GENERALI finalized the completion of the transaction with German Group Union Asset Management Holding AG to acquire Union Investment TFI S.A. in Poland. GENERALI has received the required approvals from all relevant regulatory bodies and competition authorities.
The Polish Financial Supervision Authority agreed to the merger of Generali Zycie and Concordia Capital. Maciej FEDYNA, Member of the Management Board of Generali Polska, will perform the function of President of the Management Board of the Concordia Polska Mutual Insurance Society.
Recent floods from intensive rainfall in southern Poland resulted in massive mobilization from local authorities and insurance companies. Insurers took special measured to make claims liquidation faster and easier for those affected by the weather conditions.
Gothaer's Polish subsidiary announced rebranding under the name Wiener TU VIG, after the German company was officially bought by Vienna Insurance Group (VIG) at the end of February 2019. The shift towards the new name and logo should be complete by the end of June this year.
By the end of 2018, there were 2.6 million Poles, who purchased private health insurance, a number exceeding 2.5 million for the first time in history, Polish Insurance Association (PIU) reports.
The Polish Financial Supervision Authority (KNF) emphasized the adequacy of motor insurance premiums, for class 3 (Casco/Motor Hull) and class 10 (mandatory MTPL), since this group constitutes a significant part of the Polish market portfolio.
Poland-based insurance company Warta is working on two artificial intelligence solutions aiming to improve interactions between the company and customers for claims reporting. The software uses voice and image recognition and will be fully operational in the second half of this year.
Poland-based PZU Group announced that progress was realized on their PZU GO service, an innovative technology, which will support the insurer's employees and experts in motor claim handling. The time necessary for claim handling will be significantly shorten through the software.
The Supervisory Board of PZU Zycie SA appointed the Management Board of the company, including its president Roman PALAC, for a new term, until December 31, 2022, the company said in an official statement.
PZU successfully completed a pilot project of using artificial intelligence (AI) in handling motor damage claims, the company announced in a press release. PZU is the first insurer in Poland to implement this unique technology on such a scale.
In 2018, Polish insurers paid almost PLN 42 billion (EUR 9.7 billion) to injured parties and clients. That's 4.7% more than a year earlier. On the other hand, GWP decreased vs. 2017, totaling some PLN 62.17 billion (~EUR 14.5 billion), representing a -3.29% reduction.
On March 1 this year the Polish Insurance Association (PIU) opened its representative office in Brussels. Its aim is to actively participate in legislative work on the European forum and to represent the interests of the Polish insurance market.
In 2018, PZU recorded a profit of PLN 5.4 billion at Group level, while parent company profit was PLN 3.2 billion (+11.0%). Total GWP reached PLN 23.5 billion (+2.7%) in 2018.
POLAND: KNF's head on regulator's goals
Arkadiusz GESICKI was appointed managing Director for Business Development at PZU, responsible for the Strategy and Design Office and the Business Development Office.
The management boards of the MAK Group and STBU announced the two brokers will merge, creating the biggest player in the intermediation segment. In 2018, the aggregated volume of intermediated premiums exceeded PLN 1 billion, a historical record.
The Insurance Guarantee Fund of Poland (UFG) published its 8th annual review of data quality provided by insurance companies. According to UFG's ratings, PZU, TUW TUW, Link4, Compensa and Allianz were the top 5 insurers in 2018.
Austrian insurer VIG expanded its non-life presence on the Polish market by acquiring 100% shares of GOTHAER Towarzystwo Ubezpieczen (Gothaer TU). The transaction was closed on 28th February 2019 following approval by the local authorities.
Vienna Insurance Group (VIG) has purchased the entire stake of France's MACIF-Group in TUW "TUW" through InterRisk Group company. This operation will increase the VIG's share in Polish non-life market to 7%, getting VIG closer to its 10% market share medium term goal.
Aiming to help all market participants in revealing and preventing insurance fraud, the Polish Insurance Guarantee Fund (UFG) has launched a dedicated platform using advanced technologies.