Q3 insurance sector results, Allianz leads the way

Despite the stagnation which has plagued the insurance market, the leading insurance companies have managed to increase their financial results. Among the potentates, two strategies prevailed. On one hand, PZU and Allianz focused on ways of achieving the best financial results possible, which resulted in a decrease of sales, but an increase in profit. On the other hand, their main competitors, Warta, Ergo, Hestia and Samopomoc, have been increasing their sales, with Warta proving to be the most successful. The companies' problems over the first three quarters are attributed to the fact that insurance claims have been exceeding revenues from insurance contributions. PZU and Allianz blame their problems on the fact that many people are either switching their car insurance to other companies, or not paying them at all. The tough market has forced insurance companies to cut costs, which has finally begun to pay off. The growing interest in household, industry and small-business insurance, helped insurers to recover. PZU's net income is estimated at zl. 702 million and Allianz is believed to have made a zl. 40 million profit, which is especially stunning considering that last year the company posted a zl. 10 million loss. (Puls Biznesu, p. 4) K.Z.