Number of home insurance contracts fall

Weather

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).

Currrent estimates show the figures will not improve this year, the paper adds.

The number of home insurance contracts reached their peak in 2010, probably because of the record number of  storm damages reported that year.  Another reason could be that home construction declined in recent years, with the number of new homes completed hardly exceeding 10,500 last year, compared to more than 40,000 in the mid-2000s.

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