Hungary’s insurance market set for moderate, but solid growth

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Hungaryʼs insurance market is expected to grow at a solid, albeit moderate, pace in the coming years, the head of the Association of Hungarian Insurance Companies (MABISZ) said in a statement, as reported by Hungarian news agency MTI today.

Three in four homes in Hungary are insured and most drivers comply with mandatory liability insurance rules; however, there are just 1.1 insurance policies for every Hungarian, which is low by international comparison, said MABISZ President Anett Pandurics. 

The number of regular-premium life insurance policies has started to grow again after years of decline, and there is room for more comprehensive vehicle insurance and accident insurance policies, Pandurics added. 

Europeans spent an average EUR 223 on life insurance premiums and HUF 574 on general insurance premiums in 2014, while Hungarians spent just EUR 274 on life and general insurance premiums combined, Pandurics said. Premium revenue came to just 2.7% of GDP in 2014, she added.

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