On 1 January 2019, further provisions of the Act of 9 November 2018 amending certain acts in connection with the strengthening of supervision over the financial market and investor protection on the Polish market entered into force.
Polish insurers have collected premiums worth EUR 10.84 billion, which is about 1.2% more y-o-y, and paid claims totaling EUR 6.87 billion, most damages and liquidated damages being related to motor insurance.
The total number of insurance brokers licensed in Poland at the end of 2017 was of 1,416. Throughout the year, 34 deletions from the register of insurance brokers were made, a Polish Financial Supervision Authority's Report on the condition of the brokerage market in 2017 shows.
As the XPRIMM 10 years GWP timeline for Poland shows, the local insurance market needed about 10 years to regain and exceed its pre-crisis level: GWP of EUR 14.95 billion in 2017 vs. EUR 14.2 billion in 2008.
Italian insurer GENERALI announced it entered into the final agreement to acquire full control of the Polish insurers CONCORDIA Capital (life insurance) and CONCORDIA Polska TUW (non-life insurance) from their German shareholders CONCORDIA Versicherung and Vereinigte Hagelversicherung.
KNF- the Polish Financial Supervision Authority has announced the appointment of Jacek JASTRZEBSKI as Chairman of the market regulator, replacing Marek CHRZANOWSKI who resigned amid corruption allegations.
In Q3 2018 the PZU Group recorded the highest quarterly net profit in the last five years. At Group level, the net profit reached PLN 1.56 billion (EUR 366.75 million) in Q3 and increased by 34.6% y-o-y, to PLN 3.9 billion (EUR 916.9 million) for the first three quarters.
The Italian Group, GENERALI, has entered into an agreement with the German Group Union Asset Management Holding AG to acquire a 100% stake in the Polish asset management company Union Investment TFI S.A., a move that will significantly strengthen GENERALI's presence in Poland.
The largest insurance market in the CEE, Poland, ended1H2018 with GWP worth EUR 7.36 billion (PLN 32.12 billion). In local currency, the y-o-y comparison shows a positive rate growth of 1.7%. Yet, given the roughly 3% depreciation of the Polish zloty against Euro, the market results denominated in European currency show a market decrease of 1.4%.
Unum Group completed its purchase of Pramerica Zycie TUiR SA ("Pramerica"), a financial protection provider in Poland that will support Unum's long-term growth strategy of protecting more people.
The full history of MTPL and Motor Hull insurance is now available online for every vehicle owner in Poland. In addition, all drivers - even if they are not the owners of the vehicle - can check their accidents history.
The Dutch insurance group NN announced that as of 15 September, Jacek KORONKIEWICZ, currently CFO and COO of Nationale-Nederlanden Poland, heading the functions of Finance, Operations and Procurement, will act as interim CEO.
A.M. Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" of Polskie Towarzystwo Reasekuracji S.A. (POLISH Re) (Poland). The outlook of these Credit Ratings (ratings) remains stable.