited, consolidated IFRS earnings report released early Tuesday, as reported by state news agency MTI.
Telenor Hungary has introduced three insurance schemes for recently purchased handsets, both for postpaid residential and business customers.
Insurance companies have paid out almost HUF 6 billion in compensation for damage caused to residential properties in Hungary by storms this summer, the Association of Hungarian Insurance Companies (Mabisz) told state news wire MTI Monday.
Hungarian insurers first half GWP was up by 6.16% y-o-y to HUF 485.81 billion (EUR 1.57 billion), according to the most recent market figures published by the National Bank of Hungary (MNB).
The Hungarian insurance market totaled HUF 254.7 billion (EUR 825 million) at the end of March 2017, 8.5% more y-o-y, according to the statistics published by the Central Bank.