By the end of October, insurers paid out four times as much in total for drought damage alone. In the coming period, this amount is expected to increase by HUF 1.2 billion, according to the Association of Hungarian Insurers (MABISZ), portfolio.hu wrote.

Austrian VIG informed it has applied for listing of its shares on the Budapest Stock Exchange. The shares of VIG (ISIN AT0000908504) have been listed on the Vienna Stock Exchange since 1994 and on the Prague Stock Exchange since 2008.

Hungarian insurers' H1 2022 GWP rose by 14.81% y-o-y to HUF 785.43 billion (EUR 1.98 billion), according to the quarterly statistics published by the National Bank of Hungary (MNB).

In the second quarter of 2022 motor and travel insurance have recovered, while life insurance (single premium) and corporate property insurance have grown. The insurance sector's premium income has increased by 20%, portfolio.hu wrote.

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.

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.

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.

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).

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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).

Hungarian insurers posted aggregate Q3 2021 GWP worth HUF 1001.2 billion (~EUR 2.8 billion), rising by nearly 11.6% y-o-y.