Hungary
ALLIANZ HUNGARY picks Ingenico Mobile Solutions' mPOS
Ingenico announced that Hungarian insurance company Allianz Hungary chose Ingenico Mobile Solutions' mPOS to fully equip the 800 sales agents of its network with mobile payment products by the end of 2015. With the deployment of this mPOS platform, Allianz Hungary wants to enable commercial agents to secure insurance contract sales whatever the consumer's location, whenever they decide to subscribe for a service.
4 March 2015HUNGARY: ING separates banking, insurance businesses
Netherlands-based ING has decided to separate its global banking and
insurance businesses as of April 1, Cornelia Coman, the head of ING's
Hungarian unit, said at a press conference today. The insurance business is expected to operate under the NN brand after that time, she added.
3 March 2015HUNGARY: 273,000 drivers switch mandatory vehicle insurance providers
Out of 2.2 million Hungarian motorists eligible to switch their
providers of mandatory vehicle insurance, approximately 273,000 decided
to change insurance providers, Hungarian Insurers Association (MABISZ)
said today.
20 February 2015HUNGARY home insurance market sees first post-crisis expansion
Hungary's home insurance market experienced an expansion last year for
the first time since the beginning of the economic crisis, the Hungarian
Association of Insurers (MABISZ) told Hungarian news agency MTI.
13 February 2015HUNGARY: MNB sells stakes in MKB insurance units for EUR 1 mln
The National Bank of Hungary (MNB) has sold stakes in the insurance
units of MKB Bank to their majority owner Versicherungskammer Bayern for
EUR 1 mln, MKB Bank said today. The MNB sold 36.5% stakes in MKB's
general insurance and life insurance units, leaving the bank with a 1%
stake in both.
12 January 2015HUNGARY: Insurance law passed by Parliament
Parliament approved a new law on insurers that draws on post-crisis
market and regulatory experience and transposes European Union
directives into national rules, MTI reported today. The law gives clients cancellation rights for 30 days from the signing of life insurance policies longer than six months.
10 December 2014Lower risk for HUNGARIAN insurers (Study)
In a quantitative impact study on conforming to the Solvency II Directive, the National Bank of Hungary (MNB) found among Hungarian insurers a "significantly lower degree of risk compared to pan-European exposure, both for the market as a whole and for individual insurers", the central bank reported yesterday, adding that "Hungarian insurers should have little trouble conforming to a European Union directive harmonizing regulation in the sector".
10 December 2014HUNGARY: CIG Pannonia has deposits in Szechenyi Bank
The general insurance unit of CIG Pannonia Life Insurance has
approximately HUF 170 mln in deposits at the troubled Szechenyi
Commercial Bank, whose operating license was withdrawn by Hungary's
central bank, the insurance company announced late yesterday. The
deposits at the bank are expected not to affect the adequacy of the
unit's warranty capital, and Hungary's National Deposit Insurance Fund
is paying compensation to depositors up to HUF 30 mln, CIG Pannonia
added.
10 December 2014STATISTICS: HUNGARY 3Q2014: Non-life market remained on a positive trend
At the end of the third quarter of 2014, Hungarian insurers reported an after-tax profit of HUF 20.65 billion (~EUR 66.53 million) on a GWP volume of HUF 630.75 billion (EUR 2.03 billion), data published by the National Bank of Hungary (MNB) and the insurers' association MABISZ show.
5 December 2014VIENNA Life offers free insurance in HUNGARY
Insurance company Vienna Life Biztosito, the former AXA, is entering
Hungary in its new form with an opening campaign offering free health
insurance policies for those who register at the company's website.
27 November 2014HUNGARY: MTPL rates remain the lowest in Central and South-Eastern Europe
In Hungary the annual MTPL rates remained practically unchanged during the first 3 quarters of 2014, the insurers' association MABISZ announced. Thus, the average annual premium for MTPL insurance policies was of HUF 20,094 (~EUR 65), among the lowest in Europe.
27 November 2014STATISTICS: HUNGARY 1H2014: Increased car sales pushed up the motor insurance segment
Hungarian insurers recorded a slight increase, of 1.5%, in premium production in the first half of 2014, to HUF 435 billion. However, converted in European currency the result looks less encouraging, as the total GWP figure for 1H2014 was of EUR 1.4 billion, by 3.37% below the 1H2013 level. Once again the 5% depreciation of the local currency put an additional pressure on the foreign insurers operating on the Hungarian market.
18 September 2014HUNGARIAN CIG Pannonia enters Italian market
CIG Pannonia Life Insurance's general-insurance unit, CIG Pannonia First
Hungarian General Insurance, has started to offer special surety-type
insurance for carriers in the form of cross-border service to Italy, CIG
Pannonia Life Insurance announced on Thursday.
15 September 2014HUNGARY: Number of home insurance contracts fall
Despite the increasing risk of storm damage, the number of home
insurance contracts fell below 3 million. Since 2010 the number of
policies signed in Hungary has dropped by 93,000, Hungarian daily Magyar
Nemzet reported today, citing figures from the Hungarian Insurers
Association (Mabisz).
6 August 2014HUNGARY 1Q2014: Return of the downward trend?
The Hungarian insurance market's results for 1Q2014 are showing a reversed trend as compared with those recorded for the year 2013. Thus, after enjoying, for the first time over the last five years, a positive evolution in GWP, the first quarter of 2014 brought again a decrease in GWP of 2.5% as compared with 1Q2013, to EUR 772.8 million (minus 1.63% in local currency).
26 June 2014HUNGARY: Signal Insurance revenue from premiums rises 28%
Signal Insurance's revenue from premiums rose 28% to HUF 17.7 billion
last year, chairman-CEO Tamas Kalozdi said in Budapest on Tuesday.
30 May 2014ING Investment Management to close shop in HUNGARY
ING Investment Management, which was the third-largest on the Hungarian
market in 2010 with HUF 1.2 trillion worth of funds managed, is winding
up its local operation. The fund management company's foreign owner
decided to cease operation of the Hungarian unit as of July 2014,
Portfolio.hu has learned on Wednesday.
22 May 2014HUNGARIAN banking sector returns to profit after two years
Credit institutions operating in Hungary posted HUF 62.3 billion profits in 2013, central bank (NBH) data showed on Monday. This means the banking sector closed in the black after a bad two-year streak. Insurance companies booked HUF 26.6 bn combined after-tax profit.
27 February 2014HUNGARY FY2013: a positive GWP evolution for the first time since 2008
For the first time in the last five years, the Hungarian insurance market ended the year with a positive change in the GWP volume, regardless of the currency in which it was calculated. Thus, in 2013 GWP amounted to EUR 2.7 billion, 3.35% up y-o-y or HUF 801.2 billion (5.34% up y-o-y). Paid claims dropped by 3.3% (1.5% in local currency), to EUR 1.89 billion.
27 February 2014HUNGARY, 3Q2013: Life insurance growth not enough to offset the motor insurance lines' shrinkage
After the first three quarters of 2013, the Hungarian insurance market recorded a cvasi stable status, with a 1% decrease in GWP, to EUR 2.04 billion. In fact, the 3Q2913 figures denominated in local currency (HUF) show a 4% growth continuing the positive trend in underwriting established in the precedent quarters of the year.
16 January 2014
