PZU's MTPL policyholders will benefit from a supplement to their insurance consisting in an additional coverage for the material and personal damages caused by the insured while using a bicycle or other personal transport devices as light electric vehicles.
Polish insurers ended the first half of 2020 with a 6.7% y-o-y decline of the GWP volume, to EUR 7.05 billion. In absolute terms, this means an about EUR 512 million drop in the market premiums turnover, almost equally divided between the life and non-life segments. Yet, given the about 5% depreciation of the Polish currency against Euro, the market results denominated in local currency look much better, showing just a 2% depreciation of the GWP volume.
During its meeting on September 17, 2020, the Polish Financial Supervision Authority approved the acquisition of AXA businesses from Poland by UNIQA Group.
PZU announced a new product that will cover the damages caused by the holders of motor third party liability insurance also while driving a personal transport device - in short the UTO. This includes bicycles, segways and scooters which are becoming more and more popular in Poland.
PZU Group announced that from mid-September, PZU Auto has an additional variant of Legal Protection insurance. Thanks to it, drivers get quick and easy access to legal services in Poland and Europe.
Financial Supervision Authority of Poland announced that motor third party liability insurance contracts concluded or renewed until March 24, 2020 remain valid, and Gefion is obliged to consider reported claims and pay due compensation.
"At this point we do not see a strong effect yet on the financial figures of the insurance companies, but this is mainly due to the long-term nature of the business", Iwona SZCZESNA, the Head of the PIU (Polish Chamber of Insurance) Brussels Office stated at the microphone of the XTB show aired on 2 September. She added that "usually people buy insurance for the whole year, so we will see the impact on the financial figures in three to six months from now."
C-Quadrat Investment and the Polish insurance companies of Vienna Insurance Group have founded "VIG C-Quadrat", a joint venture located in Warsaw.
Insurance companies in Poland underwrote gross premiums of PLN 16.74 billion (EUR 3.68 million*) in the first three months of 2020, up 2.4% year-over-year, the country's Financial Supervisory Authority (KNF) said in a report.
GENERALI CEE Holding announced a strategic two-fold cooperation with 4Life Direct in Poland: "4Life Direct becomes the agent of GENERALI in Poland and further, the cooperation includes a proposal for holders of over eighty thousand Polish policies from the company's partner from Gibraltar - to come under the wings of the Venetian lion".
PZU is the first company in Poland implementing in cooperation with the Ministry of Digital Affairs an innovative solution for authenticating the user of the mojePZU (myPZU) platform. As a result, the use of PZU products will become even faster and more convenient.
On 2nd of July 2020 the Act of 28 May 2020 amending the Act on compulsory insurance, the Insurance Guarantee Fund and the Polish Motor Insurers' Bureau as well as the Act on insurance and reinsurance activity was published, beinsured portal reported. The new regulations introduce new rules for the supervision of foreign insurers.
During the last meeting, the supervisory board of Vienna Life accepted the resignation of Pawel Ziemba, chairman of the board, and Witold Czechowski, a member of the board, from performing his current functions with effect as of September 30, 2020. Tomasz Borowski will be the new president of the board.
The Polish Financial Supervision Authority has partnered with #Fakehunter, the project created by the Polish Press Agency and GovTech Polska to fight disinformation. Whilst the project started as a tool to prevent the spread of fake news in relation to the Covid-19 issues, its creators have decided to expand it to include financial issues.
GENERALI announced that Maciej FEDYNA was nominated new President of the Management Board and CEO of GENERALI Poland companies as of 1 July 2020. Maciej FEDYNA, former Chief Financial Officer of GENERALI Poland, will succeed Andrea SIMONCELLI who was appointed as new Chairman of the Supervisory Boards of GENERALI T.U. S.A., GENERALI Zycie T.U. S.A and GENERALI Finance Sp. z o.o.
For the first time in the past 6 years, the number of accidents due to the guilt of Polish drivers on foreign roads has started to decrease. At the end of 2019, for 12 months ended, Polish motorists caused 73 thousand accidents, 3% less when compared to over 75 thousand events during 2018. Traditionally, most of the accidents caused by Polish drivers happened on the roads of Germany, France, Italy, Great Britain and the Netherlands. Drivers of vehicles with Polish license plates cause 200 events per day on foreign roads.
PZU Group ended the first quarter of 2020 with a consolidated net result of PLN 116 million, 84.5% lower year-on-year. The net profit registered by the group excluding Alior Bank and Pekao reached PLN 577 million (-13.3%).
TUW PZUW, the mutual insurer established by the PZU Group in 2016, ended 2019 with written premiums worth PLN 690 million while doubling its net profit and technical result as compared with 2018 and reaching a 31% market share on the mutual insurance market in Poland.
Polish insurer PZU informed
the the Supervisory Board positively evaluated the group's Management Board's motion to PZU's Ordinary Shareholder Meeting on the distribution of PZU's net profit for the year ended 31 December 2019.
Polish insurance group PZU (Powszechny Zaklad Ubezpieczen Spolka Akcyjna informed that on 6 April 2020 S&P Global Ratings changed the insurer' rating outlook from "Positive" to "Stable". At the same time, the agency affirmed PZU SA's financial strength rating at an unchanged level of "A-".