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

HUNGARIAN Post Life Insurance caters to neglected customers

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

HUNGARY, ALLIANZ: insurers must innovate to compete

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'.


HUNGARY, MNB: Insurers must validate contracts with former Astra policy holders

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.

STATISTICS: HUNGARY 1H2015: motor insurance lines pushed up the non-life GWP figures

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).

HUNGARY's MNB fines Uniqa Insurance HUF76m for violations

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.

HUNGARY: EUR 15.5 million estimated losses from the July 8th storm

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.


HUNGARY: Mandatory car insurance premiums up 30%

Mandatory vehicle insurance premiums in Hungary have seen a 25-30% rise this year, chiefly due to an increase in payouts on claims, Hungarian economic daily Vilaggazdasag reported today.

STATISTICS: HUNGARIAN insurers' business up by 1.7% in Q1

Hungarian insurance market totaled HUF 241.36 billion (EUR 807 million) at the end of March 2015, 1.71% more y-o-y, according to the statistics published by the Central Bank. In European currency, due the appreciation of the Hungarian Forint - the calculated growth rate was 4.41%. The volume of paid claims by insurers decreased by 1.79% to HUF 125.85 billion (EUR 421 million), due the reduced values reported for life indemnities.


HUNGARY: Casco insurance sales stay steady at 21% in 2014

Despite both sales of new and used cars jumping by 10% and 20%, respectively, in Hungary last year, the number of vehicle owners opting for casco voluntary vehicle insurance remained at around 21%, the online insurer of General Group genertel.hu reported on Friday based on its own survey of the market.

STATISTICS: HUNGARY FY2014: Positive trend both in profitability and underwriting volume

Hungarian insurers saw at the end of 2014 a 4.02% growth in the consolidated market GWP, to HUF 833.8 billion, mostly driven by the positive evolution of the traditional life insurance lines. However, denominated in European currency, the market results show once again a negative trend, with a 1.9% decrease of the GWP volume, to EUR 2.65 billion, following the about 6% depreciation of the Hungarian Forint (HUF).

ALLIANZ HUNGARY picks Ingenico Mobile Solutions' mPOS

Ingenico announced that Hungarian insurance company Allianz Hungary chose Ingenico Mobile Solutions' mPOS to fully equip the 800 sales agents of its network with mobile payment products by the end of 2015. With the deployment of this mPOS platform, Allianz Hungary wants to enable commercial agents to secure insurance contract sales whatever the consumer's location, whenever they decide to subscribe for a service.

HUNGARY: ING separates banking, insurance businesses

Netherlands-based ING has decided to separate its global banking and insurance businesses as of April 1, Cornelia Coman, the head of ING's Hungarian unit, said at a press conference today. The insurance business is expected to operate under the NN brand after that time, she added.



HUNGARY: MNB sells stakes in MKB insurance units for EUR 1 mln

The National Bank of Hungary (MNB) has sold stakes in the insurance units of MKB Bank to their majority owner Versicherungskammer Bayern for EUR 1 mln, MKB Bank said today. The MNB sold 36.5% stakes in MKB's general insurance and life insurance units, leaving the bank with a 1% stake in both.

HUNGARY: Insurance law passed by Parliament

Parliament approved a new law on insurers that draws on post-crisis market and regulatory experience and transposes European Union directives into national rules, MTI reported today. The law gives clients cancellation rights for 30 days from the signing of life insurance policies longer than six months.

Lower risk for HUNGARIAN insurers (Study)

In a quantitative impact study on conforming to the Solvency II Directive, the National Bank of Hungary (MNB) found among Hungarian insurers a "significantly lower degree of risk compared to pan-European exposure, both for the market as a whole and for individual insurers", the central bank reported yesterday, adding that "Hungarian insurers should have little trouble conforming to a European Union directive harmonizing regulation in the sector".