Three weeks ago, the Polish Financial Supervision Authority (KNF) imposed a financial penalty on two Polish insurance companies for conducting a price war in the motor insurance segment in years 2011-2015. The punishments were imposed on TUZ Towarzystwo Ubezpieczeń Wzajemnych and Compensa Towarzystwo Ubezpieczeń S.A. Vienna Insurance Group (as Benefia’s legal successor).
The Polish Financial Supervision Authority stated in a brief that the insurance companies were punished for estimating premiums on a level which do not ensure the performance of the insurance contractual obligations and coverage costs of insurance companies’ activity in the car insurance sector. TUZ has to pay PLN 260,000 and Compensa PLN 600,000.
