Property insurance companies report mostly losses, but PZU is an exception

Nearly all property insurance companies in Poland recorded a technical loss for the first nine months of 2000, while the revenues of the largest insurers increased only marginally. Powszechny Zaklad Ubezpieczen (PZU) and Hestia, the first and third players on the market, respectively, collected only 12% and 13.5% more in premiums this year, as compared with 1999. Warta, the second largest insurer, has collected 9% less premiums than last year. However, Allianz, no. 4 on the market, boosted premiums by 132%, while Daewoo TU, no. 5, recorded revenue growth of 52.3%. Only 4 out of the 22 largest insurers reporting their results have recorded a positive technical result. One of them is the state-owned giant PZU, which has a 60% market share and reported a technical profit of zl.166.5 million and a financial one of zl.347.2 million for the first three quarters of 2000. (Puls Biznesu, p.9)