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K&H, Allianz sign most new mandatory vehicle insurance contracts in 2010

The insurance arm of K&H Bank and insurer Allianz signed the most mandatory vehicle insurance contracts with new clients this year, online broker biztositas.hu told MTI.

K&H signed mandatory vehicle insurance contracts with more than 350,000 new clients, while Allianz signed contracts with 280,000 clients. Romania's Astra, a newcomer on the market, as well as Hungary's Posta, Generali and KÖBE all signed contracts with about 100,000 new clients during the year-end campaign, biztositas.hu said.

Hungarian drivers who purchased vehicles before the end of 2009 may change mandatory vehicle insurance providers once a year during the month of November. Drivers must stay with an insurer for at least one year.

About 1.3 million drivers switched mandatory vehicle insurance providers in 2010, down from 1.5 million in 2009. About half of those who switched providers did so online last year, up from 30% in 2009. (MTI – Econews)