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Poland’s insurance sector to grow again in 2014-2016 as economy accelerates

Insurers operating in Poland are expected to take advantage from the ongoing economic recovery.

 
 
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PRLog - Jun. 12, 2014 - WARSAW, Poland -- Insurers operating in Poland are expected to take advantage from the ongoing economic recovery. The improving situation in the corporate sector is likely to drive up non-life premiums. Better economic situation in households sector resulting from lower unemployment and increasing real wages could boost the demand for unit-linked life insurance. However, the record low interest rates will take their toll on insurers' own investment result, which traditionally has been vital to their overall profitability. As a consequence, growing premium volumes might not be directly reflected in insurers' bottom line.

After a series of M&A deals taking place through 2012, the insurance market stabilized and the concentration did not change considerably in 2013. Currently, Poland's insurance sector is controlled by 3 major groups: PZU, Talanx and Vienna Insurance Group with a combined market share of ~57% in terms of total premium written. In 2013, the market leader - PZU - was able to reverse the trend of falling market share across most of its key business lines, including: life- and car insurance. Moreover, in early 2014, PZU committed to take over businesses of RSA Insurance Group in Baltic States and in Poland, including acquisition of the leading Polish direct insurer– Link4. This transaction is likely to strengthen the competitive position of PZU in the economy TPL insurance segment. As for the future trends, a further market consolidation seems inevitable and some new mergers have been already announced (e.g. joining of VIG subsidiaries Compensa TUnŻ and Benefia TUnŻ).

Inteliace Research expects the insurance sector to resume growth in 2015. Insurance premiums are expected to increase at an average rate of 6% and 7% in the non-life and life insurance business respectively during 2014–2016.

About the Report
“The Insurance Market in Poland 2014–2016” is the latest full update of Inteliace’s annual publication on the insurance sector in Poland. It describes the present market structure and recent trends in the market and provides short-term estimates of insurance premiums for the years 2014 through 2016.

About Inteliace Research
Inteliace Research is an independent consultancy that focuses on the financial markets in Central and Eastern Europe. Inteliace Research specializes in management consulting and custom research services, including market entry strategies, product launches, and performance and benchmarking analyses.

During 2005–2014, Inteliace Research provided its products and services to more than 60 clients, including major CEE banks and insurers. To learn more about the company, visit Inteliace Research’s webpage: www.inteliace.com .

Inteliace Research

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Source:Inteliace research
City/Town:Warsaw - Mazowieckie - Poland
Industry:Insurance
Tags:insurance, poland, cee, bankassurace
Shortcut:prlog.org/12335966
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