Hungary
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Hungary 1Q2020 Market Portfolio MNB
Hungary FY2019 Market Portfolio
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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.
23 September 2020Istvan 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.
1 September 2020STATISTICS: HUNGARY, 1Q2020: Insurers' net profit expanded to almost EUR 71 million
The Hungarian insurance market amounted to HUF 336.4 billion (~EUR 936 million*) in 2020 Q1, rising by 6.3% relative to the same period of the previous year, according to the quarterly statistics published by the National Bank of Hungary - MNB.
2 July 2020STATISTICS: HUNGARY, FY2019: insurers posted EUR 3.5 billion in 2019 GWP, while the market profit expanded to EUR 230 million
According to the year-end market figures published by the Central Bank of Hungary - MNB, the insurance sector's FY2019 premium income amounted to HUF 1,150.48 billion (~EUR 3.48 billion), rising by 12.33% y-o-y.
12 March 2020Fitch Ratings affirms Russia, Kazakhstan, Georgia, Turkey, Bulgaria and Hungary
During February 2020, Fitch Ratings, the leading provider of credit ratings, affirmed the ratings of Russia ('BBB'), Kazakhstan ('BBB'), Georgia ('BB'), Turkey ('BB-'), Bulgaria ('BBB') and Hungary ('BBB').
3 March 2020HUNGARY: 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.
24 February 2020David BARANYAI appointed interim CEO of NN Insurance Hungary
David BARANYAI, currently CSO NN Hungary, has been appointed CEO NN Insurance Hungary on an ad interim basis, subject to regulatory approval. The appointment is effective as of 17 February 2020.
17 February 2020HUNGARY: 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.
13 February 2020MABISZ: 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).
30 January 2020STATISTICS: 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.
12 December 2019HUNGARY: MNB introduces consumer-friendly home insurance system
The Central Bank of Hungary (MNB) announced the introduction of Certified Consumer-Friendly Home Insurance system (Minositett Fogyasztobarat Otthonbiztositas - MFO), to be available to consumers starting Q1 2020.
2 December 2019NN 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".
28 November 2019HUNGARY: 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.
12 November 2019HUNGARY: 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.
26 September 2019HUNGARY: 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.
18 September 2019STATISTICS: Hungarian insurers' GWP climbs more than 11% in H1
Hungarian H1 insurers' GWP rose 11.3% year-on-year to HUF 591.5 billion (~EUR 1.8 billion) according to the quarterly market figures published by the National Bank of Hungary (MNB).
5 September 2019Generali buys ERGOʼs Hungarian insurance portfolio
7 August 2019Allianz 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.
19 July 2019STATISTICS: HUNGARY, 1Q2019: Market profitability remained almost unchanged
25 Hungarian insurers reported 1Q2019 aggregate GWP up by 14.8% y-o-y to HUF 316.4 billion (EUR 986 million), according to the quarterly market data published by the National Bank of Hungary (MNB). Life insurance GWP increased by 11.2% to HUF 132 billion (EUR 411 million), while non-life GWP increased by 17.5% to HUF 185 billion (EUR 575 million), as the MNB figures reveal.
27 June 2019HUNGARY: UNIQA Biztosito expects EUR 100,000 extra earnings from CHERRISK in 2019
The high interest in digitalization of the Hungarian branch of UNIQA paid off, making UNIQA an innovation "trendsetter" in the local market with its recently launched projects, like UNIQA HomeGuard and UNIQA CHERRISK.
13 June 2019
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