One tenth of the new home insurance contracts were qualified consumer-friendly products last December among insurers with MFO, which now protect almost HUF 1,100 billion of customer assets, portfolio.hu wrote.

By the end of last year, the number of contracts related to the Bank of Hungary (MNB) Qualified Consumer Friendly Home Insurance (MFO) certification system exceeded 26,000. MFO products are now offered by 11 domestic insurers, whose combined market share in terms of premium income is more than 90%.

The MFO ratio grows every month, now its average is 10% among the insurers who sell MFO. By the end of 2022, the value of movable and immovable customer assets protected by consumer-friendly home insurance policies would be approximately HUF 1,100 billion (~EUR 2.75 billion) with a holding fee of more than HUF 1 billion.

For some insurance companies, proportion of MFO policies for the purpose of credit coverage exceeds 20% of total new sales.

The basic MFO package provides coverage for elemental damage and other typical risks that fundamentally threaten households.

*EUR 1 = HUF 399.72 (31.12.2022)