Polish insurer PZU shares hit by massive floods
16/09/2024 09:23
** Shares in Poland's PZU PZU.WA fall as much as 4.4% due
to concerns over the impact of severe flooding that hit Poland
on the insurer's financials
** "Featuring a high degree of caution we believe that
potential additional compensations to be paid by PZU could reach
a maximum few hundred million zlotys," - Erste Group analyst
Lukasz Janczak says in a note
** "Even assuming PLN 500mn in a negative scenario, this
would mean approx. 8% negative impact on Group's EPS," he adds
** Poland's government was due to meet on Monday morning to
call a state of natural disaster
** "The situation will certainly be reflected in the level
of claims in Q3'24," Trigon brokerage says in a note, estimating
the impact for PZU at 500-800 million zlotys
** Still, the analysts say that PZU's share is difficult to
estimate as large part of the damage claims will be covered by
reinsurers
(Reporting by Tymon Miller)
((Tymon.miller@thomsonreuters.com))