HUNGARY: the Hungarian travel insurance market is recovering this year

2 June 2022 — Marina MAGNAVAL
The number of travel insurance policies sold by mid-May is already approaching the level of the same period in 2019 before the pandemic as lifting of the restrictive measures of previous years has brought back the desire to travel, wrote.

So far this year, the market-leading travel insurers highlighted the following popular countries: Austria (16%), Italy (15%), Spain (7%), England (5%) and Germany (4%). In the summer season, Croatia is expected to take the top of the list, with Greece and France joining the countries listed.

While removal of restrictions could encourage many to travel abroad in summer, trip costs could be a significant additional burden compared to last year. In addition to the inflation of around 8-10% in most European countries, the forint must also depreciate by more than 10% against the euro, which together means an increase in costs of around 20% on average. For this reason, cross-border travel, for which more and more people take out domestic travel insurance, will almost certainly remain very popular.

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