The Importance of Insurance in Hungry
Hungarian people understand the value of insurance which is why insurance is fairly common in Hungary. The insurance market was valued at around 1.6 billion euros recently. This shows that insurance is not just an important part of peoples’ lives, but also the economy in Hungary.
Insurance exists to protect people from paying huge sums of money out of their pocket in case of an accident or unfortunate event. There are many types of insurance policies available in Hungary. These are offered by both public and private insurance providers. Public insurance includes health insurance that is made compulsory by the Hungarian government.
Top 3 Types of Insurance in Hungary
There are many different types of insurance policies that have been made available by various insurance companies in Hungary. Some of the more common and popular insurance policies include
1) Life Insurance
Life Insurance is extremely popular in Hungary and 53% of the market portfolio is taken up by it. Life Insurance essentially protects the policyholder’s family or loved ones from financial stress in case of the policyholder’s death. Many people have nuclear families that have a few supporting members and a larger number of dependents.
If the supporting members of the family pass away, the Life Insurance policy gives a certain sum of money (according to the policy taken by the policyholder).
This ensures that the policyholder’s family is not under any kind of financial stress.
2) Credit Insurance
Credit Insurance is also fairly common in Hungary. It is usually taken by risk-takers such as businesses to pay off debts in case of bankruptcy or accidents.
There are many different types of credit insurance. These include trade credit insurance, business credit insurance, and export credit insurance. Hungarian citizens know the value of protecting their businesses from bankruptcy so they avail various kinds of credit insurance policies.
3) Car Insurance
Car and motor insurance took up around 20.5% percent of the market portfolio in Hungary. This shows that car insurance policies are used by many Hungarians. Car insurance essentially protects your car from damage caused by various accidents. These include fires, road accidents, and various damage to individual car parts. The coverage varies from policy to policy, according to the premium. Higher premium guarantees a higher coverage.
Car Insurance is an absolute must-have for people in Hungary. The law also requires citizens to have certain motor insurance coverage. This is to protect the people from financial strain in case of an accident or an unfortunate event.
Top 3 Insurance Providers in Hungary
Many different insurance companies are operating in Hungary. Some of these operate internationally, and others operate specifically in Hungary. Some of the best insurance companies include
1) Generali Insurance
Generali Insurance is one of the best insurance providers that operate in Hungary. Generali Insurance also operates all around the world. They offer a range of comprehensive insurance policies including travel insurance, health insurance, and home insurance.
Their website has all the information about the policies they offer. This information is listed down in a clear manner which makes things easy for the potential customer. Their representatives can be contacted both online and on-call. These representatives will help you choose the best insurance policy that is suited to your specific needs.
Due to the great insurance services they provide, Generali is extremely popular in Hungary.
2) Groupama Insurance
Groupama Insurance is also one of the most popular insurance companies in Hungary. They also offer a range of insurance policies including property insurance, health insurance, and life insurance. Groupama is a huge business with around 12 million customers. Their huge numbers show how popular they are with the public. They are a billion-dollar insurance company that operates around the world.
Around forty thousand people follow Groupama on social media. These people are from around the world. They also offer financial advice and insurance to businesses and other companies. Furthermore, their life insurance policies are extremely popular in Hungary. Thus, due to their reliable name and their effective insurance policies, Groupama is one of the best insurance providers in Hungary.
3) ING Insurance
ING Insurance is one of the best insurance providers in Hungary. They have a website that has details about their insurance company. This includes their partners, their net worth, and even their quarterly results. They offer a wide range of types of insurance policies. These include life insurance, health insurance, cat insurance, and even credit insurance policies.
These policies can be tailored to suit the needs of the individuals which is a great advantage for the customer. Thus making ING one of the most prominent insurance providers in Hungary. ING Insurance, Generali, and Groupama are big names in the insurance industry which makes them extremely popular amongst the people of Hungary.