Smartt Re CEO Tomasz Libront believes that 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 more than PLN 20 billion. PLN 30 billion to the banking sector. sector.
At the same time, the last 10 years have seen a significant increase in the duration of the obligations required as collateral, which slows down the process of releasing surety capacity for new investments.
Libront therefore suggests that greater cooperation with foreign reinsurance markets could allow Polish insurers to acquire additional and unprecedented surety capacity for new multibillion-dollar construction projects.
“This is an interesting prospect for a reinsurance broker like Smartt Re, which is very specialized, particularly in seeking capacity in international markets for difficult risks and demanding projects,” said Libront.
Radomil Mioduchowski, Head of Security at Smartt Re, also said: location. “
“The planned multi-billion dollar investments are one thing,” he continued. “The Polish bond segment will be more affected by rising inflation. This will certainly increase the value of individual contracts and therefore proportionately the required bond amounts. We are therefore ready to present and explain the need of the Polish insurance market to international reinsurance players.
Smartt Re is one of the largest Polish reinsurance brokers specializing in finding capacity in international markets to cover large and difficult-to-insure risks in the energy, infrastructure, marine, aviation or new technologies.