Location map
author: OCHA/ ReliefWeb

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

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

Macro indicators
* 2018 estimates
Pop. density*:105.1people/km2
GDP*:130.9EUR billion

European Union:
EU member, since 2004

Currency: Forint
Code: HUF
Since: 1946

Insurance market portfolio
* 2018 estimates
Overall Property*:18%
Overall Motor*:26%

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



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Hungary 3Q2020 Market Portfolio M N B

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Hungary 1H2020 Market Portfolio

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Latest news

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.

HUNGARY: NN enters the non-life insurance market

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.

HUNGARY: February storm claims may exceed HUF 1 billion

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.

MABISZ: Hungarian insurers expect to see a significant growth in 2020

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).

STATISTICS: HUNGARY, 3Q2019: Insurers' 9 months GWP climbed 11% y-o-y

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.