Hungary

Axco provides details on the life insurance sector including Hungary market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

The report describes the public and private healthcare system in Hungary, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Axco reports on the three pillars of Hungary pension provision.

• State pension benefits including benefit calculations and eligibility criteria 
• Workplace pension provision; types of schemes calculations eligibility and; tax implications
• Voluntary individual pension provision, type of products and tax implications

The Hungary report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

• state pensions,
• permanent disability benefit
• occupational accident and disease
• maternity and paternity payments 

The market is predominately one of savings vehicles rather than risk benefits. Total premiums in 2020 increased by around 5.00%, which was unexpectedly positive, in the year of COVID-19 lockdown, and followed three successive years of growth. Most of the fluctuations are due to unit-linked products, in particular single premiums ....

The IORP II Directive has been implemented in Hungary by Regulations which are in line with EU legislation. There is, however, little appetite in Hungary for IORP, as the initial one was not a success. The Allianz IORP was very small and is now in run-off.

Draft regulations to implement PEPP in Hungary, amending the Insurance Act, and other relevant Acts ....

Hungary has achieved a successful transition from an integrated healthcare system to a contract system in which purchasers and providers are separate. A social health insurance scheme has been implemented, funded from employer and employee contributions and a two-component healthcare tax. Waiting times and service levels continue to cause concern, however, and efforts have been directed toward ....