Hungary
HUNGARY: The vast majority of Hungarians do not have accident insurance protection
Today, only 15-20% of Hungarians have some form of accident insurance coverage, which is far below the rates in Western European countries, reaching as high as 60-80%. In the second quarter of 2021, 625 thousand accident insurance policies were issued, according to the Hungarian Association of Independent Insurance Brokers (FBAMSZ), portfolio.hu said.
20 October 2021New corporate director at Uniqa Insurance, Hungary
Tibor ZUBOR from Allianz will be the director of Uniqa Insurance's corporate business, portfolio.hu said referring the company's statement.
11 October 2021STATISTICS: Hungary: H1 market profit increased to EUR 146 million
Hungarian insurers' H1 2021 GWP rose 11.46% year-on-year to HUF 686.81 billion (EUR 1.94 billion), according to the quarterly statistics published by the National Bank of Hungary (MNB).
Revenue from premiums on life insurance policies increased in local currency by more than 18% y-o-y to HUF 306.31 billion (EUR 870 million), while non-life GWP rose 6.6% to HUF 377.5 billion (EUR 1.7 billion). About 45% of premium income originated from the life insurance business and 55% from the non-life insurance business.
At the end of 2021 Q2, the total contract porolio of insurance companies rose by 0.8% from its level a year earlier, reflecting over 108,800 increase in new contracts to 14,496,469. This mainly resulted from a 1.02% rise in the number of non-life insurance contracts (to 12,161,353), accompanied by a somewhat declining number of life insurance contracts (a decline of 0.6% to 2,335,116).
Revenue from premiums on life insurance policies increased in local currency by more than 18% y-o-y to HUF 306.31 billion (EUR 870 million), while non-life GWP rose 6.6% to HUF 377.5 billion (EUR 1.7 billion). About 45% of premium income originated from the life insurance business and 55% from the non-life insurance business.
At the end of 2021 Q2, the total contract porolio of insurance companies rose by 0.8% from its level a year earlier, reflecting over 108,800 increase in new contracts to 14,496,469. This mainly resulted from a 1.02% rise in the number of non-life insurance contracts (to 12,161,353), accompanied by a somewhat declining number of life insurance contracts (a decline of 0.6% to 2,335,116).
23 September 2021HUNGARY: the share of self-sufficiency savings has fallen sharply in recent years
Within a few decades the current Hungarian pension system will become unsustainable and the population is barely prepared for this: the share of self-sufficiency savings (life insurance, pension funds, NYESZ) has fallen sharply in recent years within savings, portfolio.hu wrote.
21 September 2021HUNGARY: after the weekend hail - more than five thousand claims and damage for over HUF 1.5 billion
After the weekend storms the expected damage amount has already exceeded one and half billion on Monday morning, although insurance companies believe that the number of related claims may even increase in the coming days, the Association of Hungarian Insurers (MABISZ) announced.
15 July 2021Hungary: Aegon paid about EUR 2 m due to COVID-19
Hungarian unit of Aegon announced it has paid more than HUF 700 million (~EUR 2 million) for life and accidents coverages since the beginning of the Coronavirus pandemic, wrote portfolio.hu here.
30 June 2021STATISTICS: Hungarian insurers' Q1 GWP up by more than 7% y-o-y
Hungarian insurers' GWP rose 7% year-on-year to HUF 360.30 billion (EUR 990 million) in the first quarter of 2021, according to the quarterly statistics published by by the National Bank of Hungary (MNB).
17 June 2021Hungarian insurers' Q1 net profits compressed by 10% to EUR 62.5 million
According to the Q1 statistics published by the Central Bank of Hungary, at the end of March 2021 the aggregate market gross profit of Hungarian insurers decreased by 10% y-o-y to HUF 24.59 billion the equivalent of EUR 67.6 million (vs. HUF 27.12 billion).
14 June 2021PANDURICS, MABISZ: The competition in Hungarian market is strong
Last year, the GWP of MABISZ (Association of Hungarian Insurance Companies) member companies totaled HUF 1,242 billion (~EUR 3.4 billion), about 4.8% vs. FY 2019 figures (HUF 1,204 billion), according to the to the association's aggregate data.
25 May 2021CIG Pannonia is the potential buyer of Hungarian Aegon unit
After the decision of the Hungarian authorities to block the sale of Aegon NV's local unit to Vienna Insurance Group in a regional deal of EUR 830 million sale of Dutch insurer's CEE operations to Austrian insurer, Hungarian CIG Pannonia could be the potential buyer, Bloomberg informed here.
26 April 2021VIG's planned expansion by acquiring Aegon's CEE businesses temporarily blocked by the Hungarian authorities
The transaction announced by Aegon in November 2020, of selling to Vienna Insurance Group (VIG) its insurance, pension and asset management business in Hungary, Poland, Romania and Turkey for a total consideration of EUR 830 million, has been stalled by Hungarian Ministry of Interior's unexpected denying of approval.
12 April 2021STATISTICS: Hungarian insurers for FY2019 rankings now available
Thanks to the statistical data recently published by MABISZ, the insurers' association in Hungary, we are able to finally provide for the 2019 market rankings.
25 March 2021Claims files following December EQ: Hungarian insurers 8,700 vs. 7,430 Croatian insurers
The most recent figures published by MABISZ - the Association of Hungarian Insurers, showed that following the December 2020 earthquakes in Croatia claims paid by local insurers significantly exceed previous estimates, the number of opened claim files being even higher than in Croatia.
11 March 2021Hungary: Insurers' end-2020 net profits expanded by EUR 20 million to EUR 230 million
According to the quarterly MNB published statistics (Central Bank of Hungary), at the end of December 2020 the aggregate market gross profit of Hungarian insurers was up by 18.52% y-o-y to HUF 88.89 billion the equivalent of EUR 243 million (vs. HUF 75 billion), while the value of net profit increased by 18.83% y-o-y to HUF 84.16 billion (EUR 230 million).
11 March 2021STATISTICS: Hungary: Despite COVID-19, the insurance market closed 2020 with a moderate GWP increase
Last year, the aggregate GWP reported by Hungarian insurers totaled HUF 1,204 billion (~EUR 3.3 billion), according to the year-end figures published by the Central Bank (MNB), 4.7% more y-o-y. The life insurance business accounted for 44% and the non-life insurance business for 56% of total premium income.
11 March 2021Hungary: Laszlo SEBESTYEN reelected as President of brokers association for the third time
Laszlo SEBESTYEN, the President of the largest Hungarian brokers' association (FBAMSZ - Hungarian Association of Independent Insurance Brokers) was given a mandate for another two years, informed Biztosito Magazin.
25 February 2021Hungary: MTPL average prices for passenger cars went up by 9% y-o-y in Q4 2020
The National Bank of Hungary (MNB) recently launched a new index, showing the evolution of the annualized compulsory MTPL average premiums. Last year, the average MTPL price for passenger cars increased by 9% to HUF 44,523. MNB will update the index quarterly.
17 February 2021MABISZ President, Anett PANDURICS elected to the committee that will assess the candidacy of Budapest to hosting Olympics of 2032
Anett PANDURICS, President of MABISZ-the Association of Hungarian Insurance Companies and Chairwoman and CEO of Posta Biztosito, was elected to be part of the Budapest 2032 Committee, a body established by the Hungarian Olympic Committee to assess the possible candidacy of Budapest to organizing the Olympics of 2032.
1 February 2021STATISTICS: Hungary: Insurers' Q3 profits expanded to almost EUR 200 million
According to the quarterly MNB published statistics, at the end of September 2020 the aggregate market gross profit of Hungarian insurers was up by 27.20% y-o-y to HUF 70.45 billion the equivalent of EUR 193 million (vs. HUF 55.39 billion), while the value of net profit increased to HUF 65.96 billion (EUR 180 million).
21 January 2021Hungarian Central Bank fined GROUPAMA HUF 49.5 million
The Central Bank of Hungary - Magyar Nemzeti Bank (MNB) the regulator and supervisor of Hungarian insurance market fined local insurer GROUPAMA Biztosito HUF 49.5 million (about ~ EUR 137,500) for the violations of MTPL's portfolio management, IT security, remuneration policy, risk management system, and other deficiencies of customer information and complaint handling.
13 January 2021
