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Hungary

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Hungary

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Hungary Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Hungary includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

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Information for Hungary can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Employee Benefits Reports Global Statistics Regulatory Alerts Market Profiles Insight Compliance Insight EB Compliance Point Clinical Trials Axco API Insight Risk Manager

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
latest GWP
Insurance Penetration (%)
GMT +1
Budapest
HUF
9.63 mn
2.69%
2.77%
3,934.56 (mn)
2.55

Hungary is a landlocked country situated in the heart of central Europe. After a peaceful transition from communism to multiparty democracy in 1989-90, it has the fifth largest economy in central and east Europe and  became a member of the EU on 1 May 2004.

There has been strong recent P&C premium growth (17.1%) resulting partly from increased car numbers and motor premiums, but also from a change in premium tax accounting. Penetration of non-life business was 1.29% in 2019. The life insurance market is predominately one of savings vehicles rather than risk benefits.

Unusually for an EU market, Hungary has a history of arbitrary political action which is particularly directed against foreign-owned financial institutions. One example is the insurance tax imposed on insurers in 2013

In 2020, there were 22 insurance companies supervised in Hungary, of which nine were non-life, five were life and eight were composite. There were also 12 insurance associations, most of which are non-life. There are  four licensed private mandatory pension funds/MPFs (pillar II), and 36 voluntary pension funds/VPFs (pillar III).

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