Krystian Wiercioch, Deputy Chair of the KNF, delivered opening remarks at the 14th Congress of the Polish Chamber of Insurance (PIU).

He assessed that the Polish insurance market was stable and solvent but its development remained incommensurately low in comparison to the economy’s potential and the growing wealth of the society. The biggest threat to further development of the sector is ‘the low-price trap’, which leads to underestimation of risk and to lowering the quality of protection. The UKNF intends to develop a flexible, partnership-based supervisory model, supporting safe market growth, appropriate valuation of products, and better preparation of the sector for new technological, climate and geopolitical risks.

We invite you to read the full text of the address.

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