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.
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.
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.
Roughly 40% of Hungary's real estate insurance contracts may not provide
fully comprehensive insurance, a survey published today by local
insurance company GENERTEL reveals.
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.
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).
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.
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.
Out of 2.2 million Hungarian motorists eligible to switch their
providers of mandatory vehicle insurance, approximately 273,000 decided
to change insurance providers, Hungarian Insurers Association (MABISZ)
Hungary's home insurance market experienced an expansion last year for
the first time since the beginning of the economic crisis, the Hungarian
Association of Insurers (MABISZ) told Hungarian news agency MTI.
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.
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.
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".