Poland’s mandatory insurance policy premiums for vehicle owners and farmers might increase slightly following the government-proposed hike of the minimum liability coverage, Ministry of Finance wrote in an impact study to the draft bill.
„An increase of the size of the insurance premium on account of mandatory automotive insurance and farmers’ insurance is possible in relation to the increase of the minimum liability coverage,” the ministry wrote, citing the opinion of insurers lobby PIA obtained in the course of preliminary consultations.
The minimum liability coverage is to be hiked by the amount representing a percentage change of CPI in the period of five years calculated as of the end of the transition period (4.14%) and rounded to the multiple of EUR 10,000, the ministry specified.
The increase of the minimum liability coverage could also result in an increase of insurance claims for past accidents, the ministry also said.
