Polish insurers ended 1Q2018 with GWP worth PLN 16.25 billion (EUR 3.86 billion), approx. 2% up y-o-y, depending on the currency of choice. Paid claims amounted to PLN 10.5 billion (EUR 2.5 billion), a sum by about 0.7% larger y-o-y.
Austrian VIG said is acquiring 100% of the shares of Polish non-life insurer GOTHAER Towarzystwo Ubezpieczen (GOTHAER TU). The purchase agreement was signed on 6 June 2018. The purchase is subject to approval by the local authorities.
Poland's mandatory insurance policy premiums for vehicle owners and farmers might increase slightly following the government-proposed hike of the minimum liability coverage, Ministry of Finance wrote in an impact study to the draft bill.
Polish insurance market may witness a new round of increasing MTPL tariffs following a recent Supreme Court ruling, asking insurers to pay compensations for permanent disability not also to the victim, but also to his/hers close relatives.
Polish insurers ended 2017 with aggregated net profit of PLN 5.7 billion (EUR 1.37 billion), of which PLN 2.3 billion came from the life insurance segment and PLN 3.4 billion was the result of the non-life business.
Polish PZU Group ended 2017 with a record GWP volume, of PLN 22.8
billion (EUR 5.46 billion), 13.0% up y-o-y. The Group's consolidated net
profit also increased by 78.3% y-o-y to PLN 4.2 billion, despite the occurrence of large weather losses.
UNUM, a US-based financial protection benefits provider, has agreed to acquire Polish life insurer PRAMERICA Zycie TuiR from a subsidiary of financial services firm PRUDENTIAL FINANCIAL.
At the end of 3Q2017 the Polish insurance market totaled PLN 46.15 billion (EUR 10.70 billion), up by 13.37% y-o-y, as the financial indicators published by the Polish Financial Supervision Authority (KNF) show.
Allegro Group, operator of Allegro.pl, Poland's largest marketplace for new and used goods, started cooperating with PZU, a Polish insurance company.
Insurer Grupa Europa, subsidiary of the global bancassurance giant Talanx International will sell mobile screen insurance policy in Poland, the company announced. The insurance will be offered through the company's app - Screenity, which could be added to existing banking apps or pre-installed on devices, the company said.
Polish insurers slightly increased the share of bancassurance channel sales in total GWP collected in the life insurance segment in Q3 to 34.5% of PLN 18.3 bln from 34.3% of PLN 17.8 bln in the prior year period, a report by insurance sector lobby PIU shows.
The Polish insurance market's recovery announced by the Q1 results, after four years of decline, seems to become confirmed reality, judging by the 1H results: the market ended the first half of 2017 with GWP of EUR 7.4 billion, 21% up y-o-y.
Insurance companies in Poland may have to pay out a staggering PLN 400 million (EUR 93.5 million, USD 110 million) in compensation for damages caused by a series of severe storms that hit the country earlier this month, a newspaper has reported.
AEGON Poland has received the Polish Financial Supervision Authority's approval to take over the management of the NORDEA open pension fund (OFE) between September 1 and November 17, 2017.
Orange Poland amended the conditions of the insurance service Orange Smart Care, which covers service costs for repair of a broken smartphone. Previously the limit for repair cost reimbursement was PLN 700 a year and the service cost PLN 7.98 a month. Now the operator increases the coverage to PLN 800 a year and the service will cost PLN 8.99 a month.
Recently, two contradictory trends have been shaping the insurance
market in Poland. The life insurance segment has remained in a downturn,
as it continued to suffer from tighter regulatory environment in
multiple areas, including: consumer protection, distribution, fiscal
treatment etc. Moreover, an overall negative sentiment around insurance
investment products and low interest rate environment have not helped
new product sales. By contrast, the non-life segment has seen
significant growth in new premium collection. This could be attributed
mostly to surging car insurance premium, which has been an effect of
both: increasing tariffs and a higher number of contracts.
Polish insurers ended 1Q2017 with GWP of EUR 3.78 billion, 20.5% up y-o-y, mostly supported by the MTPL line which saw total GWP going up by almost 50%.
Based on the new regulation in the Polish insurance market that entered into force on 1 January 2016, the general terms and conditions of insurance ("GTC") as well as other standard contracts must be published by insurers on their websites. The Polish regulator ("KNF") noticed, however, that the fulfilment of this obligation differed among insurers.
AXA Poland is set to capitalise on strong growth opportunities in the
Polish market in a bid to expand its employee benefits business.
Poland's weighted average 12-month second-pillar fund (OFE) returns
soared to 17.6% as of the end of March, according to the Polish
Financial Supervision Authority (KNF).