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With almost 14 billion EUR in premiums, Poland's insurance sector is expected to keep growing.
“With almost 14 billion EUR in premiums, Poland has the largest insurance sector in CEE15. It is also well positioned for further growth through 2014”, explains Marcin Mazurek, Director of Inteliace Research.
The stable economic situations of households and the improving financial condition of enterprises have definitely benefited the financial services sector. Insurers operating in Poland recorded a strong growth in non-life premiums (+11% YoY) but a much-slower growth in life premiums (+1.4% YoY). The strength of the non-life segment could be attributed to growing average premiums (e.g., car insurance); a greater number of clients; and quickly growing, new product lines such as health insurance. The overall minor change in life insurance premiums could be attributed to quickly falling sales deposit substitutes, which has overshadowed a healthy jump in sales of unit-linked products (+27% YoY).
On the regional level, Poland again strengthened its position as the largest insurance market in the CEE15, increasing its share in terms of total premiums from 41% in 2010 to 42% in 2011.
Inteliace Research expects the insurance sector to maintain solid growth in premiums through 2014. The dynamics of the non-life segment are likely to remain high due to increasing prices and new products. The life business is likely to accelerate thanks to the comeback of deposit substitutes and structured products. Also, further growth in unit-linked policies can be expected because the growing awareness of individuals of the necessity of saving for the future will support new sales.
About the Report
“The Insurance Market in Poland 2012–2014”
About Inteliace Research
Inteliace Research is an independent consulting company 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 2005–2011, Inteliace Research provided its products and services to more than 50 clients, including major CEE banks and several "The Banker" top world banks. To learn more about the company, visit Inteliace Research’s webpage: www.inteliace.com.