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- strategy (insurance, health, investments, finances);
- sustainable development (sales, employees, social responsibility, natural environment and ethics).
The above-mentioned areas were additionally supplemented with related GRI indicators, within each selected issue.
In the CHAPTER
GRI
- 102-7 Scale of the reporting organization
- 103-2 Approach to management and its elements
- 103-3 Evaluation of the approach to management
- 201-1 Direct economic value generated and distributed
- 102-13 Membership in associations and organizations
- 102-40 List of stakeholder groups engaged by the reporting organization
- 102-42 Basis for identification and selection of stakeholders engaged by the organization
- 102-43 Approach do engaging stakeholders, including the frequency of engagement by stakeholder type and group
- 102-44 Key issues and concerns raised by stakeholders and the organization’s response, also by reporting them
In the CHAPTER
GRI
- 102-8 Data pertaining to employees and other persons working for the organization
- 103-2 Approach to management and its elements
- 103-3 Evaluation of the approach to management
- 404-1 Average number of hours of training per year per employee
- 404-2 Managerial skill development and continuing education programs supporting continuity of employment of employees and facilitating the retirement process
- 404-3 Percentage of employees subject to regular assessments of work quality and professional development reviews, by gender and employment category
- G4-FS16 Initiatives to enhance financial literacy by type of beneficiary
In the CHAPTER
In the CHAPTER
GRI
- 103-3 Evaluation of the approach to management
- 307-1 Cash value of penalties and total number of non-financial sanctions for non-compliance with the law and/or regulations on environmental protection
- 301-1 Raw materials/materials used by weight and volume
- 302-1 Energy consumption by the organization, taking into account the types of raw materials
- 302-4 Reduction of consumption of energy
In the CHAPTER
GRI
- 102-9 Description of the supply chain
- 102-11 Explanation of whether and how the precautionary principle is addressed by the organization
- 102-15 Description of key impacts, opportunities and risks
- 102-16 Organization’s values, code of ethics, principles and norms of behavior
- 102-17 Internal and external mechanisms making it possible to obtain advice regarding the behaviors in ethical and legal issues and issues associated with the organization’s integrity
- 103-2 Approach to management and its elements
- 103-3 Evaluation of the approach to management
- 102-5 Organization’s form of ownership and legal form
- 102-18 Organization’s supervisory structure along with the commissions that report to the highest supervisory body
- 205-1 Actions assessed in terms of threats associated with corruption
- 205-2 Communication and training on anti-corruption policies and procedures in the organization
- 206-1 Legal steps taken against the organization for cases of violating the principles of free competition and monopolistic practices
- 405-1 Composition of supervisory bodies and employees broken down into employee groups by gender, age and other diversity factors
- 406-1 Total number of discrimination cases and corrective measures taken in this regard
- 419-1 Non-compliance with the law and socio- economic regulations
In the CHAPTER
GRI
- 103-2 Approach to management and its elements
- G4-FS13 Access points to sparsely populated areas that are less economically developed
- G4-FS14 Initiatives undertaken to improve access to financial services for disfavored persons
- G4-FS15 Policies for the fair design and sale of financial products and services
- 417-1 Internal requirements concerning the labeling of products and services and information regarding them
- 417-2 Incidents of non-compliance with regulations and voluntary codes concerning the labeling of products and services and information regarding them
- 417-3 Incidents of non-compliance with regulations and voluntary codes concerning marketing communications
Read more:
- Client at the center of attention
- Innovations
- Responsible sales
- Insurance
- Banking and strategic partnerships
- Working conditions
- Employee development
- Knowledge sharing
- Enhancing safety
- Health
- Improvement of living conditions in local communities
- Our impact on the natural environment
- Practical challenges in managing direct impact
- Products and adaptation to climate change
Business model
Employee
CSR
Environment
- Ethical foundations of business operations
- Preventing corruption and conflict of interests
- Diversity and respecting human rights
- Whistleblowing system
- Transaction security
- Risk management, taking into account non-financial risk
- Risk appetite
- PZU Group’s risk profile
- Reinsurance operations
- Polish and Baltic States insurance sector compared to Europe
- Regulations pertaining to the insurance market and the financial markets in Poland
- Non-life insurance (PZU, LINK4 and TUW PZUW)
- Life insurance (PZU Życie)
- International operations
- Contribution made by the market segments to the consolidated result
Risk and ethics
Market
Business
Financial results
Read more:
- Client at the center of attention
- Employee development
- Health
- Cultural patronage
- Practical challenges in managing direct impact
- Ethical foundations of business operations
- Diversity and respecting human rights
- Whistleblowing system
- Transaction security
- Risk appetite
- PZU Group’s risk profile
- Risk vulnerability
- Capital management
Business model
Employee
CSR
Environment
Risk and ethics
Read more:
- New approach to sales
- Working conditions
- Employee development
- Diversity and respecting human rights
Business model
Employee
Risk and ethics
Read more:
- Client at the center of attention
- Medical services (Health)
- Working conditions
- Enhancing safety
- Health
Business model
Employee
CSR
- Our impact on the natural environment
- Practical challenges in managing direct impact
- Diversity and respecting human rights
- Medical services (Health)
Environment
Risk and ethics
Business
Polish and Baltic States insurance sector compared to Europe
The European insurance market generates approximately 30% of the world’s gross written premium3. According to data published on October 30, 2018, insurers operating in Europe, in countries affiliated to Insurance Europe, obtained in 2010 EUR 1 213 billion in premiums4. In 2015-2017, the European insurance market grew at an average rate of 0.6%.
In 2017, the statistical European spent EUR 2,030 on insurance, whereas the average Pole spent EUR 380, or more than 5 times less. Insurance spending in the Baltic states was even lower. In 2017, the average Lithuanian spent EUR 278 on insurance, the average Estonian spent EUR 251 and the average Latvian spent EUR 123. In 2017, the average Ukrainian spent only EUR 33 on insurance.
In Poland, the market insurance model has been developing since 1990. Currently, Poland has the largest insurance market in Central and Eastern Europe. However, even though the size of this market (as measured by gross written premium) doubled between 2008 and 2017, it still
remains way behind Western Europe. In 2017, total gross written premium in the Polish market was EUR 14.4 billion (compared to EUR 7.0 billion in 2008). Europe’s largest insurance market is the United Kingdom (with EUR 283.6 billion in gross written premium in 2017). Markets above the EUR 100 billion gross written premium threshold include France (EUR 211.6 billion), Germany (EUR 198.0 billion) and Italy (EUR 131.0 billion).
Written premium per capita (2017, EUR) in relation to the growth rate of the insurance market (2015-2017, EUR)
Source: Eurostat, Insurance Europe, Swiss Re Institute (Sigma 3/2018)
In terms of size, the Polish insurance market also trails certain West European countries with a significantly smaller population than Poland, including Austria (EUR 17.1 billion in gross written premium in 2017), Belgium (EUR 25.8 billion), Denmark (EUR 31.2 billion), Finland (EUR 22.8 billion), the Netherlands (EUR 70.0 billion), Switzerland (EUR 48.9 billion) and Sweden (EUR 33.5 billion)5.
The structure of the Polish market is dominated by non-life insurance (approx. 60% of the market), with the majority of gross written premium generated by motor insurance. In 2017, gross written premium collected on motor third party liability insurance and motor own damage insurance accounted for 36% of the entire market’s gross written premium6. The share of life insurance in Poland’s total gross written premium (approx. 40%) was, in turn, a third lower than the European average. A similar structure of insurance markets is also typical of the Baltic states. In those countries, life insurance, on average, accounts for less than 30% of total gross written premium. This structure is completely different from that of West European countries where life insurance takes the bigger chunk of the market. In 2017, nearly 58.5% of insurance premiums in Europe was generated in life insurance, 30.6% in non-life insurance and 10.9% in health insurance. Countries with the most developed life insurance market are countries that also have the largest insurance markets. These include Italy (in 2017, life insurance accounted for 75.3% of gross written premium), the United Kingdom (69.5%), France (63.6%) and the Scandinavian states: Finland (81.3%), Sweden (78.5%) and Denmark (70.6%).
Poland’s insurance penetration rate, which is the ratio of total gross written premium to gross domestic product (GDP), is below the European average. In 2017, this rate stood at 3.1%, whereas the Europe average was 7.5%7. Even lower penetration rates were achieved in the insurance markets of Lithuania (1.9%), Ukraine (1.5%), Estonia (1.4%) and Latvia (0.9%). The highest penetration rates were recorded by the United Kingdom (12.2%), Denmark (10.8%), Finland (10.2%) and the Netherlands (9.5%).
Analyzing the penetration of insurance in relation to GDP per capita, it should be expected that the Polish insurance sector will develop alongside Poland’s economic development (growing GDP), greater affluence of the society (increasing disposable household incomes) and growing insurance awareness of the local population, which was exactly the path taken by West European countries. Between 2013 and 2017, the insurance penetration rate in Poland increased by 1.1 percentage points, from 2.0% in 2013 to 3.1% in 2017.
Insurance penetration to GDP per capita in Europe (2017, EUR)
Source: Eurostat, Insurance Europe, Swiss Re Institute (Sigma 3/2018)
3 Swiss Re, Sigma No. 3/2018: “World insurance in 2017”
4 Insurance Europe, https://insuranceeurope.eu/insurancedata
5 Swiss Re, Sigma No. 3/2018: “World insurance in 2017”
6 Source: KNF (www.knf.gov.pl). Quarterly Bulletin. Insurance market 2017
7 Isurance Europe, https://insuranceeurope.eu/insurancedata
