Hungary

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Location map
author: OCHA/ ReliefWeb


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

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

Macro indicators
* 2018 estimates
Surface:93,030km2
Population*:9.8million
Pop. density*:105.1people/km2
GDP*:130.9EUR billion
GDP/capita*:13,383.1EUR

European Union:
EU member, since 2004

Currency: Forint
Code: HUF
Since: 1946


Insurance market portfolio
* 2018 estimates
TOTAL LIFE*:47%
TOTAL NON-LIFE*:53%
Overall Property*:18%
Overall Motor*:26%


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






 


Statistics

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Hungary FY2019 Insurance Companies Rankings M A B I S Z002

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Hungary FY2020 Market Portfolio M N B


See all statistics

Latest news

CIG Pannonia is the potential buyer of Hungarian Aegon unit

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.




Hungary: Insurers' end-2020 net profits expanded by EUR 20 million to EUR 230 million

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).





STATISTICS: Hungary: Insurers' Q3 profits expanded to almost EUR 200 million

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).


Hungarian Central Bank fined GROUPAMA HUF 49.5 million

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.

HUNGARY: MNB fined Aegon Biztosito with HUF 60 million

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.



STATISTICS: HUNGARY, 1H2020: Insurers' profits expanded to more than EUR 140 million

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.

HUNGARY: MNB asks insurers to review the MTPL tariffs

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.

Istvan FEDAK to be the new CEO of CIG Pannonia

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.