Potter Brokers Ltd. was established among the first after the policital transition, at the time when competition amongst insurance companies brought about the need to have insurance brokers who would provide comprehensive services in Hungary. The company was founded as an independent insurance broking firm with the objective of delivering insurance consulting and insurance broking services in accordance with international standards. This objective has proven to be successfully achieved given our ever increasing number of Clients.
In Hungary, the insurance industry is supervised by the Hungarian National Bank, which has issued hundreds of licences to pursue insurance mediation activities in the past fifteen years; however, the number of active insurance broker companies is a lot less today.
In 1996, as a consequence of the stipulations of the Insurance Act (e.g., personal and professional preconditions, minimum level of authorised capital etc), a selection process of insurance brokers took place and only those complying with these requirements survived. Hungary's accession to the European Union implied further changes and a new Insurance Act (Act LX of 2003) - which has been amended several times - was enacted on the 1st May 2004. Potter Brokers Ltd. complies with all of these stipulations, has obtained the necessary operating licence from the Hungarian Financial Supervisory Authority and adheres to the personal and material conditions required by the Insurance Act for its operation.
Potter Brokers Ltd. is member of the Association of Independent Insurance Brokers in Hungary, the association of the most significant insurance brokers. The members of the Association are independent intermediaries who accept and assume its Code of Ethics.
Potter Brokers Ltd. has professional liability insurance, with the sum insured exceeding EUR 1 Million, and which has never been evoked since the establishment of the company.