Hungary's credit insurance and receivables management market is worth about HUF 2.5bn, but should grow significantly, as Hungarian companies do more business with companies in other EU countries, according to Balazs Vanek, who heads the recently-opened branch office in Hungary of Atradius Credit Insurance.
Credit insurance companies had revenue from premiums of HUF 2.42bn on 382 contracts last year. They paid out claims of HUF 1.45bn.
Euler Hermes controls 60% of the credit insurance market, Magyar Hitelbiztosito has a 25% share, the state-owned Hungarian Exportcredit Insurace (Mehib) has 25% and Coface has 15%.
Just 1% of Hungarian companies take out credit insurance, compared to about a quarter of companies worldwide.
Atradius Credit Insurance's predecessor, Gerling Credit Insurance Group, entered the Hungarian market in 1997.
Gerling was bought by Deutsche Bank and Swiss Re in 2003, after which Atradius was set up.
