The Office of Competition and Consumer Protection (UOKiK) has concluded that there were no illegal activities in relation to the increase of prices in the motor insurance sector. The higher premiums were caused by the growing operating costs and deteriorating financial results of insurance companies, the UOKiK’s study found. In 2016 UOKiK decided to conduct a market study in which it analyzed whether the increase in MPTL price could be due to price collusion. UOKiK found there were economic factors causing the price hikes, such as the increase in the prices of repairs and medical services.
The European Insurance and Occupational Pensions Authority (EIOPA) submitted the draft Regulatory Technical Standards (RTS) to the European Commission adapting the base euro amounts for professional indemnity insurance and financial capacity of insurance intermediaries. The base amounts have been adapted taking into account the changes in the European index of consumer prices which increased by 4,03% in the relevant period from 1 January 2013 to 31 December 2017.
The Polish Commission on European Union issues has accepted the Polish government’s position on the European Commission’s proposal of amendments to the MTLP directive. Piotr Nowak, Undersecretary of State in the Ministry of Finance, said that the Polish government judges the Commission’s proposal favorably. However, according to the minister, there are same important modifications which should be implemented to the directive. Nowak proposed an extension to the term of transposition higher sum of insurance amounts from 12 months to 24 months. As he explained, due to this solution premiums will rise systematically, not steadily. He also stated that the definition of vehicle traffic is too wide. In practice it could cause that such vehicles as electronic bicycles and scooters will have to be insured.
The European Insurance and Occupational Pensions Authority (EIOPA) published its updated Risk Dashboard based on the first quarter 2018 data. The results of the first quarter of 2018 show that the risk exposure of the insurance sector in the European Union remains stable overall with a decline in macro and insurance risks and an increasing trend in market risks.