STATISTICS: POLAND, 1H2019: insurers wrote EUR 7.6 billion in GWP, 2.65% more y-o-y
The life insurance sector remained on the downside path it follows already since some years, with GWP decreasing by 2.45% y-o-y, a trend established mostly because of the massive decline witnessed on the Unit-Linked line.
Motor insurance lines provided for the largest contribution to the extra premium volume recorded in comparison with 1H2018. The increasing cars sales has an important role to play in the market's positive evolution, considering that at least on the MTPL side, prices were stable. In fact, the most visible impact was recorded on the Motor Hull line, for which GWP increased by EUR 70 million, to EUR 1.04 billion, thus reporting a 7.23% y-o-y growth rate.
Property insurance saw an overall positive evolution (3.3% increase in GWP), but the two business lines included recorded divergent trends: while the "fire and allied perils" line saw a 7.65% increase in GWP, the "damages to property" GWP went down y-o-y by about 1%. Yet,
Poland remains, among the CEE countries, the one with an enviable degree of insurance coverage on the housing insurance segment (about 60% of the Polish homes are insured, including NatCat risks coverage). The first half of 2019 has fully proved the benefits of these extended coverage degree, as the country was confronted with several episodes of extreme weather. Claims paid for the fire insurance line increased by over 20% y-o-y.