Hungary: less than 20% of Hungarians have an accident insurance policy

Only 10-20% have an accident insurance, while in many countries of the Western Europe accident insurance coverage among their population is of more than 80%, The Budapest Business Journal reports. The low penetration leaves about 8 million Hungarians uninsured for the accident risk.

In fact, by the end of 2017, the total number of accident insurance policies in force was of 611,828, according to the official statistical data provided by market authority, the Hungarian Central Bank. The number shows an about 1.5% decrease in the total volume of valid contracts in force at year end as compared with the previous year, when there were over 620 thousand active policies. In addition to this number, there are the additional accident insurance clauses included in housing, motor vehicle insurance contracts.

According to a recent press release of insurer UNION, member of the VIG Group, "homeland is the island of security for the majority, but accident insurance statistics show that most of the accidents occur in households: the vast majority of UNION Insurance's accident insurance indemnities have been paid in such cases over the past year. Based on the data of the Central Statistical Office, while in the traffic accidents were lost 625 lives in 2017, household casualties claimed more than 1,700 people in Hungary. More than half of the accidents occurring at home are caused by falling, burns or sharp injuries."

According to UNION, people should take under consideration that the coverage provided by the accident insurance products is very large, both in terms of risks and geographically. In the insurers' view, "an appropriate protection can be considered when the death or invalidity allowance reaches HUF 10 million (~EUR 32,000). Such protection can be obtained individually even for a monthly fee of HUF 2,000, which is less than EUR 7/month. Usually, says the insurer, the supplementary accident coverage associated with different policies (housing or motor vehicle insurance etc.) don't provide for such a level of the allowance.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

VIENNA Insurance Group completes mergers in Hungary and Slovakia

VIENNA Insurance Group announced Hungary's central bank approved the merger of the three VIG Group companies. Thus, starting 1 April 2018, VIG will be represented in Hungary solely by the insurance company UNION Biztosito, while in Slovakia, bancassurer Poistovna Slovenskej sporitelne (PSLSP) will merge with Kooperativa Poistovna.



Public insurers appoint Achim Bosch to reinsurer board

The supervisory bodies of Deutsche Ruckversicherung AG and the Association of German Public Insurers decided today, to appoint Achim Bosch (53) to the executive board of the two reinsurers, where he will be responsible for non-life reinsurance.



Five new XPRIMM insurance reports to be launched in Baden Baden

Five new titles will be available this year on the XPRIMM Baden-Baden press stands opened in the Kurhaus Casino and in Baden Baden main locations, presenting the latest statistical data and comprehensive analysis for the CEE, SEE and CIS insurance markets.


Croatian Insurance Days 2018 - Registration opened online

The 2018 edition of the "Croatian Insurance Days" will be held in Opatija, Croatia, on November 7-9, 2018. Organized by the Croatian Insurance Bureau, with the support of the Croatian Ministry of Finance, the conference will have, as usual, a rich and very informative program, also providing for extended networking opportunities.


ICAR Forum 2018: Main conclusions

The 15th edition of ICAR - The International Catastrophic Risks Forum, taking place in Bucharest, Romania, on 9 October, touches issues of paramount concern.


The 10th International Istanbul Insurance Conference started today

In emerging markets like Turkey, there can be a significant difference between insured and total insurable losses.
Focusing on closing the protection gap, the 10th International Istanbul Insurance Conference gathers in Istanbul, between the 4th and the 5th of October 2018, well-known speakers from Turkish and the global insurance & reinsurance markets.



LIVE: 1st National Reinsurers Summit in Moscow: focus on global cooperation

Today has started in Moscow the 1st National Reinsurers Summit "National Reinsurers: Focus on global cooperation". Organized by the Russian National Reinsurance Company (RNRC) with the support of the Central Bank of the Russian Federation, the conference has the insurance portal as Media Partner.


See all