Piotr Nowak Undersecretary of State in the Ministry of Finance has taken part in the Energy and Treasury Commission meeting. He presented information about the current condition and development prospects of the insurance and banking sector.
The ministry’s representative said that the insurance sector is characterized by stability. He also presented data about the Polish insurance business. As he explained, at the of March 2018 60 insurance companies had permission to run insurance activity in Poland. 27 of them offered life insurance and others P&C products.
Insurers managed assets worth PLN 196b. As Nowak showed, in 2017 insurance companies earned PLN 62b premiums; 11% more than a year before. The gross written premium had impact on insurers’ financial results. They increased by PLN 1.5b to PLN 5.5b at the end of 2017.
“The newest data shows that after Q2 2018 gross written premium amounted to PLN 32.12b and was 1.7% higher than in 2017”, Nowak indicated.
“Solvency indicators for the whole insurance sector after Q1 2018 were on the safe level on 762% of minimum capital requirement (MCR) and 267% of solvency capital requirement (SCR)”, he added.
Nowak also mentioned the biggest challenge for the Polish insurers. According to him, it is adopting the insurance business to the new rules of the Act on insurance distribution.
