HUNGARY: The storms in early August far more destructive than entire seasons in recent years

16 August 2023 — Marina MAGNAVAL
As a result of the storms during the first week of August, about 20,000 claims based on home insurance contracts were received so far by insurance companies that had sent their data to MABISZ (Association of Hungarian Insurers). This number is expected to rise further in the coming days, wrote.

MABISZ expects that the sector can count on claim settlements of record amounts, even exceeding HUF 4.5 billion (~EUR 11.76 million).

MABISZ has been collecting damage claim payments for the May-August storm season since 2010. Last year, this totaled HUF 7.5 billion in four months, while in 2018, the entire storm season “cost" was less than HUF 3.2 billion.

Currently, 73-74% of residential properties in Hungary have home insurance, but a significant part of the existing contracts was concluded several years ago and have not been updated since then in accordance with the actual property situation, or possible expansion or modernization of the property, the source added.

*EUR 1 = HUF 382.69 (as of 13.08.2023)