The PZU Group has achieved in 1H2019 the highest net financial result attributed to the parent company for the first half of the last five years, of PLN 1.48 billion, while the group's efficiency ratios were better than planned.
Insurance Guarantee Fund of Poland (UFG) announced it will be compensating the victims of accidents from the past years, in the cases where insurers' motor liability insurance funds have been exhausted.
According to the Polish Insurance Guarantee Fund's estimations, there may be about 80-90,000 vehicles in use without a valid MTPL policy, which is 0.4 - 0.5% of all registered vehicles. This percentage places Poland among the CEE countries with the highest degree of insurance coverage, together with Slovenia the Czech Republic and Hungary.
PZUW, the mutual insurance arm of the Polish PZU Group, is the second fastest growing mutual insurance company in the world, the latest edition of the Global 500 report prepared by the International Federation of Cooperative Insurance and Mutual Insurance Companies (ICMIF) shows.
Polish insurers' aggregate GWP was up by 0.6% y-o-y to PLN 16.35 billion (~EUR 3.80 billion) in the first quarter of 2019, financial indicators from the Polish Financial Supervision Authority (KNF) showed. Official figures also revealed that the amount of paid claims/indemnities during the period was PLN 10.2 billion, representing a decrease of 2.7% y-o-y.
The Polish Motor Insurers Bureau (PBUK) counted over 75,200 motor accidents abroad caused by vehicles with Polish registration plates for 2018. This means over 200 accidents abroad every day in 2018.
GENERALI finalized the completion of the transaction with German Group Union Asset Management Holding AG to acquire Union Investment TFI S.A. in Poland. GENERALI has received the required approvals from all relevant regulatory bodies and competition authorities.
The Polish Financial Supervision Authority agreed to the merger of Generali Zycie and Concordia Capital. Maciej FEDYNA, Member of the Management Board of Generali Polska, will perform the function of President of the Management Board of the Concordia Polska Mutual Insurance Society.
Recent floods from intensive rainfall in southern Poland resulted in massive mobilization from local authorities and insurance companies. Insurers took special measured to make claims liquidation faster and easier for those affected by the weather conditions.
Gothaer's Polish subsidiary announced rebranding under the name Wiener TU VIG, after the German company was officially bought by Vienna Insurance Group (VIG) at the end of February 2019. The shift towards the new name and logo should be complete by the end of June this year.
By the end of 2018, there were 2.6 million Poles, who purchased private health insurance, a number exceeding 2.5 million for the first time in history, Polish Insurance Association (PIU) reports.
The Polish Financial Supervision Authority (KNF) emphasized the adequacy of motor insurance premiums, for class 3 (Casco/Motor Hull) and class 10 (mandatory MTPL), since this group constitutes a significant part of the Polish market portfolio.
Poland-based insurance company Warta is working on two artificial intelligence solutions aiming to improve interactions between the company and customers for claims reporting. The software uses voice and image recognition and will be fully operational in the second half of this year.
Poland-based PZU Group announced that progress was realized on their PZU GO service, an innovative technology, which will support the insurer's employees and experts in motor claim handling. The time necessary for claim handling will be significantly shorten through the software.
The Supervisory Board of PZU Zycie SA appointed the Management Board of the company, including its president Roman PALAC, for a new term, until December 31, 2022, the company said in an official statement.
PZU successfully completed a pilot project of using artificial intelligence (AI) in handling motor damage claims, the company announced in a press release. PZU is the first insurer in Poland to implement this unique technology on such a scale.
In 2018, Polish insurers paid almost PLN 42 billion (EUR 9.7 billion) to injured parties and clients. That's 4.7% more than a year earlier. On the other hand, GWP decreased vs. 2017, totaling some PLN 62.17 billion (~EUR 14.5 billion), representing a -3.29% reduction.
On March 1 this year the Polish Insurance Association (PIU) opened its representative office in Brussels. Its aim is to actively participate in legislative work on the European forum and to represent the interests of the Polish insurance market.
In 2018, PZU recorded a profit of PLN 5.4 billion at Group level, while parent company profit was PLN 3.2 billion (+11.0%). Total GWP reached PLN 23.5 billion (+2.7%) in 2018.
POLAND: KNF's head on regulator's goals