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


Hungarian Government and VIG intensify cooperation

A cooperation agreement on strategic issues was signed between the Hungarian government and Vienna Insurance Group (VIG) in Budapest on 14 December 2023. The cooperation is intended to support the successful joint development and expansion of the insurance sector in Hungary, as the Austrian insurer informed in a statement.

STATISTICS: Hungarian insurers' Q3 net profits decreased to ~EUR 31 million

According to the quarterly statistics published by the Central Bank of Hungary, at the end of Q3 2023, the aggregate market gross profit of Hungarian insurers decreased by 36.5% y-o-y to HUF 14.7 billion the equivalent of EUR 37.6 million (vs. HUF 23.2 billion/EUR 55 million), according to the quarterly statistics published by the Central Bank of Hungary. At the same time, the value of net profit decreased by 42.4% y-o-y to HUF 12.1 billion (~EUR 31 million) vs. HUF 21 billion/ ~EUR 50 million.

HUNGARY: The MNB is working on a new concept to improve life insurance

The National Bank (MNB) wants life insurance policies with a better price-to-value ratio, lower cost and sold without defects on the Hungarian life insurance market, therefore it is working on a new, ethical concept to be introduced on the market, announced Gergo Szeniczey, Executive Director of the MNB at the MABISZ conference, reports.

VIG increases its share of Hungarian business from 55% to 90%

On November 21, 2023, Vienna Insurance Group (VIG) signed a purchase agreement to acquire 35% of the Hungarian holding company VIG Magyarország Befektetesi Zrt., which are currently held by the Hungarian state holding company Corvinus. After completion of the transaction, VIG's share in the holding company will increase from 55 to 90%.

STATISTICS: Hungary: insurers' Q1 net profits compressed to EUR 18.6 million

The aggregate Q1 GWP reported by Hungarian insurers totaled HUF 421.71 billion (~EUR 1.10 billion), 6.57% more y-o-y, according to the Q1 statistics published by the Central Bank of Hungary. The life insurance business accounted for 35.85% and the non-life insurance business accounted for 64.15% of total premium income.

STATISTICS: Hungarian insurers' YE2022 net profits decreased to EUR 89.5 million

According to the YE 2022 MNB (the National Bank of Hungary) statistics, the local insurance market totaled at the end of last year about HUF 1,428 billion (EUR 3.56 billion), up by 7.39% y-o-y. Life GWP increased by 1.02% y-o-y to HUF 609 billion / EUR 1.52 billion while non-life portfolio expanded by 12.68% y-o-y to HUF 819 billion / EUR 2.04 billion. Thus, during the analyzed period, the life insurance business accounted for 42.7% and the non-life insurance business for 57.3% of total GWP.