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Reinsurance cover in PZU Group secures insurance activity, reducing the consequences of the occurrence of catastrophic events which could adversely affect the financial standing of insurance companies. This objective was realized through mandatory reinsurance contracts supplemented with facultative reinsurance.
Reinsurance contracts of PZU
In 2016, the main partners providing treaty reinsurance cover to PZU were: Munich Re, Hannover Re, Scor and Swiss Re. As per S&P/AM Best, ratings of PZU reinsurance partners are high, which is an evidence of reinsurer’s good financial standing and guarantees security to the Company.
PZU uses concluded reinsurance contracts to mitigate its exposure to catastrophic losses (e.g. flood, hurricane) through, among others, a catastrophic non-proportional excess of loss contract and to the consequences of large one-off losses by non-proportional excess of loss contracts protecting property, technical, marine, aviation, TPL and MTPL portfolios. PZU’s risk is also mitigated through reinsurance of the financial insurance portfolio.
In 2016, the main partners providing treaty reinsurance cover to PZU were: Munich Re, Hannover Re, Scor and Swiss Re. As per S&P/AM Best, ratings of PZU reinsurance partners are high, which is an evidence of reinsurer’s good financial standing and guarantees security to the Company.
PZU’s activity in the area of inward reinsurance includes other PZU Group’s insurance companies. Further commitment to the protection of Baltic companies and LINK4 resulted in an increase in the related written premium.
Reinsurance share from PZU obligatory contracts as per S&P/AM Best rating
In addition, PZU obtains gross written premium from inward reinsurance from activity on the domestic and foreign market, mainly through optional reinsurance.
Reinsurance contracts – PZU Życie
Outward reinsurance contracts concluded by PZU Życie protect PZU Życie’s portfolio against the accumulation of risks, as well as protect individual policies with higher sums insured.
QBE, RGA, and Mapfre are the partners providing reinsurance cover to PZU Życie. As per S&P, ratings of the reinsurance partners are high, which is an evidence of reinsurer’s good financial standing and guarantees security to the Company.
Reinsurance share from PZU Życie obligatory contracts as per S&P rating
Reinsurance contracts of foreign companies of PZU Group and LINK4 and TUW PZUW
Other insurance companies of PZU Group, i.e. PZU Ukraine, Lietuvos Draudimas, Lietuvos Draudimas branch in Estonia, AAS Balta, LINK4, and TUW PZUW have reinsurance cover that matches their business profile and financial position. Every significant insurance portfolio is secured by a treaty contract. The reinsurance cover is provided mainly by PZU, which transfers a portion of the accepted risk outside the Group.
