After the weekend storms the expected damage amount has already exceeded one and half billion on Monday morning, although insurance companies believe that the number of related claims may even increase in the coming days, the Association of Hungarian Insurers (MABISZ) announced
Hungarian unit of Aegon announced it has paid more than HUF 700 million (~EUR 2 million) for life and accidents coverages since the beginning of the Coronavirus pandemic, wrote portfolio.hu here
Hungarian insurers' GWP rose 7% year-on-year to HUF 360.30 billion (EUR 990 million) in the first quarter of 2021, according to the quarterly statistics published by by the National Bank of Hungary (MNB).
According to the Q1 statistics published by the Central Bank of Hungary, at the end of March 2021 the aggregate market gross profit of Hungarian insurers decreased by 10% y-o-y to HUF 24.59 billion the equivalent of EUR 67.6 million (vs. HUF 27.12 billion).
Last year, the GWP of MABISZ (Association of Hungarian Insurance Companies) member companies totaled HUF 1,242 billion (~EUR 3.4 billion), about 4.8% vs. FY 2019 figures (HUF 1,204 billion), according to the to the association's aggregate data.
After the decision of the Hungarian authorities to block the sale of Aegon NV
's local unit to Vienna Insurance Group in a regional deal of EUR 830 million sale of Dutch insurer's CEE operations to Austrian insurer, Hungarian CIG Pannonia could be the potential buyer, Bloomberg informed here
The transaction announced by Aegon in November 2020, of selling to Vienna Insurance Group (VIG) its insurance, pension and asset management business in Hungary, Poland, Romania and Turkey for a total consideration of EUR 830 million, has been stalled by Hungarian Ministry of Interior's unexpected denying of approval.
Thanks to the statistical data recently published by MABISZ, the insurers' association in Hungary, we are able to finally provide for the 2019 market rankings.
The most recent figures published by MABISZ - the Association of Hungarian Insurers, showed that following the December 2020 earthquakes in Croatia claims paid by local insurers significantly exceed previous estimates, the number of opened claim files being even higher than in Croatia.
According to the quarterly MNB published statistics (Central Bank of Hungary), at the end of December 2020 the aggregate market gross profit of Hungarian insurers was up by 18.52% y-o-y to HUF 88.89 billion the equivalent of EUR 243 million (vs. HUF 75 billion), while the value of net profit increased by 18.83% y-o-y to HUF 84.16 billion (EUR 230 million).
Last year, the aggregate GWP reported by Hungarian insurers totaled HUF 1,204 billion (~EUR 3.3 billion), according to the year-end figures published by the Central Bank (MNB), 4.7% more y-o-y. The life insurance business accounted for 44% and the non-life insurance business for 56% of total premium income.
Laszlo SEBESTYEN, the President of the largest Hungarian brokers' association (FBAMSZ - Hungarian Association of Independent Insurance Brokers) was given a mandate for another two years, informed Biztosito Magazin
The National Bank of Hungary (MNB) recently launched a new index, showing the evolution of the annualized compulsory MTPL average premiums. Last year, the average MTPL price for passenger cars increased by 9% to HUF 44,523. MNB will update the index quarterly.
Anett PANDURICS, President of MABISZ-the Association of Hungarian Insurance Companies and Chairwoman and CEO of Posta Biztosito, was elected to be part of the Budapest 2032 Committee, a body established by the Hungarian Olympic Committee to assess the possible candidacy of Budapest to organizing the Olympics of 2032.
According to the quarterly MNB published statistics, at the end of September 2020 the aggregate market gross profit of Hungarian insurers was up by 27.20% y-o-y to HUF 70.45 billion the equivalent of EUR 193 million (vs. HUF 55.39 billion), while the value of net profit increased to HUF 65.96 billion (EUR 180 million).
DELOITTE assisted the Austrian insurer VIG in taking over the units of the Dutch financial group AEGON in Hungary, Poland, Romania and Turkey, informed the Romanian insurance news portal www.1asig.ro here
The Central Bank of Hungary - Magyar Nemzeti Bank (MNB) the regulator and supervisor of Hungarian insurance market fined local insurer GROUPAMA Biztosito HUF 49.5 million (about ~ EUR 137,500) for the violations of MTPL's portfolio management, IT security, remuneration policy, risk management system, and other deficiencies of customer information and complaint handling.
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.