Wpływ pandemii COVID-19 na sektor ubezpieczeń GPW w Warszawie S.A.
The Impact of the COVID-19 Pandemic on the Insurance Segment of the Warsaw Stock Exchange

Summary/Abstract: Purpose: The article aims to assess the impact of the COVID-19 pandemic on the insurancesector of the Warsaw Stock Exchange S.A. in 2019–2021.Design/Methodology/Approach: Quarterly financial reports were used to conduct the study.The economic condition was examined using elements of financial analysis, and the valuationwas based on the analysis of market rates of return. Findings: The results allowed us to conclude that the COVID-19 pandemic harmed the insur-ance sector of WSE. Due to the differences in the parameters of the size of capitalization, thescope of services provided, the territory of operation and the structure of sources of income,the effects of the pandemic are significantly different. The pandemic had a minor impact onthe financial condition of PZU S.A., however, the economic condition of the remaining analysedentities deteriorated. The market valuation in the analysed period also varied two companiesrecorded a significant decline in rates of return compared to the rate of return of the WSEbenchmark, while the remaining two achieved rates of return higher than the rate of returnof the WIG index.Research limitations/implications: In the conducted research, the limitations were: a smallresearch sample – a small number of studied companies and the specific nature of the ana-lysed industry insurance companies are characterized by a different nature compared to theothers, which resulted in the specific selection of elements of financial analysis in the con-ducted study.Originality/value: The article raises the issue of the impact of the COVID-19 pandemic on thefinancial condition and market valuation of a specific industry.

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