The government is introducing new, customer-friendly changes to the home insurance market. The amendments to the legislation on home insurance have already been published in the Hungarian Gazette (Magyar Közlöny). Here are the details.
In order for Hungary to avoid recession in 2023, “despite the war and harmful sanctions”, competition and competitiveness must be increased in all areas of the economy, said Minister of Economic Development Márton Nagy, according to a statement by the Ministry.
They also recall that the Hungarian government adopted the Ministry’s proposal at its meeting on 1 February 2023. The cabinet decided to reform the regulation of housing insurance. The relevant legislation has already been published in the Hungarian Gazette. Under the legislation, new changes in the interests of customers will come into force from 30 April 2023, leaving sufficient time to prepare, Világgazdaság reports.
Márton Nagy expects the measures to increase competition in the housing insurance market, further strengthen consumer protection and broaden the options for customers.
As a result of the published legislative changes, the following are amended: