Life insurance continued to prevail over the non-life segment, with a 51.4% share of the total GWP amount. Yet, it is worth mentioning that after several quarters of GWP decrease on this market segment, life insurance lost during the last five years about 5pp of its weight in the market portfolio. Low interest rate environment encourages clients to search for products with higher yields than the ones offered in deposit products, leading to an increased popularity of the unit-linked products. Introduction of the capital gain tax on short-term deposit products, effective from 1 January 2015 may be another factor encouraging the unit-linked products' purchase.
Most classes with a significant share in the non-life insurance portfolio saw a negative change in the GWP volume in 1H2014. The only notable exception was made by the accident insurance class which recorded a 28.5% y-o-y increase in GWP, gaining a half percentage point in portfolio share, to 2.6%.
Motor insurance classes reported overall a cvasi unchanged business volume, the 1.44% decline recorded for the MTPL GWP being almost entirely offset by the 1.7% growth in Motor Hull premiums. In fact, on both classes the number of issued policies went up by about 5.5%, which in relation to the GWP growth shows a softening trend.
PZU's specialized subsidiaries PZU ZYCIE for life insurance and PZU for the non-life market -, are clearly dominating both insurance sectors, holding at least double market shares as compared with their main competitors. Thus, PZU ZYCIE generates 28.4% of the life insurance GWP, followed by AVIVA and METLIFE, both with market shares of around 7.5%. At the same time, PZU SA holds a 31% share of the non-life GWP, followed by WARTA (14%) and ERGO HESTIA (13.2%).
Access www.xprimm.com and download the 1H2015 Polish insurance market statistics.
|More about the Polish insurance market evolution in 1H2015 will be available in the forthcoming issue of XPRIMM Insurance Report 1H2015, to be released on October, 18th, on the occasion of the Baden-Baden XPRIMM Reception (Kurhaus Casino, Runder Saal, 18:30 - 20:30 hours).|