National Economy Minister Mihaly Varga met on Tuesday with chairman of the Hungarian Insurers Association (MABISz) Anett Pandurics to review the situation of the insurance business in Hungary, the National Economy Ministry told MTI.

Varga and Ms Pandurics agreed to meet for talks on a regular basis and establish a close cooperation, the ministry said. They established that the insurance sector is a big tax-payer and thus contributes to the budget and to the implementation of the government's stability goals, it added.

Pandurics told MTI after the meeting that insurers' revenue from premiums reached HUF 760 billion last year, generating more than HUF 100 billion in tax revenue for the state. Insurers provide work for more than 40,000 people and hold more than HUF 1,000 billion of Hungarian government securities, she added.

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HUNGARY: VARGA meets with insurance association chief