Location map
author: OCHA/ ReliefWeb

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

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

Macro indicators
* 2018 estimates
Pop. density*:105.1people/km2
GDP*:130.9EUR billion

European Union:
EU member, since 2004

Currency: Forint
Code: HUF
Since: 1946

Insurance market portfolio
* 2018 estimates
Overall Property*:18%
Overall Motor*:26%

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


STATISTICS: Hungary: insurers' Q1 net profits compressed to EUR 18.6 million

The aggregate Q1 GWP reported by Hungarian insurers totaled HUF 421.71 billion (~EUR 1.10 billion), 6.57% more y-o-y, according to the Q1 statistics published by the Central Bank of Hungary. The life insurance business accounted for 35.85% and the non-life insurance business accounted for 64.15% of total premium income.

STATISTICS: Hungarian insurers' YE2022 net profits decreased to EUR 89.5 million

According to the YE 2022 MNB (the National Bank of Hungary) statistics, the local insurance market totaled at the end of last year about HUF 1,428 billion (EUR 3.56 billion), up by 7.39% y-o-y. Life GWP increased by 1.02% y-o-y to HUF 609 billion / EUR 1.52 billion while non-life portfolio expanded by 12.68% y-o-y to HUF 819 billion / EUR 2.04 billion. Thus, during the analyzed period, the life insurance business accounted for 42.7% and the non-life insurance business for 57.3% of total GWP.

STATISTICS: Hungarian insurers' Q3 2022 net profits decreased to EUR 50 million

According to the quarterly statistics published by the Central Bank of Hungary, at the end of September 2022, the aggregate market gross profit of Hungarian insurers decreased by 65% y-o-y to HUF 23.2 billion the equivalent of EUR 55 million (vs. HUF 66.3 billion/ EUR 184 million), according to the quarterly statistics published by the Central Bank of Hungary. At the same time, the value of net profit decreased by 66% y-o-y to HUF 21 billion (~EUR 50 million) vs. HUF 61.8 billion/ ~EUR 171 million.

VIG applies for listing on the Budapest Stock Exchange

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.

Hungary: 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.

HUNGARY: 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.