Last Monday, Jacek Jastrzębski, Chair of the KNF, delivered opening remarks at a conference organised by the European Financial Congress: ‘EKF Insurance 2025’. 

He emphasised that the conference was a unique opportunity for discussing – also with representatives of the financial supervisor – the main challenges and opportunities facing the Polish insurance sector. Referring to the challenges, he talked about a ‘new reality’ Poland had found itself in following the recent incursion of unmanned aerial vehicles (drones) into Poland’s airspace and a possible future impact of that phenomenon on the insurance market in terms of potential losses caused by that kind of violations. He made it clear that the insurance market might need to take a look at contractual clauses excluding the liability of insurance undertakings, which also may require a deeper discussion about to what extent the traditional distribution of risks between the insurer and the insured would be compatible with general social expectations.

He pointed out that the planned responsible execution of major unprecedented investment projects regarding, for example, energy transition would require appropriate insurance coverage and a related appropriate product offer from insurance undertakings. He said that in that context, insurers fell into the natural category of long-term strategic investors who could become involved in such projects. 

Jacek Jastrzębski also emphasised the role of AI technology development, which represents – from the perspective of the insurance market – a huge opportunity but also a challenge when it comes to building resilience against vulnerabilities to cyber threats. 

Krystian Wiercioch, Deputy Chair of the KNF responsible at the UKNF for the insurance sector, gave an opening speech, in which he talked about, among others, an insurance gap understood as a part of risk which is not covered by insurance or is covered inadequately. He said it was one of the major challenges facing the insurance market in Poland. He also addressed the challenges related to the conduct of business by foreign insurance undertakings operating in the Polish market under the freedom to provide services or the freedom of establishment. We invite the readers to see the full speech by Krystian Wiercioch.