Polish insurance market needs surety reinsurance support: Smartt Re

Smartt Re CEO Tomasz Libront believes the Polish insurance market needs to open up to wider cooperation with foreign reinsurance markets in order to gain capacity for large construction projects.

The broker notes that the combined involvement of banks and insurance companies in the Polish construction sector has exceeded PLN 50 billion (USD 12 billion) in recent years, of which PLN 20 billion is attributable to the insurance sector and over PLN 30 billion to the banking sector.

At the same time, the last 10 years have witnessed a significant increase in the duration of bonds required as collateral, which slows down the process of releasing bonding capacity for new investments.

Libront therefore suggests that greater cooperation with foreign reinsurance markets could enable Polish insurers to gain additional, unprecedented bonding capacity for new, multi-billion dollar construction projects.

“This is an attractive prospect for a reinsurance broker such as Smartt Re, which is highly specialised, especially in finding capacity on international markets for difficult risks and demanding projects,” said Libront.

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