Hungary insurance market
The Hungarian insurance market recorded HUF 1,695.5 billion (EUR 4.13 billion) in gross written premiums in 2024, representing 12.4% year-on-year growth according to Magyar Nemzeti Bank (MNB) data. Non-life insurance accounted for approximately 66.7% of total GWP, with life insurance representing 33.3%. Insurance penetration reached approximately 2.08% of GDP in 2024, recovering after years of decline, partly aided by the easing of extra-profit tax burdens. The market is dominated by multinational groups, with Vienna Insurance Group, Generali and Allianz being the three largest by premium income. Supervision is conducted exclusively by the MNB, which absorbed the former Hungarian Financial Supervisory Authority (PSZAF) in October 2013. The sector operates under the Solvency II framework applicable since January 1, 2016. Composite insurance is not permitted; non-admitted insurance is prohibited except for EEA/EU insurers operating under freedom of services or branch.
Generated by: Claude Sonnet 4.6
Reviewed by: Desislava Tsvetkova
Active insurers
22
Last reviewed
Apr 30, 2026
Country market
Available products
Insurer directory
Active insurers
Insurers currently active in Hungary.
Market share
ALFA Vienna Insurance Group Biztosító Zrt.
Budapest, Hungary
Alfa Vienna Insurance Group Biztosító Zrt. is one of Hungary's largest and most historically established insurers, tracing its roots to 1949. Originally operating as Állami Biztosító, then privatized in 1992 under Aegon, the company was acquired by Austria-based Vienna Insurance Group (VIG) in March 2022 and rebranded as Alfa VIG Biztosító in 2022-2023. It offers a comprehensive portfolio of motor, property, life, health, travel, and corporate insurance products.
GENERALI Biztosító Zrt.
Budapest, Hungary
Generali Biztosító Zrt. is one of Hungary's leading composite insurers, offering a full range of life, non-life, and reinsurance products to both retail and corporate clients. Part of the international Generali Group, the company has a history in Hungary dating back to 1832, and returned to the market after the political change in 1989. It is the sole subsidiary of Generali CEE Holding B.V. and operates under activity licence No. 09/1990 granted by the Hungarian National Bank.
ALLIANZ Hungária Biztosító Zrt.
Budapest, Hungary
Allianz Hungária Zrt. is Hungary's leading insurance company, a subsidiary of the German Allianz SE group. Originally established as Hungária Biztosító in 1986 following the end of the state insurance monopoly, Allianz acquired a 49% stake in 1990 and became the sole owner by 1996. The company offers a comprehensive range of personal and corporate insurance products including motor, property, life, health, travel, and cyber insurance.
GROUPAMA Biztosító Zrt.
Budapest, Hungary
Groupama Biztosító Zrt. is one of Hungary's leading composite insurers, offering a full range of life, non-life, property, motor, travel, health, savings and agricultural insurance products to individuals and businesses. It was founded in 1991 as Európa Biztosító, renamed Groupama Biztosító in 2004, merged with OTP Garancia Biztosító in 2009 to form Groupama Garancia Biztosító, and adopted its current name in 2015. It is a 100% subsidiary of French mutual group Groupama S.A.
UNION Vienna Insurance Group Biztosító Zrt.
Budapest, Hungary
UNION Biztosító is one of the top 5 insurers in Hungary, offering a broad range of life and non-life insurance products for retail, corporate and institutional clients. Owned by the Austrian Vienna Insurance Group, it has been providing classic and innovative insurance solutions since 1990.
SIGNAL IDUNA Biztosító Zrt.
CIG Pannónia Első Magyar Általános Biztosító Zrt.
BNP Paribas Cardif Biztosító Magyarország Zrt.
BNP Paribas Cardif Életbiztosító Magyarország Zrt.
Colonnade Insurance S.A. Magyarországi Fióktelepe
MAPFRE Asistencia S.A. Magyarországi Fióktelepe
KÖBE Közép-európai Kölcsönös Biztosító Egyesület
Pannónia Általános Biztosító Zrt.
Porsche Versicherungs AG Magyarországi Fióktelepe
Compagnie française d'assurance pour le commerce extérieur Magyarországi Fióktelepe (Coface)
Vienna Life Vienna Insurance Group Biztosító Zrt.
Medicover Försäkrings AB (publ) Magyarországi Fióktelepe
Market overview
Market numbers
Total premiums
HUF 1,695.5bn
Annual growth
+12.4%
Insurance penetration
2.08%
Active insurers
22
Population
9,600,000
Total premiums (HUF bn)
Annual growth (%)
Non-life share / Life share
Insurance penetration (%)
Market notes
Important news
Nov 30, 2025
Gránit Biztosító Acquires 100% of Magyar Posta Biztosító by Exercising Call Option
Gránit Biztosító (Waberer's group) exercised its contractual call option on 30 November 2025 to purchase Magyar Posta Zrt.'s remaining 33.075% minority stake in Magyar Posta Biztosító Zrt., bringing Gránit's ownership to 100%. The transaction was financed entirely from Gránit's own resources. The life insurer, Magyar Posta Életbiztosító, was not directly affected by this step.
Why it matters
Completes Waberer's/Gránit's full control of Magyar Posta Biztosító, allowing unrestricted integration of its 3,000-point postal sales network and retail non-life portfolio. Reduces the number of state-linked insurance holdings, and paves the way for potential brand and operational consolidation.
May 13, 2025
MNB Fines Nine Insurers HUF 103 Million for Credit Protection Insurance Product-Oversight Failures
After a thematic review covering 2022–2025 of group credit protection insurance sold through banks, MNB fined CIG Pannónia (two entities), Generali, Groupama, K&H, NN, Signal Iduna, UNION VIG, and UNIQA a combined HUF 103 million. The review found average loss ratios of only 11.5%, bank commissions of 40–70% of premium, and widespread target-market definition failures. Insurers must report remediation by 31 March 2026.
Why it matters
The largest sector-wide thematic fine in the period. Highlights systemic poor value-for-money in bank-distributed credit protection products. Aligned with EIOPA's EU-wide warnings. May prompt product repricing or redesign across the bancassurance channel.
May 9, 2025
Over a Dozen Insurers Pledge Voluntary Home Insurance Premium Freeze Through June 2026
At the request of the Ministry of National Economy (NGM), Allianz, Alfa, Union, Colonnade, Generali, Groupama, Genertel, K&H, KÖBE, UNIQA, Signal Iduna, CIG, Posta Biztosító, and Gránit all pledged not to raise home insurance premiums for residential customers on policies with risk inception between 1 July 2025 and 30 June 2026, provided annual CPI does not exceed 6%. Benefit automatically applies to at least 3 million households.
Why it matters
Illustrates the Hungarian government's continued intervention in insurance pricing ahead of the 2026 elections. With nearly the entire market participating, it caps premium growth for over 3 million households but raises concerns about long-term market sustainability and profitability if inflation exceeds 6%.
Apr 1, 2025
MNB Fines Allianz, Generali, and Genertel HUF 11 Million for Home Insurance Discount Violations
Following MNB's December 2024 supervisory circular, a targeted review found that Allianz, Generali, and Genertel had improperly applied multi-year tenure discounts and failed to adequately inform customers of discount terms. MNB fined Allianz HUF 2M, Generali HUF 8M, and Genertel HUF 1M. Insurers collectively waived over HUF 410 million in retroactive discount-clawback claims against customers who cancelled during the 2024 home insurance campaign.
Why it matters
Demonstrates MNB's active monitoring of the new annual home insurance switching campaign introduced in 2024 and signals that the regulator is ready to sanction market-wide unfair discount practices, with direct financial relief to over 1 million policyholders.
Jan 15, 2025
Mandatory Liability Insurance for Construction Contractors Enters into Force
Government Decree 286/2024 (IX.30.) amended the Construction Execution Code, introducing mandatory liability insurance for all licensed construction contractors effective 15 January 2025. Cover thresholds are set on a tiered scale per project. The Hungarian Chamber of Commerce and Industry (MKIK) administers compliance and may suspend practitioners lacking cover.
Why it matters
Significantly expands the mandatory insurance market in Hungary's construction sector, creating new premium volume for non-life insurers and increasing consumer protection for parties affected by construction defects.
Nov 29, 2024
Gránit Biztosító (Waberer's) Acquires 66.9% Stake in Magyar Posta Biztosító and Magyar Posta Életbiztosító
Waberer's International's subsidiary Gránit Biztosító closed the acquisition of a 66.925% majority stake in Magyar Posta Biztosító Zrt. and Magyar Posta Életbiztosító Zrt. on 29 November 2024, after signing the SPA on 8 July 2024. The state-owned Corvinus Zrt. was the seller. The two Posta insurers serve primarily retail customers through approximately 3,000 post-office sales points.
Why it matters
Represents a major consolidation in the Hungarian retail insurance market, combining Gránit's digital-first motor insurance model with the Posta insurers' nationwide branch network and full life and non-life product range. Gránit exercised its call option for 100% of Magyar Posta Biztosító in November 2025.
Sep 16, 2024
MNB Fines Alfa VIG Biztosító HUF 97 Million for Multiple Violations
Following a comprehensive on-site inspection covering the period from November 2020, MNB imposed HUF 49M supervisory and HUF 48M consumer-protection fines on Alfa VIG. Violations included deficient claims records for motor and home insurance, irregular MTPL portfolio management, incomplete pension bonus crediting, misleading extended-warranty products, and product-oversight failures.
Why it matters
One of the largest single-insurer fines in recent years, signalling MNB's intensified scrutiny of product governance, consumer communications, and MTPL administration. Obliged the insurer to report remediation by 30 November 2024.
Regulation
Regulation
MNB
Magyar Nemzeti Bank (National Bank of Hungary)
Primary regulator and supervisor of the Hungarian insurance industry. The MNB took over all financial market supervisory responsibilities from the former Hungarian Financial Supervisory Authority (PSZAF) on 1 October 2013 pursuant to Act CXXXIX of 2013 on the Magyar Nemzeti Bank. It licenses and supervises all insurance undertakings, reinsurers, and insurance intermediaries operating in Hungary, issues binding regulations and MNB decrees, and implements EU prudential rules including Solvency II.
https://www.mnb.huMABISZ
Association of Hungarian Insurance Companies
The industry association for Hungarian insurers, founded on 14 November 1990. MABISZ represents and protects the interests of the Hungarian insurance profession, coordinates activities of common interest among members, manages the Compensation Account (Kártalanítási Számla) for MTPL claims involving uninsured or unidentified vehicles, operates the Green Card Office and Information Centre for international claims settlement, and maintains the Central Claim History Registry for MTPL bonus-malus classification.
https://mabisz.huFBAMSZ
Association of Independent Insurance Brokers in Hungary
Trade association representing independent insurance brokers in Hungary. Members manage approximately 4 million contracts and a premium portfolio of approximately HUF 350 billion. The association advocates for the interests of independent intermediaries and promotes increased insurance penetration through intermediary channels.
https://www.fbamsz.huKey legislation
Key legislation
Act LXXXVIII of 2014 on the Business of Insurance (Bit.)
Primary Insurance Act
The principal legislative framework governing the establishment, licensing, operation, and supervision of insurance and reinsurance undertakings and intermediaries in Hungary. Entered into force on 1 January 2016 transposing the Solvency II Directive (2009/138/EC) and the Insurance Distribution Directive (IDD) into Hungarian law. Requires all insurers to obtain MNB authorisation before operating; prohibits composite insurance (a life insurer may however underwrite accident and health); prohibits non-admitted insurance (EEA/EU firms may operate via branch or freedom of services without additional licensing). Regulates capital requirements, technical provisions, investment rules, conduct of business, and consumer protection.
Act CXXXIX of 2013 on the Magyar Nemzeti Bank (MNB Act)
Central Bank and Financial Supervisor Act
Establishes the legal basis and mandate of the MNB as the integrated financial supervisory authority. As of 1 October 2013, the MNB assumed all supervisory responsibilities previously held by the Hungarian Financial Supervisory Authority (PSZAF) over insurance companies, insurance associations, intermediaries, and other financial sector participants. Grants the MNB powers to license, supervise, investigate, and sanction financial institutions including insurers.
Act LXII of 2009 on Insurance Against Civil Liability in Respect of the Use of Motor Vehicles (MTPL Act / Gfbt.)
Compulsory Motor Third-Party Liability Insurance Act
Requires every motor vehicle in Hungary to carry compulsory third-party liability insurance (KGFB). Establishes the legal framework for MTPL tariffs, the bonus-malus classification system, claims handling obligations, and the Compensation Account managed by MABISZ for claims involving uninsured or unidentified vehicles. Defines the National Bureau of Hungarian Motor Insurers as the body responsible for Green Card and international claims coordination. Amended by Act CCV of 2015 and subsequent legislation, including expansion of mandatory MTPL to additional vehicle types from 16 July 2024.
Act V of 2013 on the Civil Code
Civil Code - Insurance Contract Rules
Contains the general rules governing insurance contracts in Hungary, including formation, rights and obligations of parties, claims notification and payment obligations. Supplements the Insurance Act (Bit.) in relation to the contractual relationship between insurers and policyholders.
EU cross-border access
EU cross-border insurers
Fortegra Europe Insurance Company SE
Freedom of Services
Home country: Málta
Supervisor: Malta Financial Services Authority (MFSA)
GAP és gépjármű-kiegészítő biztosításokat kínál FoS alapon Magyarországon; nyilvántartási szám: SE 17 (Málta); az MNB a fogyasztóvédelmi és KGFB szabályokat felügyeli.
Europ Assistance S.A.
Freedom of Services
Home country: Franciaország
Supervisor: Autorité de Contrôle Prudentiel et de Résolution (ACPR, Franciaország)
Utasbiztosítási és segítségnyújtási szolgáltatásokat nyújt FoS alapon ír fióktelep útján; 2025-től a magyarországi EUB (Európai Utazási Biztosító Zrt.) többségi tulajdonosa; felügyeleti nyilvántartási szám: 451366405.
AXA France IARD S.A.
Freedom of Services
Home country: Franciaország
Supervisor: Autorité de Contrôle Prudentiel et de Résolution (ACPR, Franciaország)
Az AXA Schengen utasbiztosítási terméket FoS alapon értékesíti Magyarországon is; főként Schengeni vízumhoz szükséges utasbiztosítást kínál online.
Warta (TUiR Warta S.A.)
Freedom of Services
Home country: Lengyelország
Supervisor: KNF (Lengyelország)
Gépjármű- és vagyonbiztosítási termékeket kínál FoS alapon Magyarországon; a VIG-csoport tagja.
Codan Forsikring A/S
Freedom of Services
Home country: Dánia
Supervisor: Finanstilsynet (Dánia)
Vállalati vagyon- és felelősségbiztosítási termékeket kínál FoS alapon; az RSA Group tagja.
Allianz Trade S.A. (Euler Hermes)
Freedom of Services
Home country: Franciaország
Supervisor: Autorité de Contrôle Prudentiel et de Résolution (ACPR, Franciaország)
Hitelbiztosítási szolgáltatásokat nyújt FoS alapon vállalati ügyfelek részére Magyarországon; korábban Euler Hermes SA néven ismert.
Distribution channels
Distribution channels
30%
Insurance Brokers (Independent Intermediaries)
28%
Tied Agents
22%
Bancassurance (Banks and Credit Institutions)
14%
Direct (Insurer Direct and Online)
6%
Postal Network and Other Channels
Consumer rights
Consumer rights
1
File a written complaint directly with the insurer (mandatory first step). The insurer must respond within 30 days. Complaint handling is free of charge. The insurer must publish its complaint-handling policy on its website.
2
If unsatisfied with the insurer's response or no reply within 30 days, file a consumer protection request with the Magyar Nemzeti Bank (MNB). The MNB investigates regulatory violations; it cannot award damages or resolve contractual disputes.
3
For contractual disputes, apply to the Pénzügyi Békéltető Testület (PBT – Financial Arbitration Board). The procedure is free, conducted within 90 days, and no legal representation is required. The PBT is a member of FIN-Net for cross-border disputes.
4
Civil court proceedings remain available at all stages. For damages, contract invalidity, or breach-of-contract claims, courts are the sole competent forum. Note: if court proceedings are initiated, PBT recourse is no longer available.
Contacts
06-80-203-776 (ingyenes, MNB / PBT ügyfélszolgálat)
tel:0680203776https://www.mnb.hu/bekeltetes (Pénzügyi Békéltető Testület – PBT)
https://www.mnb.hu/bekeltetes (Pénzügyi Békéltető Testület – PBT)
https://www.mnb.hu/bekeltetes (Pénzügyi Békéltető Testület – PBT)EU cross-border access
EU cross-border access
Hungary joined the EU in 2004, bringing full application of the EU single-market passporting regime for insurers. Since January 1, 2016, Solvency II applies. EEA-authorised insurers may operate in Hungary either by establishing a branch (freedom of establishment) or by providing services cross-border without a local licence (freedom of services), subject to prior notification to the home-state supervisor and MNB. Non-admitted insurance is prohibited for Hungarian risks, but EEA/EU insurers and reinsurers may operate without a separate Hungarian licence. Insurance intermediaries registered in another EU member state may conduct intermediation in Hungary by branch or cross-border services without registering with the MNB.
EU Directive 2009/138/EC (Solvency II), transposed into Hungarian law via Act LXXXVIII of 2014 on Insurance Activities (Bit.); EU Insurance Distribution Directive (IDD) 2016/97/EU; EIOPA supervisory framework
freedom of establishment
An EEA-authorised insurer may open a branch in Hungary. The home-state supervisor notifies MNB; the branch may begin operations after the notification procedure is complete. The branch is supervised by the home-state regulator for solvency purposes; MNB oversees conduct-of-business and general-good provisions (taxation, MTPL rules, AML). Branches must comply with Hungarian insurance tax and general-good rules.
freedom of services
An EEA-authorised insurer may provide insurance services in Hungary without establishing a branch, after notifying its home-state supervisor. The MNB is then notified by the home supervisor. The insurer remains under home-state prudential supervision. Hungarian general-good provisions (insurance tax, MTPL rules, consumer protection regulations under the Bit.) still apply. Cross-border premiums in 2024 amounted to HUF 20 billion.
Market history
Market history
1952-1986
State Monopoly Era
Insurance operated as a full state monopoly from 1952. In 1986 the single state insurer was split into Állami Biztosító (State Insurer) and Hungária Biztosító, and new market entrants were permitted for the first time.
1990-2000
Post-Communist Market Formation and Privatisation
After the 1989–90 regime change, the market opened rapidly to foreign investors. Aegon acquired Állami Biztosító in 1990; other Western European groups (Allianz, Generali, ING) entered. A competitive oligopolistic structure emerged, replacing the socialist monopoly.
2004-2016
EU Accession, Solvency II Transition and Consolidation
Hungary joined the EU in May 2004, aligning regulation with EU directives. Solvency II was implemented on 1 January 2016 (Act LXXXVIII of 2014 on Insurance Activities). MNB absorbed the PSZÁF financial supervisory authority in October 2013, creating an integrated mega-regulator. TER cost caps for unit-linked products were introduced as self-regulation in 2010 and later enshrined in law.
2020-2024
State Re-engagement, Extra-Profit Tax and Structural Consolidation
Vienna Insurance Group acquired Aegon Hungary (rebranded Alfa VIG) in 2023 for EUR 830 million across four CEE countries, with the Hungarian state securing a 45% stake (later reduced to ~10%). The government introduced an extraprofit tax on insurers from 2022, generating HUF 84.5 billion in 2023; it remained in force through 2024–25. A mandatory annual home insurance switching campaign (lakásbiztosítási kampány) was enacted from March 2024 (Bit. §124/C) to boost competition.
2024-2026
Market Ownership Shifts, Regulatory Tightening and Premium Freeze
Gránit Biztosító (Waberer's group) acquired 66.9% of Magyar Posta Biztosító and Posta Életbiztosító in November 2024 and subsequently exercised its option for 100% ownership of Magyar Posta Biztosító in November 2025. MNB imposed record fines on multiple insurers in 2024–25. In May 2025, over a dozen insurers pledged a voluntary home insurance premium freeze through June 2026 at the request of the Ministry of National Economy.
Glossary
Glossary
hu
KGFB (kötelező gépjármű-felelősségbiztosítás)
Compulsory liability insurance for all vehicle operators in Hungary, covering third-party bodily injury and property damage. Governed by Act LXII of 2009.
hu
Casco biztosítás
Voluntary insurance covering damage to or theft of the insured vehicle itself, regardless of fault. Distinct from mandatory MTPL.
hu
Lakásbiztosítás
Insurance covering residential buildings and contents against fire, natural catastrophe, theft and other perils. Subject to annual March cancellation campaign since 2024.
hu
Életbiztosítás
Insurance covering risks related to human life, including death, disability, and survival. Divided into risk-only and savings-type (unit-linked, endowment) products.
hu
Unit-linked biztosítás
Investment-linked life insurance where premiums are invested in selected funds. Regulated by MNB cost-transparency rules (TER caps) since 2010.
hu
Alkusz (biztosítási alkusz)
Independent intermediary acting on behalf of the client, with no exclusive tie to any single insurer. Must be registered with MNB and hold professional indemnity insurance.
hu
Biztosítási ügynök
Intermediary acting on behalf of one insurer (or a small number of insurers under a multi-tie arrangement). Bound by the insurer's authority.
hu
Szavatolótőke (Szolvencia II)
Regulatory capital buffer that Hungarian insurers must hold under Solvency II. No insurer had a solvency ratio below 150% in Q3 2024.
hu
Biztosítástechnikai tartalék
Actuarial reserves held by an insurer to cover future insurance obligations to policyholders, calculated on a best-estimate basis under Solvency II.
hu
Panaszkezelés
Mandatory internal process by which insurers must receive, investigate, and respond to consumer complaints within 30 days, free of charge, as regulated under MNB Decree 66/2021.
hu
Pénzügyi Békéltető Testület (PBT)
Free, out-of-court dispute resolution body for financial consumer disputes, operating within MNB. Decisions are binding if the service provider accepted the procedure. Member of FIN-Net.
hu
MFO (Minősített Fogyasztóbarát Otthonbiztosítás)
MNB-certified home insurance standard with prescribed minimum coverage, transparent costs, and quarterly termination rights. Introduced to improve market comparability.
hu
Extraprofitadó (biztosítási pótadó)
Surtax levied on insurers' premium income since 2022, initially as a temporary measure. Still in force as of 2026; reduction possible via growth in government bond holdings.
hu
Hitelfedezeti biztosítás
Group insurance sold by banks alongside personal loans, mortgages, or credit cards, covering repayment in case of death, disability, or unemployment. MNB found average loss ratios of only 11.5% in 2025.
hu
Tartamengedmény
Premium discount granted for committing to a multi-year policy period. In 2025, MNB fined insurers for failing to properly disclose clawback rules for this discount.
hu
Nyugdíjbiztosítás
Tax-incentivised private life insurance product designed to supplement state pension. Regulated by MNB TER cost caps since 2014. Portfolio grew by over 30,000 policies in 2024.
hu
Viszontbiztosítás
Insurance purchased by an insurer to transfer risk to a reinsurer. Hungarian primary insurers cede significant shares of large or catastrophe risks to international reinsurers.
hu
Biztosítási kampány (lakásbiztosítási)
Annual March window (Bit. §124/C) allowing free cancellation and switching of home insurance policies regardless of anniversary date, effective from 2024.
Market notes
FAQ
How large is the Hungarian insurance market?
In 2024, total gross written premiums reached HUF 1,695.5 billion (approx. EUR 4.13 billion), up 12.4% year-on-year. Non-life GWP was HUF 1,077 billion and life GWP was HUF 542 billion. Insurance penetration was approximately 2.4% of GDP, below the EU average.
Who regulates the insurance market in Hungary?
The Magyar Nemzeti Bank (MNB) is the integrated financial supervisor, having absorbed the PSZÁF in October 2013. MNB licenses insurers, supervises solvency and conduct of business, enforces consumer protection rules, and issues binding decisions. At EU level, EIOPA provides oversight and guidelines.
Who are the largest insurers operating in Hungary?
Based on 2024 data, the top five by market share are: Vienna Insurance Group (VIG, incl. Alfa VIG and UNION) ~19%, Generali ~14.8%, Allianz ~14.2%, Groupama ~12.4%, and K&H Biztosító. The top five insurers collectively hold approximately 70% of total premium income.
What is the annual home insurance switching campaign (lakásbiztosítási kampány) and how does it work?
From 2024, Hungarian law (Bit. §124/C, based on Govt. Decree 25/2023) entitles every policyholder to cancel their home insurance policy during March of each year, regardless of the annual anniversary date, at no cost and without reason. The insurer must notify customers by 15 February. The cancellation must reach the insurer by 31 March.
Is motor third-party liability (MTPL / KGFB) insurance mandatory in Hungary?
Yes. All vehicle operators in Hungary must hold mandatory MTPL (KGFB) insurance under Act LXII of 2009. From 16 July 2024, the scope was expanded to include additional vehicle categories. Premiums are compared via the MNB's KGFB Díjnavigátor tool. In Q3 2024, the average annual MTPL premium for standard passenger cars was HUF 58,000.
How do I complain about my insurer in Hungary?
First, submit a written complaint to the insurer; it must respond within 30 days free of charge. If unsatisfied, you may file a supervisory complaint with MNB (for regulatory breaches) or apply to the PBT Financial Arbitration Board (for contractual disputes, free within 90 days). Civil courts are always available. The PBT is a member of the FIN-Net EU cross-border network.
What is the Qualified Consumer-Friendly Home Insurance (MFO) label?
The MFO (Minősített Fogyasztóbarát Otthonbiztosítás) is an MNB-certified home insurance label with strict standardised coverage requirements and a transparent cost structure. MFO policies are terminable at each calendar quarter end (not just annually). By end-2024, the MFO portfolio nearly doubled, covering about 2.7% of the 3.3 million home policies in force.
Does the insurance extraprofit tax (extraprofitadó) still apply in Hungary?
Yes, as of April 2026 the extraprofit tax introduced in 2022 remains in force for insurers, despite industry calls to phase it out. In 2023 it exceeded HUF 84.5 billion. The government allowed insurers to reduce the surtax by 30% of any growth in their government bond holdings (100% reduction for life insurance). The market has called for its abolition to improve competitiveness.
Can EU/EEA insurers operate in Hungary without a local licence?
Yes. Under Solvency II (transposed via Act LXXXVIII of 2014), EEA-authorised insurers may provide insurance in Hungary via a branch (freedom of establishment) or on a cross-border services basis without a separate Hungarian licence, following notification of both the home-state supervisor and MNB. They must still comply with Hungarian general-good provisions, including insurance tax and MTPL-specific rules.
Market notes
Sources
Last reviewed: Apr 30, 2026
- 01Magyar Nemzeti Bank (MNB) – Insurance Market Supervision
Official prudential statistics, supervisory decisions, press releases and consumer guidance.
- 02MNB – Prudential Statistics (Quarterly PDF)
Quarterly prudential data on Hungarian insurers including distribution channel breakdown.
- 03MNB – Consumer Complaints and Financial Arbitration Board (PBT)
Consumer rights, complaint process, and PBT contact details.
- 04Magyar Biztosítók Szövetsége (MABISZ – Hungarian Insurers Association)
Annual market statistics, industry reports, and KGFB price navigator.
- 05XPRIMM Hungary Insurance Market Data
International insurance market intelligence with quarterly GWP and sector news.
- 06EIOPA – Hungary General Good Provisions
EIOPA table of Hungarian general-good rules applicable to cross-border insurance distribution.
- 07MNB – Cross-Border Services General Good Guide
MNB guidance for EEA financial institutions operating in Hungary via branch or cross-border services.
- 08Nemzeti Jogszabálytár – Insurance Act (Bit.) 2014. évi LXXXVIII. törvény
Full text of the Hungarian Insurance Activities Act implementing Solvency II and IDD.
- 09DLA Piper Advocatus – Mandatory Contractor Liability Insurance 2025
Legal analysis of mandatory construction contractor insurance regulation effective January 2025.
- 10Portfolio.hu – Hungarian Insurance Market News
Leading Hungarian financial news portal covering market events, regulatory actions, and M&A.
- 11Világgazdaság – Biztosítási Piac 2024
2024 full-year insurance market results including GWP, contract volumes, and MABISZ commentary.
- 12GLOBACS – Hungary Insurance Market 2024
Independent market overview covering market structure, ownership, and key players.
- 13