"KNF guidelines on claims settlement as well as a large increase in payments in personal damages contributed to the largest MTPL market losses in history. MTPL prices start increasing last year, but there is a lent process trying to avoid loosing customers on behalf their competitors. It is very difficult to regain the MTPL market, as the amount of payments will continue to grow, and without adequate regulatory decisions, this will happen in an uncontrolled and unpredictable way. The announcement of a new tax, related to the treatment of accident victims, caused a lot of anxiety in the specialty market as the load of the new tax on MTPL could result in drastic price increases, which in turn can contribute to an increase in the number of people riding without MTPL policies. Today on Polish roads there are about 250 thousand uninsured drivers," - commented Jan Grzegorz PRADZYNSKI, CEO of Polish Insurance Association (PIU) on the association's website.
Non-life GWP saw a 3.9% increase y-o-y, to PLN 27.27 billion, significantly fueled by the reinsurance premiums volume increase. On the other hand, life insurance recorded once again a negative trend, with GWP decreasing by 3.97%, to PLN 27.52 billion.
According to PIU data, life insurers' net profit amounted in 2015 to PLN 3 billion and was 3.4% higher y-o-y. Non-life insurers ended the year with a profit of PLN 2.7 billion (28.5% down y-o-y). The technical result for life insurance amounted to PLN 2.8 billion and was lower than the previous year by 13.4%. The technical result of non-life insurers amounted to PLN 351.4 million and was 55.8% lower than in 2014.
Access www.xprimm.com and download the FY2015 Polish insurance market statistics.
Market portfolio (in EUR and PLN):
- Gross written premiums
- Paid claims
- Growth rates
- Life insurance ranking
- Non-life insurance ranking