The board of CIG Pannonia Life Insurance decided on 28 November to raise
capital at its general insurance unit by HUF 1.5 billion (~EUR 4.63
million) and modify the unit's dividend policy, Hungarian news agency
Top 5 Hungarian insurers accounted together for 58.6% of the market GWP in 2017, according to the market data published by MABISZ, the local insurers' association. On the non-life side, the Top 5 market weight is even bigger, of 69.7%.
According to the first estimations of the Hungarian Association of Insurers (MABISZ), local insurers paid HUF 3.17 billion (EUR 9.7 million) between May 1 and August 31 for over 57 thousand claims for damages caused to individual and condominium buildings by storms, rainstorms, lightning, and hail.
Hungarian insurers have reported consolidated GWP worth HUF 520.15 billion in 1H2018, by 7.1% up y-o-y. Yet, given the over 6% depreciation of the Forint against the European currency, the market results denominated in Euro show a total GWP volume of EUR 1.58 billion, only 0.6% up y-o-y.
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.