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*:46.6%
TOTAL NON-LIFE*:53.4%
Overall Property*:18.4%
Overall Motor*:25.8%
MTPL*:17.0%


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






 


Statistics

Hungary FY2018 Market Portfolio

Hungary timeline 2008 - 2017


See all statistics

Latest news

HUNGARY: AXA has completed the sale of its banking operations to OTP Bank plc

AXA announced today that it had completed the sale of its Hungarian banking operations to OTP bank plc. This transaction is the final step in the repositioning of AXA Bank Europe as a fully focused Belgian retail bank, serving almost one million clients and operating jointly with AXA Insurance in Belgium.


HUNGARY: MKB to sell its operations to CIG Pannonia

Hungarian insurer CIG Pannoinia announced that signed an agreement with Versicherungskammer Bayern, through which CIG Pannoinia Life Insurance and CIG Pannonia First Hungarian General Insurance would acquire majority stakes MKB Life Insurance and MKB General Insurance.


STATISTICS: HUNGARIAN insurers' GWP up by 2% in Q1

Hungarian insurance market totaled HUF 236.9 billion (EUR 754 million) at the end of March 2016, 1.84% less y-o-y, according to the statistics published by the Central Bank. The volume of paid claims by insurers remained stable at HUF 126 billion (EUR 400 million).

HUNGARY: New information surface on the sale of MKB

Hungarian weekly Figyelo has published so far unknown details about the sale of MKB Bank, which show that two New York-based private equity firms, J.C. Flowers & Co. and Ripplewood Holdings were beaten in the bidding. The paper said they offered less for MKB. It is also new information that the German owner will soon sell the two MKB insurers.




HUNGARY: KOBE can sell third party liability contracts again

From 4th March on KOBE Central European Mutual Insurance Association can again sell MTPL contracts, as the Magyar Nemzeti Bank has lifted its restriction on sales by the company, after the insurer submitted a financial plan to abolish the previous reserve deficit.

HUNGARY: MNB could introduce cost limits on unit-linked life insurance products

The National Bank of Hungary (MNB) is considering imposing strict limits on the fees of non-pension-based unit-linked insurance products insurers can charge customers by introducing total cost indicator limits, Kornel Kisgergely, the central bank's managing director responsible for the supervision of financial institutions, said yesterday, according to Hungarian news agency MTI.


Service initiatives pay-off for Aegon Hungary

Aegon Hungary recently took home the 2015 Client-Friendly Insurer of the Year Award, based on feedback from more than 52,000 clients. A significant achievement in a country with a total population of just 10 million. The campaign was run by NETRISK.hu, an online insurance broker. Not only did clients rank insurance companies on a general level, but they were asked to assess companies based on their administration, client information, client retention, and claims handling capabilities.


HUNGARY: VIG premiums revenue reaches HUF 63-65 bln

Austriaʼs Vienna Insurance Group (VIG) had annual revenue of HUF 63-65 bln from premiums in Hungary, the management of the groupʼs local businesses told journalists on Friday, but the management did not disclose other figures for last year, according to reports.

HUNGARY: AXA to sell its banking unit to OTP Bank

AXA announced that it has entered into an agreement to sell its Hungarian banking operations to OTP Bank. The French Group expects that the sale will result in an EUR 80 million loss in net income. In this regard, "a provision was booked in the Group consolidated financial statements as of December 31, 2015", AXA officials pointed out in a statement.

Imre SZTANO to replace Cornelia COMAN as CEO of NN Hungary

Starting March 1st, 2016, Imre SZTANO, currently Chief Sales Officer (CSO) of NN Hungary, will be appointed CEO of the company, this change waiting for regulatory approval. He will succeed Cornelia COMAN, who was CEO of NN Hungary since 2012: "She will be moving on to a new role within NN Group", the company announced in a statement.

HUNGARY's Magyar Posta reports record for 2015

The stock of savings reached a record at Magyar Posta (Hungarian Post) in 2015, the company announced on Monday. By the end of last year, the number of Posta Bank Accounts exceeded 50,000.

HUNGARIANS tend to buy travel insurance at last minute

On average Hungarians spent HUF 540 forints a day on travel insurance last year when traveling out of country, on par with data available for 2014, online daily napi.hu reported today according to data compiled by online brokerage firm Netrisk.hu.

HUNGARY's OTP in talks to buy AXA Bank's local mortgages

Central Europe's largest independent lender, Hungary's OTP Bank, is in talks to acquire the local retail mortgage portfolio of AXA Bank Europe SA, which has posted steep losses, financial sector sources told Reuters.