According to Polish Chamber of Insurance (PIU) data, the local insurance market ended the first half of 2022 with GWP slightly under the 1H2021 level (-0.5% y-o-y). Thus, GWP reached EUR 7.57 billion. The stagnant status of the market was determined entirely by the life insurance segment which saw a 8.3% decrease in GWP.
The new recommendations of the Polish Financial Supervision Authority (KNF), concerning the liquidation of motor insurance claims, which will come into force on November 1, 2022 may have a significant contribution to drive inflation in vehicle claims covered by MTPL insurance up to 19-27% in Q1 2023, analyst quoted by Gazeta Ubezpieczeniowa believe.
Vienna Insurance Group (VIG) appointed Anna Wlodarczyk-Moczkowska, ex-Wiener TU's CEO, as president of the management board of both Compensa insurance companies in Poland, replacing Artur Borowinski, who resigned on September 12, the Polish magazine Gazeta Ubezpieczeniowa reports.
Generali announced that it has reached an agreement with NN Group to buy the former MetLife pension business in Poland. The transaction is subject to customary closing conditions and is expected to close ultimately in the first quarter of 2023.
On August 29, the Board of the Polish Insurance Guarantee Fund elected Piotr Zadrozny, the president of the management board of TUZ Ubezpieczenia, as Chairman. Rafal Stankiewicz, vice-president of the board of Warta will continue to serve as Vice-Chairman.
Almost every third of the drivers that responded to the latest driver awareness survey organized by the Polish Chamber of Insurance (PIU) consider that speeding by 30 km/h is not dangerous despite being one of the main causes of road accidents, right after forcing the right of way.
Poland ranked 26th in Europe and 43rd in the world in the road infrastructure quality ranking. Among the European countries, Poland only overtook Bulgaria, Turkey, Romania, and Croatia. The quality of roads was better assessed in Slovakia, Hungary, Lithuania, and the Czech Republic, Gazeta Ubezpieczeniowa reports.
On July 18, the Polish Financial Supervision Authority (KNF) published the final version of its recommendations regarding claim settlement in motor insurance. This will replace the ones adopted in December 2014. It is expected that the recommendations will be applied by insurance companies no later than November 1, 2022, Gazeta Ubezpieczeniowa reports.
In the first half of 2022 the Polish market saw the largest reduction in MTPL prices since 2018. The average premium decreased by as much as 14.8% y-o-y to PLN 524 (EUR 111.72*). The average MTPL price is now 3% lower than the rate in the first half of 2016, Gazeta Ubezpieczeniowa reports
The scope of insurance policy (68% of respondents), price (67%) and the sum insured (47%), are the first three criteria used by Poles when acquiring home insurance, a study carried out by SW Research on behalf of Wiener shows. The insurance company's reputation is only important for 30% of respondents.
According to the latest data compiled by the National Road Safety Council operating at the Ministry of Infrastructure, costs of all traffic accidents in Poland in 2021 amounted to PLN 39.3 billion (~EUR 8.56 billion*). The social costs of accidents in the country decreased by 31%, to PLN 17.3 billion compared to 2018, when it reached PLN 56.6 billion, Gazeta Ubezpieczeniowa reports
Polish insurance market reported Q1 2022 aggregate GWP worth PLN 18.14 billion (EUR 3.9 billion), 2.89% more y-o-y according to the quarterly statistics published by Polish KNF (Financial Supervision Authority). At the same time, claims and benefits paid by local insurers increased by 12.82% y-o-y to PLN 11.53 billion (~EUR 2.5 billion) from PLN 10.24 billion a year before.
Starting June 17, Polish motor insurers will have access to information about fines and penalty points acquired by drivers, thus being able to consider driver's behavior as demonstrated by their penalties' history when calculating MTPL tariffs. Access to data will be possible through the tools of the Insurance Guarantee Fund.
In the first quarter of 2022, insurers paid a total of PLN 3.54 billion (approx.: EUR 0.77 billion) in claims from motor policies. Out the total, paid claims for MTPL insurance accounted for 57.6%, the Polish Chamber of Insurance said quoting data from the Information Centre of the Insurance Guarantee Fund.
Ergo Hestia, one of the largest insurers in the Polish insurance market, had its 30th anniversary in 2021 and a record result - the insurer achieved a very good net financial result (PLN 373 million), maintaining high profitability and technical result (PLN 434 million).
On 22nd April, NN Group announced the completion of the acquisition of MetLife's businesses in Poland, following the approval obtained by the Polish Financial Supervision Authority (Komisja Nadzoru Finansowego, KNF) on 14 April 2022. NN Group completed the acquisition of MetLife's businesses in Greece on 31 January 2022.
On Thursday, April 21, 2022, the Banking and Insurance Leaders Gala was held at the Westin Hotel in Warsaw, which was the culmination of the spring edition of the Banking & Insurance Forum, Gazeta Ubezpieczeniowa
informed being the main media partner of the event's insurance part.
Gross written premium in the bancassurance channel amounted to PLN 6.83 billion (EUR 1.32 billion), up by 22.9% y-o-y, reported the Polish Chamber of Insurance in its latest quarterly report on bancassurance.
ERGO HESTIA, one of the largest insurers in Polish insurance market announced
that, after 31 years, its Vice President - Grzegorz SZATKOWSKI will leave the company.
The Polish insurance market saw a 9.5% y-o-y increase in the total GWP, to EUR 15.05 billion. Paid claims increased at a lower pace, reaching EUR 8.98 billion, 4.5% more y-o-y. The non-life sector, in particular the property and motor insurance lines provided for most of the market's business growth.