POLAND: TUW PZUW to receive over PLN 1 billion of GWP by 2024

26 May 2021 — Marina MAGNAVAL
GWP growth, expansion of the offer of new products, programs and training for the insured to minimize risks are the strategic goals of TUW Polskie Zaklad Ubezpieczen Wzajemnych (TUW PZUW) for the next four years, summarized in the "Dzienniku Gazecie Prawnej", the company said in its press release.

"The more you understand the needs and expectations of customers, the more effectively you can respond to them", emphasized Rafal Kilinski, President of TUW PZUW. He noted that in less than five years, PZUW has become the leader in the mutual insurance market in Poland. TUW PZUW is currently the only mutual insurance company in Poland with a S&P rating. "We are one of the fastest growing mutual insurance companies in the world. We have equally ambitious targets set out in the new strategy for 2021-2024", says Rafal Kilinski.

As the President of TUW PZUW explained, the title of the strategy "More mutual benefit" reflects the essence of insurance based on reciprocity. The company offers comprehensive risk management programs and intends to implement additional programs for entire industries with specific insurance risk, which also applies to sectors that are not popular with insurers.

The strategy also envisages expanding the offer of modern insurance products, including development of cyber insurance. The company offers comprehensive insurance that includes all types of protection against hacker attacks, viruses, data leakage and consequences of similar events. TUW PZUW is also offering products related to the new renewable energy market. This includes insurance for wind, solar and biogas plants.

The goal of the strategy is at the same time to provide policyholders with safety at a level that exceeds the requirements for insurance companies. The strategy envisages maintaining the solvency ratio - according to the criteria of the EU Solvency II Directive - at + 160%.

In pursuit of the ambitious goals of the strategy, TUW PZUW plans to receive more than PLN 1 billion of GWP by 2024, i.e. its GWP volume should grow by 60%. Thanks to this, it will not only retain its leading position in the mutual insurance market but will also become one of the TOP-10 insurance companies in Poland. "The written premium for the last year exceeded PLN 633 million. So, we have already passed two-thirds of the path indicated by the strategy. I am convinced that this and other goals will be successfully achieved", stressed Rafal Kilinski.

*~1 EUR = 4.48 PLN (25.05.2021)

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