Underwriting i polityka lokacyjna zakładów ubezpieczeń w kształtowaniu taryf na rynku ubezpieczeń majątkowych
Underwriting and investment policy of insurances companies in creating rates on the market of property insurance

Summary/Abstract: There has been observed a substantial reduction in prices of motor insurance and property insurance since 2013 in Poland. It requires to raise questions about the causes and consequences of this situation. In 2008-2012 we watched a hard market period –average rates applied by insurance companies increased, many insured objects were unable to get insurance coverage on the Polish insurance market (eg. manufacturing of wood products, the production of plastic) or a scope of insurance was restricted (insurance contract did not offer protection against fire). However, a complete reversal of the trend was observed in 2013. The rates fell by up to 70% within 12 months in various areas of the insurance market (MTPL, big enterprises in the area of property insurance and liability). The question is what factors affected underwriting and what reasons caused such a drastic change in the approach to the same subjects of insurance. As to the authorsnowadays we are observing a decrease of importance of the real assessment process of the risks in relation to the specific subject of insurance. It is more important to assess conditions in a particular industry or loss ratio in the type of insurance objects. It is said that, in Polish conditions, an important factor in changing market trends was also a surplus of capital held by insurance companies. An alternative to the decreasing rate of return used to be in a price competition on each subject of insurance which could give an opportunity to gain high level of premiums written by the insurance. The results of this study do not confirm that argument.

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