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.
After a quasi stable 2015, the Polish insurance market ended the first half of 2016 with an 8% y-o-y decrease in GWP, entirely driven by the decreasing life insurance business.
Poland's financial regulator KNF has asked the country's macroeconomic stability body KSF to give an opinion on whether to recognise Polish mBank as a "systemically important institution" and require it hold a capital buffer equal to 0.5 percent of its risk exposure, the bank said late on Wednesday.
A.M. Best has affirmed the financial strength rating of A- (Excellent)
and the issuer credit rating of "a-" of Polskie Towarzystwo Reasekuracji
S.A. (Polish Re) (Poland). The outlook for each rating is stable.
Between June 27th and 29th, 2016, Polish Reinsurance Company (POLISH Re) together with CONCORDIA Insurance organized an underwriting and claims handling seminar dedicated to crop insurance, which took place in Torun, the city in the northern part of Poland. The seminar gathered more than 50 people, representatives of 10 insurance markets, such as: China, Azerbaijan, Turkey, Ukraine, Moldova, Hungary, Slovenia, Croatia, Germany and Poland.
The downsize trend of the Polish insurance market continued in Q1, driven by the strongly negative change recorded on the life insurance segment. Thus, total GWP amounted to EUR 3.14 billion, 10.76% less y-o-y, while the GWP decrease in life insurance GWP was of 23.37% y-o-y, to EUR 1.34 billion. The Polish zloti depreciation against euro had also a say in the significant market decrease.
AEGON Poland has signed an agreement with a Nordic financial services firm, NORDEA to take over the management of NORDEA's Polish Pillar II pension fund. The deal will make AEGON Poland the fourth largest pension fund in the country. The deal is subjected to regulatory approval.
Unit4, has announced one of Poland's largest insurance companies, WARTA Group, has selected its enterprise HR software to manage HR processes company-wide and deliver self-service efficiency to its 3,000 employees.
Poland's second-pillar pension funds (OFEs) generated poor results over the last year, with all the 12 funds recording negative returns. According to the Polish Financial Supervision Authority (KNF), the weighted average 12-month return, as of the end of March 2016, fell from 2.52% in 2015 to minus 6.63%, while the three-year return plunged from 25.13% to 6.34%.
Fitch Ratings has affirmed the Long-term Issuer Default Ratings (IDRs) of Poland-based Bank Pekao SA (Pekao) and its mortgage bank subsidiary, Pekao Bank Hipoteczny (PBH), at 'A-' with Stable Outlook.
Total value of GWP by the Polish insurers in 2015 amounted to PLN 54.8 billion (EUR 12.86 billion), a volume fairly equal as compared with 2014 (decrease y-o-y by 0.23%), while the total value of claims paid went down by 2%, to PLN 34.8 billion. Insurers' net profit amounted to PLN 5.7 billion and was 14.3% lower than in 2014.
Poland's mid-tier lender Alior Bank ALRR.WA, owned by state-run insurer
PZU, is in talks to buy its rival Bank BPH BPHP.WA from General Electric
(GE.N) and hopes to complete a deal around mid-2016, three banking
sources told Reuters.
At the end of 3Q2015 the Polish insurance market totaled PLN 40.88 billion (EUR 9.65 billion) or 0.22% more y-o-y, as the financial indicators published by the Polish Financial Supervision Authority (KNF) show. Official figures also reveal that the amount of paid claims/indemnities during the period was PLN 25.85 billion, representing an increase of 2.39% y-o-y.
Poland's new conservative-dominated parliament yesterday pushed through a
controversial levy on the finance sector to help fund pre-election
promises on welfare. The measure, due to take effect from February 1,
will see a 0.44-per cent annual tax on the assets of banks and insurance
Polish government bonds owned by insurance companies will not be exempt
from the bank tax, unlike the ones owned by banks, deputy Finance
Minister Konrad Raczkowski said on Tuesday. Earlier on Tuesday a member
of the ruling Law and Justice (PiS) party said that it planned to amend
the bank tax bill to exempt government bonds from the levy.
As many as 250,000 Polish drivers have not insured their cars, which is a legal requirement in the country. Just last year, more than 6,000 accidents were caused by uninsured drivers or those who fled the scene.
Compared with the previous years' results, 1H2014 represented for the Polish insurance market rather a stagnation period, with GWP increasing by only 1.3% both on the life and non-life segments. Thus, total GWP amounted to PLN 28.09 billion (EUR 6.69 billion), while claims paid totaled PLN 17/44 billion (EUR 4.16 billion), a volume roughly comparable with the last year's first half figure.