HUNGARY: MTPL rates remain the lowest in Central and South-Eastern Europe

27 November 2014 — Daniela GHETU
In Hungary the annual MTPL rates remained practically unchanged during the first 3 quarters of 2014, the insurers' association MABISZ announced. Thus, the average annual premium for MTPL insurance policies was of HUF 20,094 (~EUR 65), among the lowest in Europe.

The average value was calculated for a portfolio of about 4.2 million cars insured during the period, including commercial ones. Premiums on policies for passenger cars average HUF 13,000-14,000 (EUR 42 - 46), the association said.

MABISZ also said the total number of MTPL policies went up y-o-y by about 142,000 units, following a larger number of new and used motor vehicles registrations. In this context, gross written premium for MTPL went up y-o-y, according to the associations' data, by 8.3%, to HUF 71.3 billion (~EUR 228.5 million).

According to the latest amendments to the insurance law, with effect from January 1st, 2015, Hungarian MTPL insurers had to publish the tariffs they want to apply next year until midnight of November 1st, 2014. The new tariffs are available online.

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