Hungarikum Biztosítási Alkusz Zrt. urges change in the Hungarian insurance market
Hungarikum Biztosítási Alkusz Zrt., the largest insurance brokerage company in Hungary, urges significant changes and cooperation in the Hungarian insurance market. Erik Keszthelyi, the CEO of the company, emphasized that the challenges facing the sector must be responded to, especially with regard to increasing insurance penetration and increasing insurance awareness.
In developed countries such as the United Kingdom and France, insurance penetration exceeds 100%, while in Hungary this rate is only 20.1%. The premium income of the Hungarian insurance sector in 2023 was HUF 1,509 billion, which in the inflationary environment meant an increase of only 5.6%. The growth of the non-life business was 14.5%, while premium income from life insurance decreased by 6.3%.
The extra profit tax imposes a significant burden on the insurance sector, which amounted to HUF 236 billion in 2023. In addition to tax burdens, the sector is also affected by increasing risks and claims inflation as a result of climate change, especially in the area of residential insurance, where claims inflation has reached 40%.
The market presence of insurance brokers is growing, although the number of brokerage firms and natural person insurance brokers is decreasing. Brokers handled 53% of insurers’ premium income in 2023, a 6% increase compared to the previous year. Through the integration activities, 41 insurance brokerage groups have joined the Hungarikum Alkusz Partner Program in the past five years.
In order to rejuvenate the insurance profession and strengthen expertise, a two-semester insurance and financial consulting vocational training course was launched in September 2023 at the Széchenyi István University in Győr. The aim of the program is to increase the number of professionals with specialized higher education and to support the development of the insurance profession.
Related news
Young people should also take out long-term or unexpected risk insurance
Major life milestones, such as graduating or starting a career,…
Read more >Generali: the storms of early July devastated the country
Global warming is already affecting our daily lives: in recent…
Read more >Half of Hungarians travel abroad every two years – many still without insurance
Nearly half (44%) of the Hungarian population travels abroad every…
Read more >Related news
International survey: travel appetite in Europe at record high despite global tensions
Despite climate change, global uncertainties and geopolitical turmoil, travel is…
Read more >New survey: consumers don’t want toxic chemicals
A new survey across five countries has revealed serious concerns…
Read more >Körszálló is reborn under the Marriott Residences brand.
The iconic landmark of the Buda skyline, the Körszálló, is…
Read more >