Press releases


Press releases

 

Reelection at the Association of the Hungarian Insurance Companies (2025.03.12.)

On 12 March 2025, the Association of Hungarian Insurance Companies (MABISZ) elected a new eight-member Executive Committee following the expiry of the mandate of the previous Executive Committee.

Mihály Erdős, the current president of the Association, had previously announced that he would not stand for reelection. The members of the Executive Committee elected Bence Holló, the current Deputy Chairman and CEO of NN Biztosító Zrt. as President, and Peter Zatykó, the current CEO of Alfa Vienna Insurance Group Zrt. as the new Deputy Chairman.

“I would like to thank Mihály Erdős for his work at the head of the Association over the past decade and a half as Vice-Chairman and then President, a period of outstanding activity and success in the history of the Hungarian insurance sector. I thank the membership for their trust and support, and my goal is to focus on the challenges ahead in the coming years as President of the Association of Hungarian Insurance Companies,” said Bence Holló, Chairman and CEO of NN Biztosító Zrt. after the election.

Association of the Hungarian Insurance Companies

Increasing savings, new challenges in the field of digitalisation(2025.03.03.)

Efficient and effective professional cooperation has been established this year between the Association of Hungarian Insurance Companies and Hungarian insurers, which can be built upon in the future – this was said at the executive’s roundtable discussion of the XIV. International Insurance Conference of MABISZ (Assosication of Hungarian Insurance Companies). This year, the largest annual event of the Hungarian insurance sector was dedicated to the role of digitalisation and artificial intelligence in insurance.

As highlighted in its information, in 2024 the total premium income of MABISZ members will reach HUF 1 777 billion. This amount is 12.4 percent higher than the previous year, but in real terms it is roughly the same as in 2018. The number of policies managed by domestic insurers is close to 14 million, an indicator almost 400,000 more than in 2023. The drivers of growth were compulsory motor liability, pension and liability insurance. Unfortunately, the number of CASCO insurance contracts continues to decline, a fact linked to tax regulations and the ageing car population in the country, as the average age of the car population in 2024 was 16.1 years,” the MABISZ President pointed out.

Life insurance market

Last year, non-life premium income increased by 11.2% to HUF 1,077 billion, he continued. As he said, premium income in the life segment grew by 14.4% to HUF 700 billion. In 2024, premium income in the pension insurance segment grew by 15.3%, which means 523,000 insurance contracts, i.e. 30,000 contracts more on a year/year basis. The number of term insurance policies increased by 4.9% and unit-linked by 0.4%, while the number of mixed life insurance policies decreased by 11.6%. Premium income from personal property insurance increased by 14%, and KGFB policies also generated 13.6% more premiums in 2024, Mihály Erdős said.Although the president of MABISZ says that the term “claims expenditure” is unfortunate in the life insurance sector, the accepted professional definition is that the sector as a whole made 9.6% more claims payments than in the previous year. The life area saw an increase of 3.9%, while the non-life area grew by 16.1%, Mihály Erdős summarised.

Housing insurance and the property market

As far as the housing insurance market is concerned, the MABISZ President stressed that during the last campaign, the number of contracts, according to members’ data, remained practically unchanged, and in fact, on a year/year basis, the number decreased by 1152 contracts. However, there was a visible increase in the stock premium and the average premium: if the MFO (Certified Customer-friendly Home Insurance) indicator is taken into account, the increase was 12.6%, while without the MFO(Certified Customer-friendly Home Insurance) indicator, the increase was 13.3%. This increase is in line with the increase in the construction price index, which was 15.9% and is the benchmark for indexation. According to Mihály Erdős, last year’s campaign contributed to the near doubling of the MFO(Certified Customer-friendly Home Insurance) index, which now accounts for 2.7% of the total stock of 3.3 million.As President of MABISZ, he reminded that the Association of Hungarian Insurance Companies considers it of the utmost importance that during the campaign all customers who cancel their home insurance should take out a new policy and not be left without cover. And when choosing an insurer, the Association recommends that customers should review not only the price but also the content of the services. In this year’s housing campaign, the Association is particularly calling on customers to ensure that when installing new technologies or, where appropriate, increasing the floor area, homeowners also provide adequate cover for these new risks. It is also important to take account of the price rises in the property market when updating contracts.

Liability insurance policy

The President of MABISZ drew attention to the issue of contractors’ liability insurance, which currently affects around 108,000 construction contractors. All domestic construction or design companies and sole traders must have compulsory contractors’ liability insurance. According to a survey by MABISZ, based on the volume of insurance policies taken out by its member insurers, they have already achieved almost 100% coverage in this area, thanks to the efforts of, among others, insurance professionals and insurance intermediaries.

Extra profit tax

Last year, the Hungarian insurance sector paid HUF 240 billion to the budget in the form of insurance and extra profit tax, 13.52% of their premium income and HUF 27 billion more than the amount of tax the sector will pay in 2023. According to Mihály Erdős, MABISZ was pleased to note that, by accepting the Association’s proposals, the extra profit tax could be reduced in 2025 in line with the government’s decision to reduce the extra profit tax in a similar but proportionally larger way to the banking sector.In the case of buying government bonds, the extra profit tax can be reduced by 30 percent of the purchase price. This amount can be reduced up to 100% for life insurance and up to 40% for non-life insurance. The Association of Hungarian Insurance Companies’s forecasts that the expected tax burden on the sector from insurance tax and extra profit tax this year will be around HUF 216 billion, or 11% of the sector’s expected premium income, taking advantage of the possibility to buy government securities this year.

Ethical life 2.0 EU Regulation

MABISZ is proactively preparing for the introduction of the Ethical Life 2.0 regulation, which will partially come into force on 1 July, with the aim of increasing consumer confidence in investment products. I am personally convinced that with the transposition of the Ethical Life 2.0 EU regulation, the Hungarian life insurance sector will become one of the most regulated and transparent sectors of the Hungarian economy,” said Mihály Erdős at the annual press conference of the MABISZ President.

Association of the Hungarian Insurance Companies

MABISZ launched its housing insurance campaign – Not only the premium, but also the risks assumed in the contract are important (26.02.2025)

Regarding its social responsibility to raise awareness of the insurance sector, the Association of Hungarian Insurance Companies has launched its housing insurance campaign again this year. In line with its tradition, MABISZ is again using a competitive, neutral campaign to draw the attention of all property owners to the importance of having adequate home insurance for their property and to avoid underinsurance by insurance companies’ customers.

Association of the Hungarian Insurance Companies

Business

Contractor’s property and liability insurance

Contractor’s property and liability insurance covers a wide range of risks, whether it is transport or construction. On our website, we provide insurance expertise to help you choose the right insurance for your business, identify the assets that can be insured and the perils and risks covered. Carefully chosen insurance – security for your business.

Transport insurance

Protecting the cargo is in the interest of the owner of the goods, the freight forwarder and the carrier. Insurance cover is a means of compensating for damage caused during transport and of assuming the liability of the person responsible for the damage caused.

Liability insurance for asset protection companies

The existence of a liability insurance contract is a legal requirement for the activity of asset protection companies. Our guide provides the most important information on liability insurance for this activity in Hungarian language.

What is liability insurance for?

The purpose of liability insurance is to compensate you or your company for damage caused to others, if you are legally obliged to do so. You can find out more about the types of liability insurance, the risks involved and useful advice on how to take out a policy on our website in Hungarian language.

Information leaflet on property and technical insurance

The technical information in the leaflet will help businesses before and during the insurance period, and insurance intermediaries to find the most appropriate insurance for their customers’ needs and to tailor the insurance conditions. Currently the leaflet is available in Hungarian language.

Information on underinsurance

Underinsurance is when the value of the insured property exceeds the sum insured. In such a case, following a claim, the insurance does not cover the value of the property according to the chosen valuation method. In case of underinsurance, the insurer is obliged to compensate the loss in proportion to the value of the insured property. This is the pro rata compensation.

Other residential

Other residential insurance policies

It is important not to be financially vulnerable in unexpected situations. Personal insurance provides financial assistance or other services in the event of an accident or illness. These personal insurance policies are available as a stand-alone product or as supplementary cover to life insurance policies.

Health insurance

In the event of an unexpected illness or operation, health insurance provides financial assistance or organises professional care, according to the client’s choice.

Accident insurance

The consequences of an unexpected accident can be very serious and prolonged. Accident insurance provides financial assistance in such cases.

General insurance for children and accidents

All Hungarian citizens aged between 3 and 18 who are permanently resident in Hungary are covered by state-funded accident insurance. However, this is only limited cover and is not a substitute for wider insurance cover.

Home

Home insurance

Fire, storm, burglary: your home and your belongings are exposed to a myriad of risks. A carefully chosen home insurance policy can help to mitigate damage to your home and cover unexpected costs.


Housing Insurance Guide

The Housing Insurance Committee of the Association of Hungarian Insurance Companies has compiled the Housing Insurance Guide, which aims to provide information on the most important concepts and information related to housing insurance. Housing insurance is of paramount importance for every household. MABISZ is committed to providing correct information, which is also essential for consumer protection. The information in this Guide will help everyone to manage their home insurance.


Security

Preserving our values is our common goal. MABISZ carries out inspections of doors, windows, locks, padlocks, safes and alarms at the request of companies that manufacture or distribute security equipment and issues Product Conformity Recommendations. The list and classification of products with a recommendation is public and available to anyone.


Burglary prevention information

Burglary prevention is important all year round, but it is particularly important to raise awareness during the summer holidays. No one should think that they are not at risk of burglary. The brochure deals in general terms with property, security and burglary protection in the context of home insurance.

Motor insurance

Motor insurance

Motor insurance is one of the most important forms of insurance we have today. compulsory motor liability insurance (KGFB) can relieve the operator from paying large claims for damage caused to others, while CASCO (Casualty and Collission), for example, provides assistance in the event of damage caused by self-inflicted injuries or theft.

Accident reporting

Claims report

In all the different cases where our office in his capacity, shall be obliged to indemnify for the losses caused by using a motor vehicle, the loss may be reported to any of the insurance companies providing motor insurance. In case it has already been established on the spot of the accident, that the user of the motor vehicle causing the accident was uninsured, it would be advisable for the claimant to report the loss to his/her own liability insurer.

Should the loss caused by a motor vehicle under foreign registration, it would be advisable to obtain the name of the liability insurer as well as the insurance policy number of the said vehicle. Should this information be made available, the time required for the settlement of the loss would be much shorter. Furthermore, it is recommended to make an inquiry either at our office or at any of the insurance companies prior to the notification of the loss, whether or not the foreign liability insurer involved, would have a so-called correspondent insurance company appointed to handling and settling claims arising from losses caused in Hungary. If so, then the loss should be reported to this insurance company or to an organization appointed by the said company to handle insurance claims. In such cases, this organization will be acting on behalf of the foreign liability insurer, during the whole process of claim settlement.

In case the foreign insurer does not have a correspondent, then as soon as the loss has been surveyed, the amount of the loss has been established and the necessary documents have been collected, the whole set of documentation would be forwarded onto our office for further handling of the claim.

It is imperative that all relevant information be obtained and all circumstances carefully established on the spot of the accident. The essential information necessary to start the claim settlement process are all included in the so-called (European) Accident Report Form.This is to be completed in full and with reasonable accuracy. One has to bear in mind, that a driver involved in an accident is legally obliged to advise all other people involved in the same accident of the details of the motor vehicle driven by him/her as well as the particulars of the respective liability insurance.

A common problem of claim settlement is, that in most cases of accidents involving a truck & trailer, only the registration number of the trailer is recorded, although the registration number of the truck would be necessary to identify the liable owner. It would be very helpful to record the name of the country where the truck is registered .The reason is that more and more countries are adopting identical or very similar registration numbering systems, especially those states established in the past few years.

E-kárbejelentő (E-Claim Reporter App) application: a unique digital innovation by MABISZ

The Association of Hungarian Insurance Companies (MABISZ) launched its proprietary digital claim form – accident help service – application in 2019, which is unique on an international level, replacing the traditional “blue-yellow” paper claim form, its virtual version. The MABISZ E-kárbejelentő (E-Claim ReporterApp) was awarded “Website of the Year” in 2019 and “Technology Solution of the Year” in 2021.

The E-kárbejelentő offers a number of extra features over the traditional paper-based report. In the application, it is possible to fill in with pre-filled data, and thanks to the quick identification function, all required data on vehicle and insurance policy details are loaded from a central database by entering two data (registration number and date of birth in the case of an individual; registration number and tax number in the case of a legal entity). The background database is operated by an organization affiliated to the state. The title of data management is regulated by law. The loss report can also be supplemented with images and voice messages, which make it easier to settle the damage and, in some cases, make it unnecessary to inspect the vehicle for damage.

Download the Hungarian-English bilingual E-kárbejelentő quickly and easily from the AppStore or from the Google Pay store, and follow carefully the instructions!

About the application

Hungarian Insurance Association

Prevention, risk management

Prevention, risk management

Thunderstorms, lightning, fires: every day, businesses and homes are exposed to a variety of threats. Our recommendations, which you can find out more about on our subpages, highlight the importance of damage prevention and how to reduce the risks.

Recommendation
How to reduce the risk of fire and accidents on construction sites using mobile wireless fire detection, signalling and alarm equipment
June 4th, 2018

It is the mutual interest of the stakeholders of construction works (principally clients, investors, builders, general contractors, health & safety and fire safety engineers and experts) and insurers to minimize the potential damages caused by fire, hazards and accidents and to protect human life on construction sites. This objective encourages those involved in construction and renovation works to adhere to reasonable preventative measures. Through this guideline, the Association of Hungarian Insurance Companies seeks to reduce the risk of fire and the risk of emergencies requiring evacuation for other reasons, by introducing appropriate systems in accordance with the guidelines of the European Union and Hungarian regulations.

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International Committee Of Life Insurance Medicine (ICLAM)


International Committee Of Life Insurance Medicine (ICLAM)

ICLAM has an history over 100 years old. Their aims are to provide an international forum for the latest statistics on prognosis of medical and surgical treatment in the field of life, disability and health insurance. They arrange congresses of Insurance Medicine every three years and give support to new organizations of insurance medicine. ICLAM is a non-profit organization and has no commercial interests.

Association International de Droit des Assurances(AIDA)


Association International de Droit des Assurances(AIDA)

The Hungarian Lawyers Association Section for Insurance Law was established in 1970, and joined the same year the International Association for Insurance Law (AIDA), as the Hungarian Chapter of AIDA. Since its formation the Chapter has been performing national and international scientific activity on insurance law. Since that date it has been organizing its national programs, 2 – 4 times yearly, on current issues on insurance and insurance law joining to all codification works relating also to insurance.

The Section as the Hungarian Chapter of the AIDA, is actively participating in the life of AIDA. It is represented since 1970 on the world congresses being held every 4 years, on three world congresses one of the major reports of the given world congress was held by a Hungarian lawyer (Gyula Eörsi, Tamás Lábady, Károly Bárd). Hungarian insurance lawyers are regularly participating in the work and in the programs of the working parties of the AIDA. The president of the Section – Károly Bárd -, had been Co-President of the AIDA for several years, and is currently its Honorary President, Ferenc Kiss is member of the Presidential Council.

The VII. World Congress of the AIDA in 1986 has been held by the Section in Budapest, for 1200 delegates, of which ca. 1000 were foreign delegates. Since 1970 the Section organizes every 2 years the AIDA Budapest Insurance Colloquia of AIDA Budapest, in 2006 the IX. Colloquia. The colloquia have at an average 120-150 Hungarian and foreign participants and 10 -15 presenters (amongst them a great number of foreigners). The themes of the colloquia can be seen on our homepage.

The events of our Section are visited by average 50-100 enquirers. According to the working parties of the AIDA, the following national working parties are active: Working Parties for motor insurance, for life and pension insurance, for insurance brokerage, for the state supervision of insurance.

The Section also plays a major role in the life of the Hungarian Lawyers Association with its events, publications, it is in continuous cooperation with the Hungarian Insurers Association and its Legal section, as well as with the other sections of the Hungarian Lawyers Association.

Internet: www.aidahungary.hu

Presse Internationale Des Assurances (PIA)


Presse Internationale Des Assurances (PIA)

An international organisation founded by the insurance press in 1954 in Paris. Its aims are the exchange of information, articles and documents as well of relevant facts and figures of the insurance industries.

The members come from Belgium, Czech Republic, Croatia, Finland, Germany, Greece, Hungary, Italy, Mexico,the Netherlands, Poland, Portugal, Romania, Serbia; Rusia, Slovakia, Spain, Switzerland, United Kingdom and the United States of America.

Internet: www.piassurance.eu