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Hungary 1Q2022 Market Portfolio M N B
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HUNGARY: high confidence in insurance companies and satisfaction with insurance services
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), portfolio.hu wrote.
5 July 2022Hungary: Ex-Aegon units continues their activity under a new name
Ex Hungarian Aegon unit announced on its website that starting September 2022, the company will be present on the market under the names Alfa Vienna Insurance Group Biztosito Zrt. and Alfa VIG Penztarszolgaltato Zrt.
4 July 2022HUNGARY: the insurance sector's capital adequacy has fallen below 200% in 1Q
Insurers, funds and the capital market had to face volatility risks and asset depreciation as early as last year and in the first quarter of 2022, but were able to maintain their stability, portfolio.hu wrote based on the MNB's press release.
22 June 2022STATISTICS: HUNGARY 1Q2022: aggregated net profit fell to EUR 59 million while the quarterly business exceeds EUR 1 billion
According to the Q1 statistics published by the Central Bank of Hungary, at the end of March 2022 the aggregate market gross profit of Hungarian insurers decreased by 11.23% y-o-y to HUF 21.83 billion the equivalent of EUR 59 million (vs. HUF 24.59 billion).
16 June 2022HUNGARY: the Hungarian travel insurance market is recovering this year
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, portfolio.hu wrote.
2 June 2022Hungary: MABISZ elected Mihaly Erdos as President
The Board of MABISZ - the Association of Hungarian Insurers - announced in a statement the election of a new President and a new Vice President, after Anett Pandurics resigned from the Association's Presidency for family reasons.
2 May 2022HUNGARY: MNB: The Russian-Ukrainian conflict has no significant impact on the domestic sector
The pandemic only temporary stopped premium income production of the Hungarian insurance market, the increase of more than 10% in 2021 raised the premium income in the sector above HUF 1,300 billion, (~EUR 3.52 billion) as noted Gergo SZENICZEY, prudential of the Hungarian National Bank (MNB), Executive Director for Consumer Protection and Market Surveillance at the 2022 Portfolio Insurance Conference.
31 March 2022VIG closes acquisition of Aegon companies in Hungary
Austrian insurer VIG finalized the acquisition of the business of the Dutch insurer Aegon in Hungary after having received the approval of the local Hungarian authorities.
29 March 2022Hungarian insurers take over most of the Ukrainian border insurance fee
Due to the Ukraine-Russia conflict, MABISZ - the Association of Hungarian Insurers informed it has taken initiative towards Ukrainian refugees arriving in the country by car.
21 March 2022STATISTICS: Hungary: Insurers' 2021 net profits compressed to EUR 217 million
Life GWP increased by 13.64% y-o-y to HUF 602.7 billion / EUR 1.6 billion while non-life portfolio expanded by 7.9% to HUF 726.8 billion / EUR 1.9 billion, according to the most recent statistics published by the National Bank of Hungary (MNB). Thus, during the analyzed period, the life insurance business accounted for 45% and the non-life insurance business for 55% of total GWP.
8 March 2022EC orders Hungary to withdraw its veto over the acquisition of AEGON's Hungarian subsidiaries by VIG by 18 March 2022
The European Commission has concluded that Hungary's decision to veto the acquisition of the Hungarian subsidiaries of the AEGON Group by Vienna Insurance Group (VIG) breached Article 21 of the EU Merger Regulation (EUMR). Hungary has to withdraw its veto by 18 March 2022.
22 February 2022HUNGARY: MNB lifts the restriction on dividend payments
The MNB (Hungarian National Bank) no longer considers it necessary to maintain the dividend payment limit for insurers. However, the dividend size must consider the Bank's recommendation to maintain the 50% volatility capital buffer, as well as the impact of the changing yield environment on capital, the MNB said in its recent statement, portfolio.hu reports.
8 February 2022HUNGARY: the damage due to weekend storms may approach HUF 1 billion
According to preliminary data, the damage due to weekend storms may approach HUF 1 billion (~EUR 2.81 million*) as Hungarian insurers expect to receive more claims, portfolio.hu reports.
1 February 2022Hungary: VIG agree to share stakes in Aegon and Union with state-owned Corvinus to save the deal
Austrian insurer Vienna Insurance Group (VIG) and the Hungarian government have reached an agreement on the principles of a cooperation and the further course of action, which provides for a participation of 45% by the Hungarian state in the Hungarian AEGON companies and UNION VIG.
27 December 2021Hungary: Insurers' Q3 net profits compressed to EUR 171 million
At the end of September 2021, the aggregate market gross profit of Hungarian insurers decreased by 5.8% y-o-y to HUF 66.3 billion the equivalent of EUR 184 million (vs. HUF 70.5 billion), according to the quarterly statistics published by the Central Bank of Hungary. At the same time, the value of net profit decreased by 6.3% y-o-y to HUF 61.8 billion (~EUR 171.4 million).
9 December 2021STATISTICS: Hungarian insurers posted 11.6% y-o-y increase in 9 months business
Hungarian insurers posted aggregate Q3 2021 GWP worth HUF 1001.2 billion (~EUR 2.8 billion), rising by nearly 11.6% y-o-y.
8 December 2021Hungary: Jan-Oct outstanding claims on agricultural insurance totaled HUF 10 bn
By the end of October 2021, Hungarian insurers reported outstanding claims (payments and reserves, summed-up) on agricultural insurance segment worth HUF 10 billion (~EUR 28 million), MABISZ (Hungarian Insurers Association) informed in a statement.
1 December 2021HUNGARY: MNB: Hungarian insurers are in good shape
Despite the pandemic, growth of the insurance market has not stopped, as the president of the Association of Hungarian Insurers (MABISZ) said at the conference of the organization.
8 November 2021HUNGARY: 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 2021
