The National Bank of Hungary (MNB) imposed a fine of HUF 60 million (~EUR 166 thousand*) on Aegon Biztosito as a result of multiple deficiencies on insurer's activity, including investment life insurance and KGFB portfolio management, outsourcing activities, IT security, customer information, complaint handling, and (in several business lines) customer contracts.
Dutch insurer AEGON has put its CEE units - including Poland, Romania, Hungary and Turkey -, up for sale, Reuters wrote
citing sources close to insurer.
Bence HOLLO will be appointed Chief Executive Officer (CEO) of NN Hungary, effective 1 December, subject to regulatory approval, as the Dutch insurance group announced in a statement.
According to the half-year market figures published by the Central Bank of Hungary - MNB, the insurance sector's 1H2020 premium income amounted to HUF 613 billion (~EUR 1.72 billion), rising in local currency by 3.65% y-o-y. Life insurance H1 2020 premium income increased by about 0.59% to HUF 259.4 billion, while non-life segment expanded by more than 6pp to HUF 353.69 billion. About 42.31% of premium income originated from the life insurance business and 57.69% from the non-life insurance business.
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.
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.
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.
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.
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').
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.
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.
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.
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).
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.
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.
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".
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.
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.
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.
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).