Polish insurance giant PZU launches insurance services business in ESTONIA
While the company's affiliate has been registered here already for a year and working with corporate customers on affinity services, then the company's service offering will now include motor third party liability insurance and a range of other products.
According to the Warsaw listed public company's chairman, the company decided to expand into Estonia and Latvia already in March 2012.
"There is potential in the Estonian insurance market, as penetration of insurance products is low and customers do not have a fair offering of alternatives to cover their risks, in planning their business or family lives. PZU is the strongest player in the Central and Eastern European insurance market with nearly 3 billion euros of earned net premiums in the three quarters of 2013. We have come to Estonia to stay and earn a top 3 position," said Klesyk.
PZU has already earned a commanding position in the Lithuanian market and its success there allows the company to think optimistically about Estonia as well.
"We are planning for an extremely fast growth in insurance premiums in Estonia, while retaining an adequate gross loss ratio. This will also mean that we will strive to become the leading affinity service provider - from bancassurance to travel insurance. And lastly, a rapidly expansion corporate client business has become a cornerstone of our emerging success here as well," added Klesyk.
PZU SA (Powszechny Zaklad Ubezpieczen Spolka Akcyjna) was founded in 1803. It was the first insurance company in Poland.
PZU SA is recognized as the largest insurance company in Poland and the CEE region in terms of turnover, number of customers, customer service network, co-workers and consultants, and the number of partners.
PZU SA is the main shareholder of the PZU Lietuva insurance group and one of the largest insurance groups in Central and Eastern Europe. PZU Estonia is an affiliate of PZU Lietuva.
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