In Q3 2024, the average annual premium for mandatory MTPL insurance for standard-use passenger cars in Hungary rose by 10% y-o-y, reaching HUF 58,000, said the National Bank of Hungary. Claims costs rose by half as much, and there was no growth in claims expenses during the last quarter. With inflation declining, a smaller increase would have been justified.

The consumer-friendly home insurance policies offer significant advantages compared to other market options. Their average premium is 22% lower than the average annual premium for fully insured residential properties and amounts to HUF 50,800, according to the Hungarian National Bank’s Q3 2024 Home Insurance Index.

According to the quarterly statistics published by the Central Bank of Hungary, at the end of Q3 2024, the aggregate GWP of Hungarian insurers reached EUR 3.23 billion, 9.87% up y-o-y. In local currency, the market growth was 11.65% y-o-y.

According to a survey conducted this summer, there are 100,000 electric scooters on the Hungarian roads, includes private vehicles and scooter-sharing providers in major cities, Hungary Today wrote referring to a decision of the Criminal Chamber of the Budapest-Capital Regional Court of Appeal.

At the end of the 2Q the average MTPL annual premium for passenger cars rose by 10% y-o-y to HUF 57,000 (~EUR 144.44). This also indicates an increase of 1.6% compared to the previous quarter's value, according to the Magyar Nemzeti Bank (MNB), Portfolio.hu reports.

The Hungarian insurance market saw an about 5% y-o-y increase in GWP, to EUR 2.2 billion, data provided by MNB show. However, denominated in local currency (HUF, Hungarian Forint) the market results show a higher growth rate, of almost 12%, the difference reflecting the depreciation of the Hungarian Forint against Euro.

The aggregate Q1 GWP reported by Hungarian insurers totaled HUF 458 billion (~EUR 1.2 billion), 8.62% more y-o-y, according to the Q1 statistics published by the Central Bank of Hungary. The life insurance business accounted for 33.3% and the non-life insurance business accounted for 66.6% of total premium income.

According to a survey conducted this year by Századvég, more than four-fifths of customers are satisfied with the work of insurance companies, the Association of Hungarian Insurers (MABISZ) said.

The range of vehicles that must have mandatory MTPL insurance in Hungary will expand. This requirement will apply to the affected parties starting from July 16, 2024. The Association of Hungarian Insurance Companies (MABISZ) provided the basic details on the regulatory change.

According to the YE 2023 MNB (the National Bank of Hungary) statistics, the local insurance market totaled at the end of last year about HUF 1,508 billion (EUR 3.94 billion), up by 5.65% y-o-y.

According to the data of the insurance intermediary Insura.hu, the average price of Motor Hull for passenger cars last year was HUF 205,200 (~EUR 535), which was 9.5% higher than in 2022, Portfolio.hu reports.

In December this year, due to more than 23,000 farmer applications, insurance premium subsidies worth almost HUF 14 billion (~EUR 36.40 million) were approved for farmers who supplement their risk management tools with agroinsurance, Portfolio.hu reports.

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.

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.

The average MTPL yearly premium reached EUR 138 (HUF 52,500) in Q3, in Hungary, 12% more y-o-y, the Budapest Business Journal wrote quoting data from the National Bank of Hungary (MNB).

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, Portfolio.hu reports.

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%.

As of January 1, 2024, Gergely Bacso will take over the position of Allianz Hungaria Zrt. CEO and Chairman of the Board from Alexander V. Protsenko, Portfolio.hu reports with reference to the insurance company's announcement.

The Hungarian insurance market shows healthy growth in terms of both revenues and profitability, but the decreasing number of intermediaries and low penetration mean challenges for the sector, Ministerial Commissioner Zsolt Kovacs spoke at the conference of the Hungarian Association of Independent Insurance Brokers (FBAMSZ) in Esztergom, Portfolio.hu wrote.

Hungarian insurers' end-June 2023 GWP decreased by 0.8% y-o-y to HUF 779 billion (EUR 2.1 billion), according to the quarterly statistics published by the National Bank of Hungary (MNB).