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 1Q2021 Market Portfolio M N B

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Hungary FY2019 Insurance Companies Rankings M A B I S Z002


See all statistics

Latest news





PANDURICS, MABISZ: The competition in Hungarian market is strong

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.

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.