The National Bank of Hungary (MNB) announced the decision to temporarily suspend NOVIS life insurance product distribution after the regulator found several problems that might affect the Hungarian customers.
Hungarian branch of UNIQA was fined with HUF 108 million (~ EUR 320,000) by the Central Bank of Hungary (MNB), following an investigation from the regulator who found several problems regarding internal control, insurance portfolio management and customer service.
In terms of summer storms losses, 2019 was an average year for Hungarian insurers. As the latest Association of Hungarian Insurance Companies (MABISZ) analysis shows, local insurers paid around HUF 4.1 billion (~ EUR 12 million) in households claims related to weather events, between May 1st - August 31st.
Hungarian H1 insurers' GWP rose 11.3% year-on-year to HUF 591.5 billion (~EUR 1.8 billion) according to the quarterly market figures published by the National Bank of Hungary (MNB).
Alexander PROTSENKO has been appointed as the new President and CEO of Allianz Hungarian branch. He will take over the position held by Peter KISBENEDEK, who served Allianz Hungaria Zrt. for more than 11 years, after choosing to continue his career outside Allianz.
25 Hungarian insurers reported 1Q2019 aggregate GWP up by 14.8% y-o-y to HUF 316.4 billion (EUR 986 million), according to the quarterly market data published by the National Bank of Hungary (MNB). Life insurance GWP increased by 11.2% to HUF 132 billion (EUR 411 million), while non-life GWP increased by 17.5% to HUF 185 billion (EUR 575 million), as the MNB figures reveal.
The high interest in digitalization of the Hungarian branch of UNIQA paid off, making UNIQA an innovation "trendsetter" in the local market with its recently launched projects, like UNIQA HomeGuard and UNIQA CHERRISK.
Italian insurer GENERALI announced signing an agreement to take over the entire life, non-life and composite insurance portfolios of three entities of ERGO International AG in Hungary and Slovakia. The sale is subject to certain regulatory and anti-trust approvals, as is customary for transactions of this kind. The parties have agreed not to provide details of the purchase price and other terms.
New amendments from the Hungarian Ministry of Finance on unit-linked life insurance will come into force on July 1, 2019. The adjustment of the Insurance Activities Act creates new obligations for insurers.
Hungarian insurersʼ revenues from premiums rose 7.1% y-o-y in 2018 to
HUF 1,024 billion (EUR 3.2 billion), as the figures recently published
by the National Bank of Hungary (MNB) show.
According to the Association of Hungarian Insurance Companies (MABISZ), between 2010 and 2017, Hungarian insurers paid aprox. HUF 40 billion for a total of 50,000 reported fire incidents. 2012 was the most severe year, with fires causing HUF 10 billion in damage.
During 2008-2017 the main segments of the Hungarian insurance market - life and non-life insurance -, recorded a U-shape trend, both in written premiums and paid claims terms. Life insurance claims made the only exception from this path, recording a growth trend in the toughest years of the financial crisis.
Hungary's central bank aims to introduce in the second half of 2019 measures to enhance competition in the home insurance market, the central bank's managing director for oversight of financial organizations Csaba KANDRACS said, quoted by Reuters.
Although pipe bursts and storms are the risks causing each about one
third of the housing insurance claims in Hungary, it seems people fear
most fire damage and burglary, the latest edition of the Aegonʼs Great
Home Test (Nagy Lakasteszt) shows.
Hungarian insurers reported 3Q 2018 aggregate GWP up by 9.2% y-o-y to HUF 777 billion (EUR 2.4 billion), according to the market data published by the National Bank of Hungary (MNB).
The board of CIG Pannonia Life Insurance decided on 28 November to raise
capital at its general insurance unit by HUF 1.5 billion (~EUR 4.63
million) and modify the unit's dividend policy, Hungarian news agency