Nagy: More Involvement in Insurance Market

Banking

Minister of Economic Development Márton Nagy told insurers to expect a "more active regulatory presence" in their market at a conference yesterday, according to penzcentrum.hu.

"Regulation will be more active in the coming months than it has been till now," Nagy said, delivering a presentation entitled "Insufficient Competition and Slow Consolidation in the Insurance Sector."

He added that the sector would work more with the ministry and hold consultations, resulting in a healthier market that benefits policyholders.

He said Hungary's insurance sector is stable but isn't taking full advantage of existing opportunities, pointing to steady revenue growth from premiums even as market penetration declines, an anomaly in international comparison.

He added that the number of policies per capita in Hungary is low, and penetration can be increased further. One problem, he noted, is that insurance brokers have become more efficient in the past decade but not cheaper.

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