Hungary

Introduction: 

Hungary is a member of the European Union. It has a population of 10 million and its currency is the Forint.

An increase in the working population, stable economic growth and the availability of a wider range of insurance products are expected to support growth albeit slow. Upcoming regulatory reforms are expected to be more stringent due to the EU’s Solvency II standards. The implementation of Insurance Premium Taxes (IPT) and the abolition of tax benefits on life insurance from 2013 will also have a negative impact on the sector.

New channels such as online distribution and brokers are expected to help growth.

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