The Polish Financial Supervision Authority announced strengthening of monitoring also in relation to foreign insurance companies, especially in socially sensitive areas.
May 21, 2025, was the first day of the XII Congress of the Polish Chamber of Insurance, which gathered 350 key representatives of the insurance market, public institutions and international organizations to discuss quality, transparency, proportionate regulations and partnership cooperation on the market, Gazeta Ubezpieczeniowa (Insurance Gazette) writes.
The Director general of Insurance Europe, Thea Utoft Høj Jensen emphasized that the sector is overloaded with regulations, total number of which has increased from 12 to almost 70 in the last decade. According to her, the insurance industry is seen as a problem to be regulated, and not as part of the solution. Thea Utoft Høj Jensen pointed to three pillars of necessary change: a more friendly regulatory environment, a 25% simplification of regulations and launch of investments at the level of EUR 800 billion per year.
Jan Grzegorz Prądzyński, President of the Management Board of the Polish Insurance Chamber, outlined a broad landscape of challenges – from demography, through public health, to climate and technological changes.
Andrzej Klesyk, President of PZU SA, commented on the lack of groundbreaking changes in the sector. It was noted that the market remains dominated by price competition, especially in the motor segment. The relationship between insurance companies and intermediaries increasingly determines customer choices - it is distribution that takes control of the relationship. As Andrzej Klesyk noted, "we do not decide today what policy a customer will buy - the distributor does it".
Speaking about future challenges, the panelists pointed to a possible influence of car manufacturers, who may take over the motor insurance market. Concerns are also raised by the growing importance of a generation raised on technology, which may completely bypass traditional distribution channels.
During the panel devoted to the flood of 2024 Tomasz Tarkowski, Member of the Management Board of PZU SA and PZU Życie SA, emphasized that the industry's response was quick and wide-ranging: over 130,000 reported losses and only 3% of complaints, mainly concerning the amount of compensation. The panelists agreed that the industry acted efficiently, flexibly and under conditions of great burden - not only technical, but also reputational. At the same time, they pointed to the need to simplify products, update insurance amounts and open a discussion on a mandatory model of protection against natural disasters.
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