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Average KGFB premiums are stagnating despite the ever-increasing claims expenditure
In the first quarter of this year, the average premium for compulsory motor vehicle liability insurance was HUF 46,000, which is only minimally different, it increased by 6 percent compared to the same period in 2021 - according to the latest quarterly KGFB index of the Magyar Nemzeti Bank (MNB), the details of which were announced on Thursday with MTI.
The MNB announced that the national average price decreased by 0.4 percent on an annual basis, and within this a significant 5 percent drop occurred in Budapest, while this measure is almost completely offset by the 3 percent increase in average prices outside the capital.
At the same time, claims costs continued to increase: in the first quarter of 2022, their rate increased by 20 percent compared to the same period of the previous year. The background of this phenomenon is the increasing use of cars since the health crisis, as well as the rising prices of service and spare parts, they indicated.
The MNB's adjusted passenger car KGFB index (which shows the net change in premiums adjusted for the insurance tax and the impact of claims payments and reserves) was at its peak in the first quarter of 2021. Given that the restrictions resulted in less damage than expected, overpricing has developed. The premiums have not changed significantly since then, while the damages have increased significantly. Thus, the adjusted index fell to the level of the second quarter of 2020 and the previously seen overpricing has largely ceased, they wrote.
According to the announcement, the average prices in other vehicle categories were mixed, and typically increased for fleets. In the case of taxis - after several quarters of decline - the prices for individual contracts did not change on an annual basis, and the previous decrease in the number of contracted units was also broken. For heavy trailers, there was a significant drop in both individual and fleet contracts.
They reminded that from 2021, the central bank will publish its index showing the development of KGFB premiums and claims every quarter, with the help of the Central KGFB Item Database (KKTA), which is operated by it and is based on insurance data. On a separate page of the MNB's website, it presents the latest data with the help of colorful infographics, which indicate the annual and quarterly changes in the stock price of passenger cars and the average prices of other vehicle classes compared to the first quarter of 2016.
(Source: autokalauz.co.hu; MTI | Image: pixabay.com)
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