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Travel insurance market grows 16% in 2005

Hungary's travel insurance market expanded 16% in 2005, generating revenue from premiums of Ft 8.6 billion, according to figures from the Hungarian Association of Insurance Companies (Mabisz).

Still, there is much room for growth, according Péter Horváth, director of the travel insurance branch at Mabisz. Only 35% of the 18 million Hungarians who traveled abroad in 2005 bought insurance for their trips.
The proportion has stagnated because many Hungarians mistakenly believe all of their healthcare costs are covered in other EU member states. However, Balázs Lengyel, head of the National Healthcare Fund Administration (OEP), noted that Hungarian health insurance cards cover only a part of the cost of treatment in other member states.