HUNGARY: high confidence in insurance companies and satisfaction with insurance services

5 July 2022 —
The majority of the population is satisfied with the services provided by insurers and continues to trust them, according to this year's Insurance Trust Index (BIBIX) survey, explained the Association of Hungarian Insurers (MABISZ), wrote.

Confidence in insurance companies is still high, 53.4 points on the 100-point scale. The value of the index measuring satisfaction with insurance companies is almost unchanged, 80.8 points on a scale from 0 to 100, which still reflects a high level of satisfaction among the insured.

In terms of types of insurance, customers are most satisfied with accident insurance, life insurance and health insurance. Insurance experience of those with pension insurance has mostly improved compared to 2021. Speaking about trust in individual types of institutions, insurance companies continue to be judged similarly to banks.

The most important aspect based on which Hungarians choose an insurance company is the price-value ratio, followed by familiarity, reliability, speed, customer focus and smooth administration. For some of the respondents, personal contact and customized policy construction are also important.

Nearly three-quarters of the Hungarian population has home insurance, two-thirds have compulsory motor vehicle liability insurance, while 48% have life insurance. The proportion of those with pension insurance remained unchanged at 23.1%, and 15.4% invested in accumulative life insurance.