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PZU Group’s claims paid and technical provisions

PZU AR 2021 > Results > Comment on the financial results for 2021 > PZU Group’s claims paid and technical provisions
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In 2021, net claims and benefits (taking into account the movement in technical provisions) reached PLN 15,731 million, and were 1.0% higher than the year before. This change was driven primarily by:

  • in life insurance: an increase in benefits for the insureds’ and co-insureds’ death in 2021, which is correlated with the frequency of these events in the overall population according to the data published by Statistics Poland (GUS);
  • higher benefits in riders related to hospital treatment and surgical operation as well as permanent disability and dismemberment in group and continued insurance, as a result of unusually low benefits last year due to lower activity related to the onset of the pandemic;
  • decrease in the unit-linked life insurance technical provisions, both as an effect of lower payments into unit-linked funds as well as lower results on investment activity in comparison to the results generated last year (the latter effect has no impact on the PZU Group’s total net result; the item is the outcome of lower investment results on the portfolio of assets held to cover investment products);
  • higher loss ratio in motor insurance, resulting from higher claim frequency in motor TPL insurance (gradual return to the natural loss ratios after the pandemic) in the mass insurance segment, and reduction of the average payout;
  • in the mass client segment, a lower loss ratio than a year before caused by atmospheric phenomena, including rainfall and hail;
  • in the corporate client segment, a better loss ratio in natural catastrophe insurance and various financial risks insurance (in 2020, a higher loss ratio on the medical entity insurance portfolio).