Up to 200,000 Hungarians may switch home insurance policies by end-March - minister
Based on the experience of the first ten days of the extraordinary period and market developments, competition in the home insurance sector has increased significantly. In addition, both online price calculations and the number of policies taken out suggest that the public is interested but also cautious. They do not take out the first possible insurance policy, but - on the basis of the media campaign of the Ministry of National Economy and the National Bank of Hungary - carefully gather information.
The government has introduced new, customer-friendly changes to the home insurance market in February. A new renewal option was be introduced, in addition to the normal cancellation option on the contract anniversary date. Customers are now offered a no-cost cancellation period in March each year. In other words, an extra “free” option will be available to customers in terms of switching costs.
The results will be kept under review by these two institutions and further fine-tuning will be made where necessary to support the campaign's objectives,
they said in the statement.
Márton Nagy, Minister of National Economy, said that "the first third of the extraordinary home insurance period can be assessed positively, with the number of new policies reaching about 50,000, confirming preliminary estimates. In addition, this type of campaign is characterised by a further increase in the number of new contracts signed in the second half of the campaign period.
There is therefore a good chance that the total number of policy switches could reach the 200,000 mark. This will make a significant contribution to protecting families.
People with home insurance can find out about the possibilities of renewing their policies by contacting their insurance companies, bank, insurance intermediaries or by using calculators and offers available on the internet. Although the campaign will officially run until 31 March, the Easter holidays mean that it will be possible to reinsure or cancel your policy until midnight on 2 April.
