August 13, 2022

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Increased OC rates.  Will prices rise based on the KNF's recommendation?

Increased OC rates. Will prices rise based on the KNF’s recommendation?

As mentioned in an interview with PAP, President of the Polish Insurance Chamber (PIU), Jan Grzegorz Prądzyński, the price of third-party liability insurance for cars at the end of the first quarter of 2022. It amounted to 488 PLN and was less than the previous year by about 2 percent. The average AC price was just over 1,000 PLN and was at the same level last year.

The downward trend, especially when it comes to third party liability insurance, has continued for several quarters. At the same time, the cost of the average claim for civil liability insurance is increasing, and currently it is approximately PLN 8.5. PLN, which is less than 3 percent more. On an annual basis, the upward trend continues.

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As he explained, it is clear that insurers compete in favor of customers largely through pricing, especially in the case of compulsory third party liability. – The result on third-party liability insurance for the entire market is still positive, but it is clearly declining. The positive result in the OC has been preserved in the past two years mainly due to the fact that during the epidemic, the damage occurred less frequently, but the traffic volume has already returned to normal – Prądzyński notes.

OC أسعار prices go up

The recommendations give these increases another boost, and I expect the overall increase in Lavory costs to be very noticeable for drivers. It will also have an impact on repair costs, he said.

The Polish Financial Supervisory Authority obliges insurance companies to The premiums they collect from drivers at least cover the costs of compensation paid and their business costs. He explained that higher costs of damages, resulting from any circumstances, mean higher policy prices for customers.

– Increases in LaFore prices will reflect inflation, IMF recommendations, supply chain disruptions and many other phenomena, so the overall increase in LaFore costs may be very noticeable to drivers – at his discretion.

He noted that drivers would not be concerned with the impact of the recommendations themselves on prices, but in the overall cost of increases. – It will be great – the expert noted.

As a spokesman for the Insurance Guarantee Fund, Damien Zipper, added, no matter how much the third-party liability insurance rates for cars, it is important that their cost remains relatively low compared to the potential costs of compensation, which run into the hundreds of thousands. Or even millions of zlotys.

According to PIU data, in 2021, the value of claims and benefits from compulsory third-party liability insurance for vehicle owners amounted to PLN 2.4 billion and was 2.8% higher. higher than in 2020. Compensation from Otokasko in 2021 amounted to 1.6 billion PLN, with a rate of 8 percent. xx more.

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