Hungary
HUNGARIANS tend to buy travel insurance at last minute
On average Hungarians spent HUF 540 forints a day on travel insurance last year when traveling out of country, on par with data available for 2014, online daily napi.hu reported today according to data compiled by online brokerage firm Netrisk.hu.
26 January 2016HUNGARY's OTP in talks to buy AXA Bank's local mortgages
Central Europe's largest independent lender, Hungary's OTP Bank, is in talks to acquire the local retail mortgage portfolio of AXA Bank Europe SA, which has posted steep losses, financial sector sources told Reuters.
20 January 2016HUNGARY's HUF 17 bn loss on MKB "national economic interest", CEO says
When asked what the point of the government losing HUF 17 bn on buying
into MKB Bank, the CEO of the bank cited interests of the national
economy. The bank cut its operating costs heavily in 2015, and got to
show what it was like when a state-owned bank extended loans. In recent
days, MKB got rid of its non-performing project loan portfolio and was
transferred to the Hungarian Consolidation Asset Manager Zrt, where it
will remain until a buyer is found by the middle of next year. Portfolio
interviewed CEO Adam Balog.
4 January 2016HUNGARY: CIG Pannonia books HUF 197 mln after-tax profi
Hungarian life insurance company CIG Pannonia booked an after-tax profit of HUF 197 million in the third quarter of this year, improving from a HUF 256 mln loss in the base period, an earnings report published today reveals, according to Hungarian news agency MTI.
7 December 2015STATISTICS: HUNGARY insurance market grows 2.6% in 3Q
Hungarian insurers' GWP rose 2.6% y-o-y to HUF 647 billion (EUR 2 billion) in the first nine months of the year, according to the figures published by the National Bank. Life insurance GWP was down by 1.5% to HUF 333 billion, while revenue from premiums on general insurance policies increased by 7.3% to HUF 314 billion.
27 November 2015HUNGARY: MNB suspends KOBE mandatory car insurance sales
The National Bank of Hungary (MNB) on Friday said it had suspended the
sale of mandatory car insurance policies by KOBE and placed restrictions
on management of the insurerʼs assets. The MNB also instructed the insurer to prepare a financial plan, correcting deficiencies. The
MNB said KOBEʼs insufficiently sound fee policy, risks related to its
investment activities and the insurerʼs unfavorable reserves position
justified the measure. The sales suspension does not apply to KOBEʼs other insurance contracts, the market watchdog said.
16 November 2015HUNGARY: Transparency, products comparability and tax benefits for pension insurance expected to boost life insurance
Hungarian life insurance saw difficult times throughout the years following to the 2008 crisis. Still, the 2011 nationalization of the private pensions' Pillar II segment seems to have resulted in a renewed interest shown by customers to the pensions insurance products. In addition, the TKM (Total Cost Indicator) introduction added a well appreciated degree of transparency and comparability to the life insurance products, easing the customer's choice.
12 November 2015HUNGARIAN Post Life Insurance caters to neglected customers
The life insurance market in Hungary has been uncertain since the
economic crisis left many to struggle financially, but the Hungarian
Post Life Insurance Company is setting its sights on attracting
previously neglected customers
11 November 2015HUNGARY, ALLIANZ: insurers must innovate to compete
With a nearly 21-percent share of Hungary's non-life insurance market,
Allianz Hungary has an important role to play in a country that has hit
the headlines recently because of its geographic position as a frontier
for waves of migrants seeking a better life in the EU. Hit hard by the
financial crisis but improving, Hungary was recently characterised by
the IMF as 'growing at a strong pace, helped by accommodative policies
and improved market sentiment'.
3 November 2015NN Hungary wins coveted international marketing award
NN Hungary has claimed a prestigious Effie Award for its successful
campaign throughout Hungary to change its name from ING Insurance to NN.
28 October 2015HUNGARY, MNB: Insurers must validate contracts with former Astra policy holders
Insurers must recognize the mandatory vehicle liability insurance contracts as valid from October 1 for former policy holders of Romanian insurer Astra who terminated their contract by mutual agreement from September 30 even if Astra has not yet reported the termination of the contract in the Centralized Claim History Registration System (KKNYR), the National Bank of Hungary (MNB) said yesterday.
26 October 2015STATISTICS: HUNGARY 1H2015: motor insurance lines pushed up the non-life GWP figures
After two years of moderate growth, the results recorded by the Hungarian insurance market in 1H2015 seem to indicate a period of relative stagnation. Thus, GWP went up by about 2% in local currency, to HUF 443.6 billion, while denominated in European currency show a slightly over zero change, once again affected by the Hungarian forint depreciation (EUR 1.4 billion).
3 September 2015HUNGARY's MNB fines Uniqa Insurance HUF76m for violations
The National Bank of Hungary (MNB) fined insurance company Uniqa
Biztosito HUF 76 million on a number of violations related to shortfalls
in its registration, auditing and contract management systems, the
central bank said today in a press release.
17 August 2015HUNGARY: EUR 15.5 million estimated losses from the July 8th storm
On July 8th, a strorm hit the Hungarian territory causing insured losses of about EUR 15.5 million, as estimated by MABISZ (the Association of Insurance Companies in Hungary) after taking into consideration some 35,000 insurance claims filed during the first week after the event.
13 August 2015HUNGARY: Wednesday storm damage claims could reach HUF 3 billion
Claims by policy holders on damages resulting from a severe storm that swept through Hungary on Wednesday could reach HUF 3bn (EUR 9.6m), the Hungarian Insurers Association (MABISZ) said.
13 July 2015HUNGARY: Mandatory car insurance premiums up 30%
Mandatory vehicle insurance premiums in Hungary have seen a 25-30% rise
this year, chiefly due to an increase in payouts on claims, Hungarian
economic daily Vilaggazdasag reported today.
26 June 2015STATISTICS: HUNGARIAN insurers' business up by 1.7% in Q1
Hungarian insurance market totaled HUF 241.36 billion (EUR 807 million) at the end of March 2015, 1.71% more y-o-y, according to the statistics published by the Central Bank. In European currency, due the appreciation of the Hungarian Forint - the calculated growth rate was 4.41%. The volume of paid claims by insurers decreased by 1.79% to HUF 125.85 billion (EUR 421 million), due the reduced values reported for life indemnities.
28 May 2015Survey finds 40% of HUNGARIAN real estate could be underinsured
Roughly 40% of Hungary's real estate insurance contracts may not provide
fully comprehensive insurance, a survey published today by local
insurance company GENERTEL reveals.
26 May 2015HUNGARY: Casco insurance sales stay steady at 21% in 2014
Despite both sales of new and used cars jumping by 10% and 20%,
respectively, in Hungary last year, the number of vehicle owners opting
for casco voluntary vehicle insurance remained at around 21%, the online
insurer of General Group genertel.hu reported on Friday based on its
own survey of the market.
14 April 2015STATISTICS: HUNGARY FY2014: Positive trend both in profitability and underwriting volume
Hungarian insurers saw at the end of 2014 a 4.02% growth in the consolidated market GWP, to HUF 833.8 billion, mostly driven by the positive evolution of the traditional life insurance lines. However, denominated in European currency, the market results show once again a negative trend, with a 1.9% decrease of the GWP volume, to EUR 2.65 billion, following the about 6% depreciation of the Hungarian Forint (HUF).
19 March 2015
