POLAND: PZU: The pandemic has increased interest in insurance

11 October 2021 — Marina MAGNAVAL
The Covid-19 pandemic has increased interest in life and health insurance, noted Malgorzata SADURSKA, a PZU board member during the discussion at Congress 590 on how the financial market responds to the new fears and needs of Poles, Gazeta Ubezpieczeniowa reports.

According to Malgorzata SADURSKA, the increased interest in insurance products during the pandemic is clearly visible if compared to the results of 2019. According to various estimates, currently around 3.5 million compatriots have additional health insurance.

However, the panel participants agreed that the possible scope for development of insurance in Poland is still very large, especially in the life insurance segment. "Today, the insurance market in Poland is still small compared to the European Union countries. If we compare GWP of over EUR 14 billion, for example, with Norway, which has just over a quarter of the population of Poland, or Spain, which is relatively comparable to us, we can see that we still have a lot to do", noted a member of the PZU SA management board.

According to Malgorzata SADURSKA, apart from a much lower premium collected by insurers, on the Polish market as much as 60% of the property insurance segment belong to compulsory third party liability insurance for motor vehicle owners, which means that the entire financial market still faces many challenges in terms of insurance education and convincing clients to protect their property, family or business against various risks covered by voluntary insurance.

The participants also noted accelerated digital transformation in Poland over the last year. "During the pandemic, transformation in Poland accelerated by a decade in one year", said Malgorzata SADURSKA.

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