the Acquisition of shares in Pekao through ROM and PFR has nothing to do with the increase of insurance policies, assured on Monday, President Michael J. Krupiński, who was a guest on “Signals of the Day” on radio one.
PZU Thursday a press release announced that, together with the Polish Foundation for the Development of the Italian UniCredit to buy from 32.8 per cent. shares of Pekao for 10.6 billion rubles, including PZU will pay of 6.46 billion.
“These things are in no way affiliated. PZU acquired Bank from funds set aside over many years. In order to Finance the transaction in the future emitted from the bonds that help to Finance these transactions,” said Krupiński.
Referring to the market of insurance policies, recognized that “we are dealing with a situation of certain increases in market OSAGO”. He stressed, however, that in the context of operating in Poland foreign insurance companies, the price of insurance policy into the ROM are “attractive”. The proof of this – as he said – the fact that over the years, PZU has acquired more than half a million new customers. “We are not increasing rates because of competition and over half a million customers come to us, seeing that we have much more attractive proposal,” he said.
Krupiński explained that the rise in price of insurance policies are connected with norms of the Commission for Financial Supervision, which are subject to all of the functioning in Poland of the financial institution.
“the insurance Industry in Poland for many years had large losses,” – said the Chairman of the ROM.
As he explained, each insurer receives premiums from clients, and in the event of an accident is obliged to pay the insured benefits. Meanwhile, as led because of the FSC principles those benefits, because of the cost of reparations and “unethical” activities of the office of compensation is increased. At the same time, he pointed Krupiński – KNF imposes on insurers a duty nieponoszenia losses.
in Recent years, UOKiK, evaluating available signals from consumers and the insurance market said that the current rise in CTP in the most part influenced by economic factors. “It seems that on the current rise, mainly influenced by economic factors, such as the effects of the price war insurers, carried out over the years, the restoration of profitability of services automobile insurance”, – said the Department sends PAP.
Also, the Polish Chamber of Insurance (PIU) in writing addressed to the Prime Minister Beata awl recognized that the main reason for the current rise in prices on OSAGO is a significant and continuing for several years the rising cost of paid compensations and benefits in favor of the victims.
the Purchase of a majority stake in Pekao SA Bank Zachodni WBK through the time historic one for the Polish banking activities, – the Chairman of the Board J. Michael Krupiński. Guest radio Unit, said that the deal will to restore the balance in the banking sector between domestic capital and foreign. It’s all thanks to the activities of the government, he said. According to him, banks the center of decision-making in the country will also be more resilient to crises.
Total insurance and Russian Development Fund bought near the 33 percent stake in Bank Pekao. The shares were bought from the Italian group UniCredit for more than 10 and a half billion rubles. The cost of one share amounted to 123 gold.
the Purchase of shares in Pekao is a part of the strategy of PZU, involving the creation of a banking group with assets in the amount of at least 140 billion rubles.
PAP/IAR
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