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 1Q2019 Market Portfolio M N B

Hungary FY2018 Market Portfolio


See all statistics

Latest news

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.

HUNGARY's HUF 17 bn loss on MKB "national economic interest", CEO says

When asked what the point of the government losing HUF 17 bn on buying into MKB Bank, the CEO of the bank cited interests of the national economy. The bank cut its operating costs heavily in 2015, and got to show what it was like when a state-owned bank extended loans. In recent days, MKB got rid of its non-performing project loan portfolio and was transferred to the Hungarian Consolidation Asset Manager Zrt, where it will remain until a buyer is found by the middle of next year. Portfolio interviewed CEO Adam Balog.

HUNGARY: CIG Pannonia books HUF 197 mln after-tax profi

Hungarian life insurance company CIG Pannonia booked an after-tax profit of HUF 197 million in the third quarter of this year, improving from a HUF 256 mln loss in the base period, an earnings report published today reveals, according to Hungarian news agency MTI.

STATISTICS: HUNGARY insurance market grows 2.6% in 3Q

Hungarian insurers' GWP rose 2.6% y-o-y to HUF 647 billion (EUR 2 billion) in the first nine months of the year, according to the figures published by the National Bank. Life insurance GWP was down by 1.5% to HUF 333 billion, while revenue from premiums on general insurance policies increased by 7.3% to HUF 314 billion.

HUNGARY: MNB suspends KOBE mandatory car insurance sales

The National Bank of Hungary (MNB) on Friday said it had suspended the sale of mandatory car insurance policies by KOBE and placed restrictions on management of the insurerʼs assets. The MNB also instructed the insurer to prepare a financial plan, correcting deficiencies. The MNB said KOBEʼs insufficiently sound fee policy, risks related to its investment activities and the insurerʼs unfavorable reserves position justified the measure. The sales suspension does not apply to KOBEʼs other insurance contracts, the market watchdog said.

HUNGARY: Transparency, products comparability and tax benefits for pension insurance expected to boost life insurance

Hungarian life insurance saw difficult times throughout the years following to the 2008 crisis. Still, the 2011 nationalization of the private pensions' Pillar II segment seems to have resulted in a renewed interest shown by customers to the pensions insurance products. In addition, the TKM (Total Cost Indicator) introduction added a well appreciated degree of transparency and comparability to the life insurance products, easing the customer's choice.