MNB launches compulsory vehicle insurance premium index

MNB

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The National Bank of Hungary (MNB) on Monday launched an index showing annualized changes to average premiums on compulsory vehicle insurance, according to a report by state news wire MTI.

The index reflects premiums for passenger cars that are not part of corporate fleets or used for specific purposes, such as taxis; however, MNB does calculate average fleet and taxi premiums separately. It is based on data from the entire compulsory vehicle insurance market and includes policyholders who switch insurers as well as new policies. The data is adjusted to "smooth out" differences caused by the annual period during which policyholders may switch providers.

The inaugural index shows the annual compulsory vehicle insurance premium averaged HUF 44,500 nationwide in Q4, up 9% year-on-year.

The annual premium for cars in the capital, where risks are higher, averaged HUF 63,200, up 15%.

MNB will publish the index regularly, every quarter.

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