Over the last couple of years the Hungarian insurance market has undergone numerous changes, particularly with regards to how it is regulated. Not only has the previous regulatory body - the Hungarian Financial Supervisory Authority - been abolished and its powers granted to the National Bank of Hungary, but an insurance premium tax was implemented a little over two years ago too. While the changes have posed a challenge to insurers operating in the country, the industry as a whole is in good health and is working to harmonise its practices and laws with those outlined in the relevant EU directives, in particular Solvency II.
More recently, the Hungarian insurance market has seen the number of contracts in both the life and non-life business lines increase considerably. In fact, data released by the National Bank of Hungary shows a rapid rise in the number of people taking out pension insurance. If this trend continues, it could provide the necessary momentum the market needs, as retirement savings help to create more stable portfolios, which is good news for both customers and insurers, as it helps drive down premiums across the board.
One Hungarian insurer that is heavily focused on delivering insurance contracts at the lowest premium possible is Hungarian Post Life Insurance. The company works tirelessly, devoting much of its energy to attracting new customers that were once neglected by the industry. In such uncertain economic times, the insurer sees the rise in the number of people willing to accept the importance of self-provision and make long-term commitments as an indicator of growing market stability. World Finance spoke with Anett Pandurics, CEO of the Hungarian Post Life Insurance Company to find out how the insurance market is evolving, and what the company is doing to stay one step ahead of its competitors. Read the full story HUNGARIAN Post Life Insurance caters to neglected customers
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