PZU the loser in the 2002 insurance market as smaller companies grow

The PZU Group is the greatest loser in the insurance sector in 2002. According to a report by the Insurance and Pension Funds Supervision Commission (KNUiFE), the property insurance market shrank in 2002 and the increase in premiums was only 0.86%, which is less than in 2001. In life insurance, during 2002, premium's increased by 6.93%. The winner in the property insurance market was Ergo Hestia which increased its market share by 0.74%, while PZU's decreased to 57.32% from 55.87% last year. In life insurance, Prumerica reported a 1.68% market share growth, which meant it almost picked up PZU Zycie's market loss of 1.41%. The 2002 results underline a tendency for the biggest insurers to lose out to smaller companies. (Puls Biznesu, p. 12) J.K.