Hungary

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Location map
author: OCHA/ ReliefWeb


Location:
- Central Europe;
- Neighbours: Serbia, Croatia, Slovenia, Austria, Slovakia, Ukraine, Romania.

Climate:
- temperate climate;
- cold, cloudy, humid winters;
- warm summers.

Macro indicators
* 2018 estimates
Surface:93,030km2
Population*:9.8million
Pop. density*:105.1people/km2
GDP*:130.9EUR billion
GDP/capita*:13,383.1EUR

European Union:
EU member, since 2004

Currency: Forint
Code: HUF
Since: 1946


Insurance market portfolio
* 2018 estimates
TOTAL LIFE*:47%
TOTAL NON-LIFE*:53%
Overall Property*:18%
Overall Motor*:26%


Sources:
Starting October 1, 2013, the National Bank of Hungary took over all activities of financial market regulator PSZAF






 


Statistics

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Hungary 1H2020 Market Portfolio

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Hungary 1Q2020 Market Portfolio MNB


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Latest news


STATISTICS: HUNGARY, 1H2020: Insurers' profits expanded to more than EUR 140 million

According to the half-year market figures published by the Central Bank of Hungary - MNB, the insurance sector's 1H2020 premium income amounted to HUF 613 billion (~EUR 1.72 billion), rising in local currency by 3.65% y-o-y. Life insurance H1 2020 premium income increased by about 0.59% to HUF 259.4 billion, while non-life segment expanded by more than 6pp to HUF 353.69 billion. About 42.31% of premium income originated from the life insurance business and 57.69% from the non-life insurance business.

HUNGARY: MNB asks insurers to review the MTPL tariffs

The Central Bank of Hungary (MNB) intend to change the premiums paid by customers on MTPL insurance (kgfb in Hungarian) by January 1, 2021. About a week ago, it calls local insurers to review the tarrifs taking into account the "kgfb database" which has been accessible to insurers now for three quarters.

Istvan FEDAK to be the new CEO of CIG Pannonia

At the end of July 2020, the Hungarian insurer CIG Pannonia annoucned that that employment of the CEO - Gabriella KADAR and Deputy CEO - Miklos BARTA of the company - will end on September 30, 2020.




HUNGARY: NN enters the non-life insurance market

NN officially announced its entrance in the Hungarian non-life insurance market. The company plans to offer three non-life types of products which will widen its product portfolio.


HUNGARY: February storm claims may exceed HUF 1 billion

About 10,000 claim files were reported by Hungarian insurers following the first week of February's storms, Budapest Business Journal reported quoting MABISZ (the Hungarian Association of Insurers) representatives.

MABISZ: Hungarian insurers expect to see a significant growth in 2020

Based on the 3Q2019 results, last year was a successful one for Hungarian insurance companies, the 11% y-o-y increase in GWP justifying optimistic expectations for the year-end result. "Premium income of the sector is expected to exceed HUF 1,100 billion (~EUR 3.3 billion) by the end of the year," said Mihaly ERDOS, vice president of the Hungarian Insurance Association (MABISZ).

STATISTICS: HUNGARY, 3Q2019: Insurers' 9 months GWP climbed 11% y-o-y

Hungarian insurance market totaled HUF 862.20 billion (EUR 2.66 billion) at the end of Q3 2019, 10.97% more y-o-y, official statistics showed. In terms of damages, the value of incurred claims (paid claims and reserves, summed-up) amounted to HUF 312.95 billion for life insurance contracts (+10.72% y-o-y) and HUF 198.45 billion for non-life policies, +13.96 more y-o-y.


NN Hungary to appoint new CEO

Michal HUCAL will be appointed Chief Executive Officer (CEO) of NN Hungary, effective 1 January 2020, subject to regulatory approval, as the Dutch insurance group informed in a statement. "As CEO of NN Hungary, he will focus on continuing our growth in the local market".

HUNGARY: MNB suspended NOVIS unit-linked product

The National Bank of Hungary (MNB) announced the decision to temporarily suspend NOVIS life insurance product distribution after the regulator found several problems that might affect the Hungarian customers.

HUNGARY: UNIQA Biztosito fined by regulator

Hungarian branch of UNIQA was fined with HUF 108 million (~ EUR 320,000) by the Central Bank of Hungary (MNB), following an investigation from the regulator who found several problems regarding internal control, insurance portfolio management and customer service.

HUNGARY: 2019 summer storms caused EUR 12 million in households property damage

In terms of summer storms losses, 2019 was an average year for Hungarian insurers. As the latest Association of Hungarian Insurance Companies (MABISZ) analysis shows, local insurers paid around HUF 4.1 billion (~ EUR 12 million) in households claims related to weather events, between May 1st - August 31st.



Allianz Hungaria Zrt. has a new CEO and President

Alexander PROTSENKO has been appointed as the new President and CEO of Allianz Hungarian branch. He will take over the position held by Peter KISBENEDEK, who served Allianz Hungaria Zrt. for more than 11 years, after choosing to continue his career outside Allianz.