MNB mulls ‘consumer-friendly’ home insurance certification

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The National Bank of Hungary (MNB) could take a decision on introducing certification for "consumer-friendly" home insurance products in the second half of 2019, modelled on the central bankʼs "consumer-friendly" seal of approval for home loans.

Csaba Kandrács, MNB managing director for oversight of financial organizations, indicated the move in an interview with entrepreneurial website novekedes.hu.

Unlike on the market for compulsory vehicle insurance, competition on the home insurance market is weak, Kandrács noted.

He added that establishing a guarantee system for the insurance sector, along the lines of the safety nets provided for depositors by the National Deposit Insurance Fund (OBA), or for investors by the Investor Protection Fund (Beva), would be a prudent measure.

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