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Follow on Google News | Market Report, "Poland Insurance Report Q3 2010", publishedNew Financial Services research report from Business Monitor International is now available from Fast Market Research
We include a discussion of developments in regional markets on the basis of results published by major cross-border companies in relation to Q209 or Q309 and the latest information provided by regulators and/or trade associations. In their latest reports, both PZU and Vienna Insurance Group have discussed the sharp downturn in life premiums relative to 2008, which in Poland has only partly been due to the economic downturn. Poland's Insurance Sector In Q210 Although it has been possible for insurers in Poland to increase their profitability, it has been difficult for them to expand in terms of premiums. Figures released towards the end of 2009 by the regulator, the Polish Financial Supervisory Authority (KNF) in relation to the first three quarters of that year indicated that non-life premiums were, at PLN16,046mn, up 4.3% year-on-year (y-o-y). By contrast, life premiums were down 24.3%, to PLN22,309mn. In the non-life segment, Allianz's local operations stood out for suffering a (miniscule) reduction in premiums written; most other players whose business contracted were extremely small. ERGO Hestia was unusual in that it was both large (the second largest company, with a market share of nearly 10%) and rapidly growing, with premiums in the first nine months of 2009 up 17% y-o-y. During the first three quarters of 2009, CASCO stood out for the fall in gross premiums of almost 8%. However, premiums rose for virtually all other non-life lines, including compulsory motor third party liability (CMTPL). One piece of good news was that the total number of policies outstanding in the non-life segment at the end of September 2009 (63.356mn) was up only 3.2% y-o-y. The implication is that, across most non-life lines, pricing has remained quite firm. However, the reverse was true in the life segment, where the total number of individual life contracts rose from 11.949mn at the end of September 2008 to 12.021mn at the end of September 2009. The number of group life contracts increased from 353,625 to 377,686. The obvious conclusion is that some life companies are chasing profitability rather than growth for its own sake. Of the 10 largest players in the life segment (PZU, ING, WARTA, Allianz, Eureko, ALICO, Aviva, Nordea, UNIQA and Generali/PPF) In its report for the three quarters ending September 30 2009 (which was released towards the end of November), PZU noted that overall gross profits had risen from PLN2,772mn to PLN4,054mn. This was mostly due to an improvement in investment income, which rose from PLN820mn to PLN2,615mn. The slippage in life premiums was due almost entirely to the company's electing to curtail sales of unit-linked bancassurance products, in order to avoid asset concentration risk. Premiums from other life products actually rose by 6%. In PZU's non-life business, lower CMTPL and CASCO premiums were offset by growth in most other lines. Claims rose as a result of motor insurance claims (which were influenced by the movement in the euro/zloty exchange rate) and a series of one-off events. The company took a more conservative approach to provisioning as well. For more information or to purchase this report, go to: - http://www.fastmr.com/ Partial Table of Contents: Executive Summary - Table: Overview Of Poland's Insurance Sector - Key Insights On Poland's Insurance Sector - Issues To Watch SWOT Analysis - Poland Insurance SWOT - Poland Political SWOT - Poland Economic SWOT - Poland Business Environment SWOT MetLife's Acquisition Of ALICO - Table: ALICO At A Glance - Table: ALICO's Pre-Tax Profits By Segment And Region Contribution, Year To November 30 2009 (%) - Table: ALICO - A Market Leader In Japan - Table: MetLife's Acquisition Of ALICO - Table: MetLife And ALICO Combined Central And Eastern Europe Overview - Table: Gross Premiums Written In Selected Central And Eastern European Countries, 2008-2009 Projections And Forecasts - Table: Insurance Premiums, 2007-2014 - Projections And Drivers Of Growth - Table: Growth Drivers, 2007-2014 Country Update - Macroeconomic Outlook - Table: Poland - Economic Activity, 2007-2014 - Political Outlook Insurance Business Environment Rating - Table: Poland - Insurance Business Environment Indicators - Table: Central And Eastern Europe Insurance Business Environment Ratings Regional Context - Table: Non-Life Premiums In A Regional Context, 2008 - Table: Life Premiums In A Regional Context, 2008 - Table: Comparison Of Major Lines As % Of Non-Life Premiums, 2006 Major Players In Poland's Insurance Sector - Table: Principal Insurance Lines By Gross Written Premiums, 2008 (PLNmn) - Table: Insurance Companies By Gross Written Premiums, H109 (PLNmn) Analysis Of Regional Competitive Conditions Local Company Profiles - Benefia - Europa - Powszechny Zak3ad Ubezpieczen SA (PZU) Regional Company Profiles - AEGON - ALICO - Allianz - Aviva - AXA - Cardif Full Table of Contents is available at: -- http://www.fastmr.com/ About Business Monitor International Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets. BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports. Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports. View more research from Business Monitor International at http://www.fastmr.com/ About Fast Market Research Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156. End
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