Hurricane Risk and Property Insurance in Poland

Joanna Bak

Faculty of Economic Sciences, University of Warmia and Mazury in Olsztyn
https://orcid.org/0000-0002-6303-5740


Resumen

The objective of this paper is to identify the current situation and the trends in the market of property insurance offering protection against hurricane risk. This paper presents data on strong winds in January and February 2022 in Poland and the damage caused by them. Information from the General Headquarters of the National Fire Service, from the Energa Group of Companies and from individual insurance companies was used. The analysis was performed for insurance market data, and it focused on group 8, Section II (insurance against the element risk). To this end, the Annual Reports of the Polish Insurance Chamber and the Financial Supervision Authority for the past five years were used.

Climate changes carry with them catastrophic phenomena whose frequency is growing. These include hurricanes, which have been causing multi-million property losses in recent years. Insurance companies include various aspects in the protection, which enables the policyholder to customize the product to their needs. Clients opt for this type of protection increasingly often. The gross written premium in insurance against elements and the number of active insurance policies is growing. The premium amount increased by more than 46% during the study period, and the number of active insurance policies increased by nearly 19%.


Palabras clave:

catastrophic risk, hurricane risk, insurance against elements, property insurance


Energa Operator. (2022). Retrieved from https://energa-operator.pl/ (24.02.2022).   Google Scholar

KNF. (2022). Komisja Nadzoru Finansowego. Retrieved from https://www.knf.gov.pl (06.09.2022).   Google Scholar

Komenda Główna Państwowej Straży Pożarnej. (2022). Retrieved from https://www.gov.pl/web/kgpsp (31.01.2022).   Google Scholar

Kwaśnicki, W. (2020). Ocieplenie klimatu, degradacja środowiska? Rynek jest odpowiedzią! Retrieved from https://www.obserwatorfinansowy.pl/tematyka/makroekonomia/trendy-gospodarcze/ocieplenie-klimatu-degradacja-srodowiska-kapitalistyczny-rynek-jest-odpowiedzia/ (24.02.2022).   Google Scholar

Michalski, T., Śliwiński, A., Pajewska-Kwaśny, R., & Tomaszewska, I. (2016). Ryzyko katastroficzne. Warszawa: PWE.   Google Scholar

Natural Catastrophes and Reinsurance. (2022). Swiss Re Institute. Retrieved from https://www.swissre.com/institute/search-page.html?searchterm=Natural+catastrophes+and+reinsurance (02.03.2022).   Google Scholar

Ogólne warunki ubezpieczenia PZU Dom. (2021). Uchwała Zarządu Powszechnego Zakładu Ubezpieczeń Spółki Akcyjnej nr UZ/255/2021 z dnia 14 września 2021 r. Retrieved from https://www.pzu.pl/_fileserver/item/1533511 (06.09.2022).   Google Scholar

Rydlewska, K., & Sasik, S. (2022). Silne wiatry rozdmuchują ceny ubezpieczeń mienia. Retrieved from https://www.eib.com.pl/public/Silne-wiatry-a-ubezpieczenia (02.03.2022).   Google Scholar

Skibińska, R. (2022). Katastrofy naturalne powodują coraz wyższe straty. Obserwator Finansowy. Retrieved from https://www.obserwatorfinansowy.pl/tematyka/rynki-finansowe/bankowosc/katastrofy-naturalne-powoduja-coraz-wyzsze-straty/   Google Scholar

Stempel, R. (2020). Preformance of the polish insurance sector in the second decade of the 21st century. Olsztyn Economic Journal, 15(3), 251-264. https://doi.org/10.31648/oej.6542
Crossref   Google Scholar

To było piekło. Cztery lata po nawałnicy w Borach Tucholskich. (2021). TVP3. Bydgoszcz. Retrieved from https://bydgoszcz.tvp.pl/55314908/cztery-lata-po-nawalnicy-w-borach-tucholskich (09.09.2022).   Google Scholar

Trzęsienia ziemi, tornada, tsunami. Największe katastrofy naturalne na świecie i w Polsce. (2021). National Geographic Polska. Retrieved from https://www.national-geographic.pl/artykul/najwieksze-katastrofy-naturalne-trzesienia-ziemi-tornada-tsunami-co-sie-dzialo-na-swiecie-iw-polsce (02.03.2022).   Google Scholar

Ubezpieczenie mieszkaniowe. Dokument zawierający informacje o produkcie ubezpieczeniowym. (2021). TUiR WARTA SA. Retrieved from https://www.warta.pl/documents/oferta_dla_ciebie/OWU_WARTA_Dom_C7172_int.pdf (06.09.2022)   Google Scholar

Ustawa z dnia 11 września 2015 r. o działalności ubezpieczeniowej i reasekuracyjnej. Dz.U. z 2015 r., poz. 1844.   Google Scholar

Weather, Climate & Catastrophe Insight 2020 Annual Report. (2021). Aon PLC. Retrieved from https://www.aon.com/global-weather-catastrophe-natural-disasters-costs-climate-change-2020-annual-report/index.html (02.03.2022).   Google Scholar

Weather, Climate & Catastrophe Insight 2021 Annual Report. (2022). Aon PLC. Retrieved from https://www.aon.com/weather-climate-catastrophe/index.aspx?utm_source=virtual-event& utm_medium=link&utm_campaign=ri_esg-climate-change_all_rin_global_all&utm_content=gatedcontent&utm_term=2021-report (02.03.2022).   Google Scholar

Wszystko o ubezpieczeniu ERGO 7. (2022). ERGO Hestia. Retrieved from https://cdn.bsbox.pl/files/hestia/MDk7MDA_/9efe1c11d1bc374b71c45c7fbe3b18bb_documents-7ef2896d-a519-4c20-8ee7-fb452efedd70.pdf (06.09.2022).   Google Scholar


Publicado
2022-09-30

##plugins.themes.libcom.cytowania##

Bak, J. (2022). Hurricane Risk and Property Insurance in Poland. Olsztyn Economic Journal, 17(1), 49–57. https://doi.org/10.31648/oej.8409

Joanna Bak 
Faculty of Economic Sciences, University of Warmia and Mazury in Olsztyn
https://orcid.org/0000-0002-6303-5740



Licencia

Creative Commons License

Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial-SinDerivadas 4.0.

An Author declares that his paper has not been published before (under the same or another title, or is a part of another publication) and does not infringe copyrights of other persons**. At the same time, the Author transfers to the Publisher the exclusive right to publish and to circulate this work in print in the form of a non-serial journal publication and in a form of an electronic publication.

Author's statement

The journal is available on Creative Common license CC-BY-NC-ND