Polish government bonds owned by insurance companies will not be exempt
from the bank tax, unlike the ones owned by banks, deputy Finance
Minister Konrad Raczkowski said on Tuesday. Earlier on Tuesday a member
of the ruling Law and Justice (PiS) party said that it planned to amend
the bank tax bill to exempt government bonds from the levy.
As many as 250,000 Polish drivers have not insured their cars, which is a legal requirement in the country. Just last year, more than 6,000 accidents were caused by uninsured drivers or those who fled the scene.
Compared with the previous years' results, 1H2014 represented for the Polish insurance market rather a stagnation period, with GWP increasing by only 1.3% both on the life and non-life segments. Thus, total GWP amounted to PLN 28.09 billion (EUR 6.69 billion), while claims paid totaled PLN 17/44 billion (EUR 4.16 billion), a volume roughly comparable with the last year's first half figure.
Poland will seek to hand shares in gas firm PGNiG, insurer PZU and power
utility PGE over to the Silesia investment fund, according to a motion
from the Treasury Ministry to the Monday cabinet sitting. In the
deal, Poland will take a new stake in the Silesia Financial Agency fund,
first called to being to help Poland restructure its milling industry.
A.M. Best has affirmed the financial strength rating of A- (Excellent)
and the issuer credit rating of "a-" of Polskie Towarzystwo Reasekuracji
S.A. (Polish Re) (Poland). The outlook for both ratings is stable.
British insurer Aviva is considering small acquisitions in markets such
as Poland, where it recently bought a financial advisory group, an Aviva
spokesperson said on Thursday.
Three investors have been shortlisted to buy Poland's largest insurance e-comparison engine, reportedly including Link4, a unit of Poland's largest insurer PZU. The other two bidders for Rankomat.pl are private equity fund Enterprise
Investors and UK insurance intermediary company, Confused.com, the
daily Puls Biznesu reports.
Employers of Poland urge the Minister of Health to amend the act on
medical activity so that medical malpractice insurance for hospitals
remain voluntary rather than compulsory. This would enable hospitals to
save up to several hundred thousand z
Polish insurers' aggregate GWP was up by 2.95% y-o-y to PLN 14.37 billion (EUR 3.51 billion) in the first quarter of 2015, as the financial indicators published by the Polish Financial Supervision Authority (KNF) showed. Official figures also revealed that the amount of paid claims/indemnities during the period was PLN 8.72 billion, representing a decrease of 4.82% y-o-y.
On 1 July Aviva and Liberty Ubezpieczenia joined companies offering
Direct Claims Adjustment (DCA) to their clients. Currently, the system
has been already applied by 7 insurance companies, which corresponds to
ca. two thirds of the third party motor liability insurance market. In
mid-October DCA is to be introduced also by the eighth insurer -
Central Europe's biggest insurance group PZU has submitted an offer to
buy Raiffeisen Bank International's Polish arm and wants to pay less
than the unit's book value, banking sources with knowledge of the matter
PZU Inwestycje, the asset management wing of the listed insurer PZU, has
agreed to take a 60 percent stake in Warsaw hospital Centrum Medyczne
Gamma, part of the largest Polish insurer's move into new lines of
State-controlled Polish insurer PZU has reiterated plans to spend up to PLN 9 billion on creating a Polish banking giant. PZU
has said it is in talks with two banks and could buy a third as part of
a plan to create a major domestic bank able to compete with
foreign-owned Polish banks.
Central Europe's biggest insurance company PZU was chosen as key
investor for local mid-tier lender Alior Bank, two sources familiar with
the matter said on Friday.
Central Europe's top insurer PZU has agreed to buy a 25 percent stake in
mid-tier Polish lender Alior Bank, adding on Saturday it was in talks
on two more buys as part of a plan to build a top-five banking group.
The CEO of PZU Andrzej Klesyk told reporters on Monday that the Poland's
largest listed insurance firm PZU is eyeing multiple banking
acquisitions in Poland,. "We are looking at the deals," Klesyk said.
Asked about recent reports that the firm is eyeing two or maybe three
such purchases, he added: "For us, acquisition of a single bank would
make no sense."
Interest in private healthcare in Poland is increasing, with the number of people holding health insurance coverage amounting in 2014 to. 1.2 million, compared to 850 thousand a year earlier. Customers have paid for health insurance PLN 400.9 million (~EUR 94 million), up 19% y-o-y. The most popular are still group insurance, as the Polish Chamber of Insurers (PIU) has recently stated.
Polish insurance giant PZU is mulling the creation of one of Poland's
largest banks which may have assets of over PLN 115 billion. According
to the Puls Biznesu daily, the bank could be created through the
consolidation of two existing lenders on the Polish market - Alior Bank
and Raiffeisen Polbank. It is thought that Bank BPH may also be in PZU's
scope of interest.
The Austrian insurer VIG plans to increase its market share in Poland due to a slight decline of this indicator in 2014. The Austrian Group may resort to M&A in the process, company representatives told the local media in a press conference quoted by the news website THE WARSAW VOICE. "The Polish insurance market is growing more than twice as fast as the Austrian market and VIG Polska is expanding three times faster than the Polish market. (...) We can expect our share in the market to grow", VIG CEO Peter HAGEN said, quoted by THE WARSAW VOICE.
The Polish insurance market preserved in 2014 the downward trend established in the previous year, with GWP recording a 5% decrease (in local currency) of the overall GWP volume (7.65% in euro), to PLN 54.9 billion (EUR 12.89 billion). Life insurance segment continued to see substantial reduction in GWP, although to a less dramatic pace than one year ago (-8.3% in 2014; - 14.06% in 2013 in Polish zloty - PLN).