Insurance companies in Poland may have to pay out a staggering PLN 400 million (EUR 93.5 million, USD 110 million) in compensation for damages caused by a series of severe storms that hit the country earlier this month, a newspaper has reported.
AEGON Poland has received the Polish Financial Supervision Authority's approval to take over the management of the NORDEA open pension fund (OFE) between September 1 and November 17, 2017.
Orange Poland amended the conditions of the insurance service Orange Smart Care, which covers service costs for repair of a broken smartphone. Previously the limit for repair cost reimbursement was PLN 700 a year and the service cost PLN 7.98 a month. Now the operator increases the coverage to PLN 800 a year and the service will cost PLN 8.99 a month.
Recently, two contradictory trends have been shaping the insurance
market in Poland. The life insurance segment has remained in a downturn,
as it continued to suffer from tighter regulatory environment in
multiple areas, including: consumer protection, distribution, fiscal
treatment etc. Moreover, an overall negative sentiment around insurance
investment products and low interest rate environment have not helped
new product sales. By contrast, the non-life segment has seen
significant growth in new premium collection. This could be attributed
mostly to surging car insurance premium, which has been an effect of
both: increasing tariffs and a higher number of contracts.
Polish insurers ended 1Q2017 with GWP of EUR 3.78 billion, 20.5% up y-o-y, mostly supported by the MTPL line which saw total GWP going up by almost 50%.
Based on the new regulation in the Polish insurance market that entered into force on 1 January 2016, the general terms and conditions of insurance ("GTC") as well as other standard contracts must be published by insurers on their websites. The Polish regulator ("KNF") noticed, however, that the fulfilment of this obligation differed among insurers.
AXA Poland is set to capitalise on strong growth opportunities in the
Polish market in a bid to expand its employee benefits business.
Poland's weighted average 12-month second-pillar fund (OFE) returns
soared to 17.6% as of the end of March, according to the Polish
Financial Supervision Authority (KNF).
Poland's biggest oil refiner, PKN Orlen, is expected to post a
466-percent jump in its first quarter net profit mainly thanks to
insurance payment, fuel sales and oil prices, a Reuters poll showed on
Friday. The state-controlled oil firm is seen posting a bottom line of
1.9 billion zlotys (USD 476.42 million) compared to 337 million zlotys
profit a year earlier, based on a forecast from eight banks and
Polish insurance company PZU said on Wednesday that its supervisory
board had dismissed its chief executive, Michal Krupinski. The firm,
eastern Europe's largest insurer, did not give any reason for
Poland's state insurance firm PZU said on Thursday it would stick to its core strategies and keep paying dividends, as it watched its share price fall sharply a day after it fired its chief executive.
Polish insurers' business remained stable in 2016, with total GWP of PLN 56.04 billion (EUR 12.7 billion), 2.25% up y-o-y in local currency, but slightly decreasing (-1.5%) when denominated in European currency. Life insurance continued to witness a falling trend, especially on the UL products line, which saw a 23% reduction in premiums.
POLAND Insurance company AXA, one of the biggest tenants of Warsaw Trade Tower (WTT), has expanded its office space by over 3,750 sqm to 15,560 sqm in total.
UNIQA TPL insurance is available with SkyCash since December 2016. This
is another product, after a tourist cover, developed with the
application users in mind. What is more, payments can be spread over as
many as 12 instalments. Customers paying their instalments on time can
also take advantage of a special promotion.
Motor insurance constitutes a major part of the property/casualty insurance sector in Poland. Its market share, according to the latest figures from industry association Polska Izba Ubezpieczen (PIU), is 49.9% of gross written premium. Add to that joint indemnities for compulsory motor third-party liability insurance (MTPL) and voluntary insurance policies such as accident and theft (casco), the figure rises to 68.8%.
Poland's largest insurer, PZU SA, is considering a 500 million euro
Eurobond issue to bolster its capital buffers following its acquisition
of UniCredit's Polish unit, its CEO said.
Michael KRUPINSKI, head of the Polish insurance leading group, PZU, has been awarded "Insurance Manager of the year 2016" by the national financial journal "Gazeta Bankowa", while the company won the "Most friendly insurance company" award in the category of motor insurance. The awards have been granted in recognition of PZU's impressing financial evolution last year, as well as of its customer centric culture.
The descendant trend established during the previous quarters in the Polish insurance market continued in Q3, with GWP falling by another 2%, to EUR 9.44 billion. While the absolute driver of the falling trend was again the life insurance segment, it is worth noting also that given the slightly weaker domestic currency has also a saying in the matter. Denominated in Polish Zloty, the GWP figure only shows a stagnant trend.
Financial sector development must go beyond improving access to bank credit. Financial systems should develop in a balanced way through both bank and nonbank subsectors, including capital markets, the insurance sector, and other nonbank financial institutions to properly support inclusive growth in Europe and Central Asia, says a new World Bank report.