Insurance 2019: The market is undergoing huge change
There is no need for insurers to be afraid of retirement policies, as this will only increase competition, which will be good for the client. Consumer-friendly home insurance, insurance coverage is coming in, but what insurers are expecting in the coming years has also come to light.
Good Finance also attended the Portfolio Insurance 2019 conference earlier this year, as the market really revived after the government announced that it would offer the public a retirement bond from June, which experts say could be a serious competitor to pension insurance.
Not only that, of course, was what made the conference really interesting:
- exceeded $ 1,000 billion in premium revenue in 2019,
- consumer friendly home insurance is about to begin,
- the guarantee system is coming to the insurance market,
- the government and the MNB are making more and more concrete references that they would prefer to see private health instead of public health.
Let’s see what was said about the key points.
Premiums in excess of HUF 1,000 billion in the insurance market
The insurance industry can tell a couple of success stories from last year, said Anett Pandurics, president of MABISZ. In 2018, the sector closed a successful year and surpassed the psychological premium income of HUF 1,000 billion (final figures are not yet available, estimated by the insurance leader at HUF 1,042 billion), an increase of 8 percent compared to 2017. So, beyond a six-year success story, the insurance sector has been growing every year.
After MFL: Consumer Friendly Home Insurance Comes
The central bank’s previously stated goal is to stir up standing water, not only in the home loan market but also in the home insurance market, and to strengthen competition with a new rating for consumer-friendly home loans.
According to Dr. Ferenc, products that are easily comparable to the population are needed, with simple and fast processes. According to the central bank, competition in the home insurance market is very weak and this new product rating is intended to remedy this.