The President of the Polish competition authority has initiated an inquiry to determine whether unfair practices have occurred in the offering, selling, and execution of 'all risks' property insurance contracts. This investigation aims to assess whether consumers are adequately informed about the actual coverage provided by these insurance policies.

'All risks' insurance is designed to cover a wide range of unforeseen events, except those explicitly excluded in the contract. However, the term 'all risks' can be misleading, as it may imply comprehensive coverage while the actual list of exclusions could significantly limit the insurer's liability. The authority is concerned that consumers may not fully understand the extent of their coverage, leading to potential difficulties in claiming benefits.

The President emphasized that consumers should have confidence that the coverage of 'all risks' insurance aligns with the promises made by insurers. Contracts should be clear and transparent, with any exclusions clearly defined at the time of offering the policy. Otherwise, consumers may be misled about the extent of their insurance protection.

The competition authority has previously taken action in the insurance market, highlighting products that could mislead consumers regarding their actual coverage. 'All risks' policies are increasingly marketed as comprehensive protection against unforeseen events, but issues arise when contracts are opaque or contain numerous broad exclusions. This can result in consumers paying high premiums without receiving the expected benefits in the event of a claim.

The authority will analyze these issues further during the ongoing investigation.