Colonnade Insurance, a member of Canadaʼs Fairfax Financial Holdings,
has opened a branch in Hungary and taken over the local business of QBE
Insurance, Hungarian news agency MTI reported today.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
The life insurance market in Hungary has been uncertain since the
economic crisis left many to struggle financially, but the Hungarian
Post Life Insurance Company is setting its sights on attracting
previously neglected customers
With a nearly 21-percent share of Hungary's non-life insurance market,
Allianz Hungary has an important role to play in a country that has hit
the headlines recently because of its geographic position as a frontier
for waves of migrants seeking a better life in the EU. Hit hard by the
financial crisis but improving, Hungary was recently characterised by
the IMF as 'growing at a strong pace, helped by accommodative policies
and improved market sentiment'.
NN Hungary has claimed a prestigious Effie Award for its successful
campaign throughout Hungary to change its name from ING Insurance to NN.
Insurers must recognize the mandatory vehicle liability insurance contracts as valid from October 1 for former policy holders of Romanian insurer Astra who terminated their contract by mutual agreement from September 30 even if Astra has not yet reported the termination of the contract in the Centralized Claim History Registration System (KKNYR), the National Bank of Hungary (MNB) said yesterday.
After two years of moderate growth, the results recorded by the Hungarian insurance market in 1H2015 seem to indicate a period of relative stagnation. Thus, GWP went up by about 2% in local currency, to HUF 443.6 billion, while denominated in European currency show a slightly over zero change, once again affected by the Hungarian forint depreciation (EUR 1.4 billion).
The National Bank of Hungary (MNB) fined insurance company Uniqa
Biztosito HUF 76 million on a number of violations related to shortfalls
in its registration, auditing and contract management systems, the
central bank said today in a press release.
On July 8th, a strorm hit the Hungarian territory causing insured losses of about EUR 15.5 million, as estimated by MABISZ (the Association of Insurance Companies in Hungary) after taking into consideration some 35,000 insurance claims filed during the first week after the event.
Claims by policy holders on damages resulting from a severe storm that swept through Hungary on Wednesday could reach HUF 3bn (EUR 9.6m), the Hungarian Insurers Association (MABISZ) said.