In Q3 2024, the average annual premium for mandatory MTPL insurance for standard-use passenger cars in Hungary rose by 10% y-o-y, reaching HUF 58,000, said the National Bank of Hungary. Claims costs rose by half as much, and there was no growth in claims expenses during the last quarter. With inflation declining, a smaller increase would have been justified.

The adjusted MNB index, which excludes the effects of taxes and claims expenses, showed slight growth in all quarters of 2024. At the end of Q3 2024:

• The average MTPL premium in Budapest reached HUF 83,500, nearly HUF 30,000 higher than the national average for other regions (HUF 53,600).
• Premium growth outpaced claims growth for the sixth consecutive quarter.
• Adjusted MTPL index stood at 135%, indicating slight growth across the year, although still below the peak of early 2021.

Premiums for most vehicle categories rose above inflation, except for motorcycles, heavy trailers, and specialized tractors, which remained stable or decreased. Notable increases included:

• 16% for individual taxis
• 10% for fleet trucks
• 6% for mopeds and fleet tractors

The Hungarian National Bank (MNB) has been publishing the MTPL index quarterly since 2021, utilizing data from its Central MTPL Itemized Database. This index promotes transparency and competition in the insurance market. The published figures reflect average changes, but individual MTPL contracts may vary, allowing customers to review and potentially switch providers on their policy renewal date.