The portal Wyborcza.biz passed on information that insurance companies are planning employment reduction. As many as 1,500 people from the insurance sector may lose their jobs. This is caused by reducing costs and looking for savings by insurance companies.
This speculation is repeated by Franz Fuchs, CEO of Vienna Insurance Group. He points out the overall bad condition of the industry recently, which, according to the director’s opinion, confirmed the frequent changes in the boards of companies, the decrease in interest in the Polish market among foreign investors and mergers of companies. In every market changes occur, but it all depends on how they are introduced. For example, regulations that exist in similar form in other countries or regulations concerning certain products should be introduced, but drastic changes should not enter into force from day to day – said Fuchs.
Recent regulations imposing additional obligations on insurers and forcing changes in their business strategies had an impact on the weak situation of the Polish market. To these regulations are included the act introducing a tax on the assets of financial institutions, the amendment to the Act on competition and consumer protection and recent recommendations of the Polish Financial Supervision Authority. Almost all of these documents took effect overnight, preventing companies from preparing for the new regulations.
