Climate: - temperate with cold, cloudy, moderately severe winters with frequent precipitation; - mild summers with frequent showers and thundershowers.
In the first half of 2022 the Polish market saw the largest reduction in MTPL prices since 2018. The average premium decreased by as much as 14.8% y-o-y to PLN 524 (EUR 111.72*). The average MTPL price is now 3% lower than the rate in the first half of 2016, Gazeta Ubezpieczeniowa reports.
The scope of insurance policy (68% of respondents), price (67%) and the sum insured (47%), are the first three criteria used by Poles when acquiring home insurance, a study carried out by SW Research on behalf of Wiener shows. The insurance company's reputation is only important for 30% of respondents.
According to the latest data compiled by the National Road Safety Council operating at the Ministry of Infrastructure, costs of all traffic accidents in Poland in 2021 amounted to PLN 39.3 billion (~EUR 8.56 billion*). The social costs of accidents in the country decreased by 31%, to PLN 17.3 billion compared to 2018, when it reached PLN 56.6 billion, Gazeta Ubezpieczeniowa reports.
Polish insurance market reported Q1 2022 aggregate GWP worth PLN 18.14 billion (EUR 3.9 billion), 2.89% more y-o-y according to the quarterly statistics published by Polish KNF (Financial Supervision Authority). At the same time, claims and benefits paid by local insurers increased by 12.82% y-o-y to PLN 11.53 billion (~EUR 2.5 billion) from PLN 10.24 billion a year before.
Starting June 17, Polish motor insurers will have access to information about fines and penalty points acquired by drivers, thus being able to consider driver's behavior as demonstrated by their penalties' history when calculating MTPL tariffs. Access to data will be possible through the tools of the Insurance Guarantee Fund.
In the first quarter of 2022, insurers paid a total of PLN 3.54 billion (approx.: EUR 0.77 billion) in claims from motor policies. Out the total, paid claims for MTPL insurance accounted for 57.6%, the Polish Chamber of Insurance said quoting data from the Information Centre of the Insurance Guarantee Fund.
Ergo Hestia, one of the largest insurers in the Polish insurance market, had its 30th anniversary in 2021 and a record result - the insurer achieved a very good net financial result (PLN 373 million), maintaining high profitability and technical result (PLN 434 million).
On 22nd April, NN Group announced the completion of the acquisition of MetLife's businesses in Poland, following the approval obtained by the Polish Financial Supervision Authority (Komisja Nadzoru Finansowego, KNF) on 14 April 2022. NN Group completed the acquisition of MetLife's businesses in Greece on 31 January 2022.
On Thursday, April 21, 2022, the Banking and Insurance Leaders Gala was held at the Westin Hotel in Warsaw, which was the culmination of the spring edition of the Banking & Insurance Forum, Gazeta Ubezpieczeniowa informed being the main media partner of the event's insurance part.
Gross written premium in the bancassurance channel amounted to PLN 6.83 billion (EUR 1.32 billion), up by 22.9% y-o-y, reported the Polish Chamber of Insurance in its latest quarterly report on bancassurance.
ERGO HESTIA, one of the largest insurers in Polish insurance market announced that, after 31 years, its Vice President - Grzegorz SZATKOWSKI will leave the company.
The Polish insurance market saw a 9.5% y-o-y increase in the total GWP, to EUR 15.05 billion. Paid claims increased at a lower pace, reaching EUR 8.98 billion, 4.5% more y-o-y. The non-life sector, in particular the property and motor insurance lines provided for most of the market's business growth.
PZU Group, the largest financial institution in Poland and CEE with the first insurance company established in Poland, on March 21 signed a letter of intent with Bank Ochrony Srodowiska on establishment of the strategic cooperation in bancassurance, Gazeta Ubezpieczeniowa reports.
The pandemic has caused an increase in both interest in life insurance and payments from this type of compensation, said Marcin TARCZYNSKI, an analyst of the Polish Chamber of Insurance, Gazeta Ubezpieczeniowa reports.
Polish insurance market totaled PLN 50.9 billion (EUR 10.9 billion) at the end of September 2021, up by almost 7% y-o-y, according to the quarterly market figures published by The Polish Financial Supervision Authority (KNF). Claims and benefits paid by local insurers increased by 2.9% y-o-y to PLN 30.2 billion or ~EUR 6.5 billion.
During the 25th year of Europ Assistance's operations in Poland, the company's service volumes returned to pre-pandemic levels, and in some areas, the operator of assistance services handled even more cases than in the period before Covid-19.
The pandemic led to an over half-million increase in the number of individual life policies and lower interest in group contracts, Gazeta Ubezpieczeniowa reports referring to the data of the Polish Financial Supervision Authority.
According to data collected by the Polish Insurance Association (PIU), as at September 30, 2021, GWP through the banking channel reached PLN 5.21 billion, 26% more y-o-y (~EUR 1.12 billion*).
NN Group announces that it has obtained competition clearance from the European Commission to acquire MetLife's business activities in Poland and Greece. The intended acquisition was announced on 5 July 2021.
The insurance market in Poland (GWP) will increase in 2023 to PLN 76.5 billion (~EUR 16.6 billion*). This year the market will grow by 7%, to PLN 67.7 billion (vs PLN 63.4 billion in 2020). The prospects for insurers operating in Poland remain "mostly positive", said the experts from Inteliace Research, Gazeta Ubezpieczeniowa reports.