Insurance industry faces revolutionary challenges, says CEO of PZU insurer

"The insurance industry is associated with, and should be associated with, stability, predictability and long-term thinking. However, today we are facing revolutionary trends and challenges. We have a growing problem of massive climate damage, profound demographic changes and geopolitical risks," CEO Benczak said.

"Added to this are rapid technological advances in artificial intelligence, the energy transformation of the Polish economy and major investments related to security in the broadest sense," he added, declaring that PZU wants to actively participate in managing these historic changes and co-create a new face of insurance.

As PZU's CEO noted, one of the main challenges that needs to be addressed is the insurance gap.

"In a situation where massive weather damage is becoming so frequent, where demographic changes are creating new risks in terms of financial and health security, where non-standard threats related to, among other things, hybrid warfare are emerging, reducing the insurance gap is becoming a key issue from the point of view of the interests of the entire state and society," Benczak assessed.

Among other serious challenges, he also mentioned demographic changes, the ageing of society and negative consequences of climate changes.

The CEO stressed that the time for cross-industry solutions has come.

"I think we all feel that it is time for cross-industry solutions. Hence, the discussion on systemic catastrophe insurance is very important for strengthening the resilience of the entire state and society," he pointed out.

Benczak added that huge investments in energy, infrastructure and defence are also an important challenge for the industry.

"As the PZU group, we are and will continue to be constructively involved in these processes, as exemplified by, among other things, the construction of a nuclear pool coordinated by TUW PZU," he said.

pel/ ao/