Hungarian insurer CIG Pannónia Life Insurance on Wednesday said it has withdrawn its membership from the Hungarian Insurers Association (MABISZI) and will establish its own professional association.
CIG Pannónia said it left MABISZ because the association was no longer able to represent the "broadly differing" interests of its members in the light of legal and economic changes over the past several years. The conclusion was drawn based on the observations of CIG Pannónia chairman Béla Horváth, who has been with MABISZ since its founding, and CIG Pannónia CEO Csaba Gaal, who has followed the association's work for a decade.
MABISZ's method of collecting data and making publications has changed drastically and is no longer transparent, CIG Pannónia said. The association's press releases paint an overly negative picture and fail to give a broad view of the position of the domestic insurance market, it added.
CIG Pannónia left MABISZ on May 24.
CIG Pannónia, the only insurer listed on the Budapest Stock Exchange, is strongly committed to transparency, the company said.
CIG Pannónia said it plans to establish a professional association that aims to play an important role in informing people of the necessity of making long-term savings.