STATISTICS:

STATISTICS: POLAND, 3Q2018: the decreasing popularity of the UL life insurance products pulled down the market

Polish insurers have collected premiums worth EUR 10.84 billion, which is about 1.2% more y-o-y, and paid claims totaling EUR 6.87 billion, most damages and liquidated damages being related to motor insurance.

According to data provided the market authority, net profit of life insurers amounted to about EUR 468 million, 5.6% up y-o-y. Non-life insurers reported a net profit of EUR 866 million, 24.6% higher than in 3Q2017, but a significant part of this figures came as a dividend from PZU Zycie paid to PZU SA, already included in last year's net profit of life insurers, as a press statement released by the Polish Chamber of Insurers (PIU) explained.

The technical result of life insurance amounted to EUR 562 million and was lower than a year earlier by 0.5%. The technical result of property insurers amounted to EUR 562 million and was by 57% higher than a year earlier. The income tax due from Polish insurers at the end of the third quarter of 2018 amounted to PLN 1 billion, and the tax on assets - approx. PLN 540 million.

In GWP terms, life insurance remained on a downsize trend, reporting a 9.5% decrease, to EUR 3.84 billion, because of the significant fall (-26.6% y-o-y, equivalent of half billion zloty) reported on the UL products segment. At the same time, benefits paid went up by about 6%, to EUR 3.7 billion. Yet, the near future will bring a new business opportunity for life insurers. "We already know the shape of the Act on Employee Capital Plans. The objectives of the PPK will be implemented with the participation of insurers. Some insurance companies will decide to offer PPK, while others will offer plans created within the capital group" - says J. Grzegorz Pradzynski, the head of PIU.

Non-life insurance GWP went up by 8.27%, to EUR 6.99 billion, despite the slowdown seen on the MTPL line, while paid claims increased by 4.9%. The MTPL class provided for GWP of EUR 2.67 billion, up by 4% y-o-y, a much more lower growth rate than the ones seen in the previous periods. The average MTPL premium value stood at PLN 568.7 (0.1% less y-o-y), while the average claim value was of PLN 7,428 (3% less y-o-y), PIU said.

Access www.xprimm.com and download the 3Q2018 Polish insurance market statistics.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

POLAND: insurance brokers have mediated GWP of EUR 1.7 billion in 2017

The total number of insurance brokers licensed in Poland at the end of 2017 was of 1,416. Throughout the year, 34 deletions from the register of insurance brokers were made, a Polish Financial Supervision Authority's Report on the condition of the brokerage market in 2017 shows.

2018-12-13

ON THE MOVE

ALLIANZ announced three executives appointments

German insurance Group ALLIANZ announced three senior leadership appointments at ALLIANZ DIGITAL Health, ALLIANZ Private Krankenversicherung and Allianz Global Corporate & Specialty SE.

18.01.2019

TOP EVENT

Inclusive insurance on the agenda of the second CEE & SEE - Regional Actuarial Insurance Conference in Skopje, Macedonia

Insurance should be accessible to all social classes, regardless of their wealth and income status. Products offered today are conventional insurance products, largely inspired from the developed markets as "one-size-fits-all" solutions, affordable to only middle- and high-income clients in the Eastern Europe's emerging & developing markets. The low insurance penetration rates across the region show the need for another approach.

10.01.2019

Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.

06.11.2018

IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.

05.11.2018

See all