PIU: Premiums written for insurers increased by 1.5% y/y in Q1-Q3
The value of written premiums collected by insurers amounted to PLN 47 billion in Q1-Q3 2019, which means an increase of 1.5% per year, the Polish Chamber of Insurance (PIU) said. The net profit of life insurers amounted to PLN 2 billion in Q1-Q3 2019 and was 5% higher than a year ago. The profit of property insurers amounted to PLN 3.9 billion, which means an increase by 6.2%, but PLN 1.3 billion from this result is a dividend from PZU Życie SA to PZU SA, already included in last year's net profit of life insurers.
“Expenditure on insurance related to the elements is increasing, but above all the value of claims paid is increasing. At the end of September 2019, insurers paid PLN 1.2 billion for the damages of natural forces, which is an amount of 23% higher than a year ago. PIU report entitled ‘The risk climate’ clearly shows that in the coming years the frequency of rapid weather events will increase, " Andrzej Maciążek, PIU vice president, said.
(ISBnews)
