CIB Bank, Intesa Sanpaolo, and Generali entered into a partnership in the Hungarian market with the aim of strengthening bancassurance activities in the country and providing a comprehensive financial solution for families and businesses, MABISZ (Association of Hungarian Insurers) reports.

Several insurance companies had to cancel their previous contracts after the record paid claims due to the last year's drought, according to the Hungarian Association of Independent Insurance Bargainers (FBAMSZ) , portfolio.hu wrote.

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.

In the fourth quarter of 2022, the average MTPL premium for passenger cars increased by 8% compared to the same period in 2021. Claim expenses increased by 13% as a result of rising service and spare parts costs and changes in the exchange rate, according to the MNB's latest KGFB index, portfolio.hu wrote.

One tenth of the new home insurance contracts were qualified consumer-friendly products last December among insurers with MFO, which now protect almost HUF 1,100 billion of customer assets, portfolio.hu wrote.

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.

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.