|
Published by: Intelace Research
Published: Jun. 1, 2009 - 89 Pages
Table of Contents
- Slide 1: Executive summary
- 1. Macroeconomic overview
- Slide 2: Poland - General overview
- Slide 3: Key macroeconomic indicators, 2002-2008
- Slide 4: Foreign trade statistics, C/A, FDI, 2002-2008
- Slide 5: Warsaw Stock Exchange - Turnover, Market cap and indexes, 2002-2008
- Slide 6: Unemployment and wages, 2002-2008
- Slide 7: Disposable income in households and distribution, 2002-2008, (2006)
- Slide 8: Consumer confidence index evolution, 2006-Mar.2009
- Slide 9: Banking assets evolution, 2002-2008
- Slide 10: Top 12 foreign investors in banking sector and their subsidiaries 2008
- 2. Insurance market
- Slide 11: Insurance Markets in CEE - Size vs. growth matrix, 2006-2008
- Slide 12: Insurance premium per capita & premium/GDP penetration - International comparison, 2008
- Slide 13: Insurance gross premium (life/non-life) in Poland evolution (in LCU), 2004-2008
- Slide 14: Insurance gross premium (life/non-life) in Poland evolution (in EUR), 2004-2008
- Slide 15: Number of insurance companies, share of foreign funds in core capital, 2001-2008
- Slide 16: Top 12 insurance groups in Poland by total premium written, 2008
- Slide 17: Insurance market concentration and Herfindahl-Hirschman Index (life/non-life), 2007/2008
- Slide 18: Solvency margin and coverage with own funds. 2006-2008
- Slide 19: Number of agents and personnel, 2005-2007
- Slide 20: Insurance regulatory overview, 2008
- Slide 21: Recent major regulatory initiatives : Private health Insurance, Mandatory crop insurance, Car accidents victims compensation
- Slide 22: Recent major regulatory initiatives : Private health Insurance - Opportunity for insurers
- 3. Non-life insurance
- Slide 23: Non-life insurance markets in CEE - Size vs. growth matrix, 2006-2008
- Slide 24: Non-life premium per capita & premium/GDP penetration - International comparison, 2008
- Slide 25: Non-life insurance gross and net premium evolution, 2004-2008
- Slide 26: Top 10 non-life insurance players in Poland, 2008
- Slide 27: Market shares of top non-life players, evolution 2004-2008
- Slide 28: Number of policies & premium evolution by segment (retail vs. corp.), 2004-2008
- Slide 29: Non-life premium and no. of policies by risk class, 2008
- Slide 30: Sales channels of non-life insurance including direct sales, 2005-2008
- Slide 31: Direct players - Overview
- Slide 32: Link4-Leader in direct sales in Poland , Profile (1/2)
- Slide 33: Link4-Leader in direct sales in Poland , Website functionalities (2/2)
- Slide 34: Liberty Direct - A “premium” direct player model
- Slide 35: Top Retailers - Will Insurance become another add-on service for their clients?
- Slide 36: Non-life insurers results, Technical and P&L accounts, 2008
- Slide 37: Non-life insurance - profitability tree, 2005-2008
- Slide 38: Non-life insurance - claims and expense ratio evolution, 2005-2008
- Slide 39: Non-life insurance - combined ratio and its elements, 2005-2008
- Slide 40: Motor insurance - premium and no. policies evolution, MTPL, Casco, 2005-2008
- Slide 41: Motor insurance - Top players, MTPL, Casco, 2006-2008
- Slide 42: Motor insurance - combined ratio and its elements, 2005-2008
- Slide 43: Motor insurance - PZU Case: MTPL property claims evolution (2002-2007)
- Slide 44: Motor insurance - PZU Case: MTPL personal claims evolution (2002-2007)
- 4. Life insurance
- Slide 45: Life insurance markets in CEE - Size vs. growth matrix, 2006-2008
- Slide 46: Life premium per capita & premium/GDP penetration - International comparison, 2008
- Slide 47: Life insurance gross and net premium evolution, 2004-2008
- Slide 48: Top 10 life insurance players in Poland, 2008
- Slide 49: Market shares of top life players, evolution 2004-2008
- Slide 50: Life premium and no. of policies by risk class, 2008
- Slide 51: Life premium and no. of policies by client segment and policy type, 2006-2008
- Slide 52: Life insurance technical reserves by type evolution, 2004-2008
- Slide 53: Sales channels of life insurance including direct sales, 2005-2008
- Slide 54: Life insurers results, Technical and P&L accounts, 2008
- Slide 55: Life insurance - profitability tree, 2005-2008
- 5. Bancassurance
- Slide 56: Premium written by bank channel (life/non-life), 2005-2008
- Slide 57: Bancassurance: Case of cooperation of PZU with banks
- Slide 58: Bancassurance: Deposit-like, tax friendly life products, 2006-2008
- Slide 59: Bancassurance: Comparison websites and online sales sites
- Slide 60: Comparison websites: „ipolisa”
- Slide 61: Banking sales platforms: „mBank - mUbezpieczenia”
- 6. Top players profiles
- Slide 62: Non-life Insurance: PZU, 2005-2008
- Slide 63: Non-life Insurance: Warta, 2005-2008
- Slide 64: Non-life Insurance: Ergo Hestia, 2005-2008
- Slide 65: Life Insurance: PZU śycie, 2005-2008
- Slide 66: Life Insurance: CU śycie (Aviva), 2005-2008
- Slide 67: Life Insurance: ING, 2005-2008
- 7. Forecast
- Slide 68: Non-life Insurance premium forecast, 2009-2011
- Slide 69: Life Insurance premium forecast, 2009-2011
- Slide 70: Note on Methodology
AbstractMarket growth
During most of 2008 the insurance sector in Poland experienced solid premium growth. Non-life insurance segment benefited from
increasing car insurance market, relatively stable property prices and strong spending of corporate sector, recording a premium growth of 12.8% yoy*.
Performance of life segment was also much better than anticipated. Premium written surged by impressive 52.8% yoy*. This was, however, largely
attributable to exploding sales of bancassurance products: deposit-like, tax shield policies. It can be estimated that the total life premium linked to other
products than deposits in fact fell in value and the reason was primarily dramatically low sales of unit-linked insurance, diving by almost 50% yoy*. In
regional comparison, Poland has strengthened its position as a leading insurance market in CEE14** with ~46% share in total premium within the region.
Competition & concentration.
During 2008 the dominant player - PZU continued to loose market share in non-life business (particularly in motor
insurance). The winners were aggressive mid-size and smaller players: Ergo, Allianz and other. Non-life market became extremely competitive since
more and more players introduced direct sales models and engaged in price war. In contrary, within life insurance segment, big changes took place at the
top of league table. Players focusing on unit-linked products have been severely hit by disappearing demand for their products and as result their position
fell dramatically (e.g. Aegon fell from #3 in 2007 to # 12 in 2008). On the other hand the major life player - PZU oycie was able to reinforce its position for
the first time since many years. This was a result of massive sales of deposit-like policies, which is apparently not sustainable.
Profitability
During 2008 technical accounts of most insurers have deteriorated, being hit by increasing claims, unfavorable regulatory changes (Religa
tax) and lower investment results. In non-life segment, the combined profit of insurers fell down by almost 50% vs. 2007, being affected mostly by rising
claims and higher acquisition costs. In life business insurers managed to grow profits by 14% in 2008, however, their technical results and returns on
investment were weaker than a year ago. Large production of new premium in form of deposit-like tax shield policies (called also an "empty premium” did
not pay-off in profits since those products offer only tiny margins, while require insurer’s capital.
Sales channels
Expansion of aggressive direct players and increased price competition initiated a structural shift in insurance sales channels with
growing importance of direct and online sales. The role of banks increased again, especially in life business where almost 46% of total premium was
written together with banks. Apart of bank-counter sales , banks are increasingly investing in online sales/comparison platforms offering motor, property,
travel and property insurance (mBank, iPKO). On the other hand insurance tariffs are also becoming more transparent for clients thanks to more and
more popular online comparison websites (e.g. iPolisa)
Future outlook
Slowing economy, worsening situation of enterprises and more cautious consumers are factors not particularly favorable for insurers.
However, according to most experts, the Polish economy will be still able to avoid recession in 2009 and will rebound in 2010, which translates into
moderately positive mid-term outlook for insurance companies. In 2009 premium written in non-life segment is expected to stagnate, while life premium
may slightly fall, due to lower sales of tax friendly "deposit-like” insurance products. It is likely that both life and non-life markets will resume growth
already in 2010. Life market is likely to benefit form better performance of stock markets (come back of unit-linked products) while non life market may
gain from increased consumer spending for cars, real estate etc. and attract more premium from corporate sector.
Finally, the expected public health
system reform and possible introduction of tax breaks for private medical/health insurance creates a big upside potential in non-life segment.
Get Full Details About This Report >>
|
|
US: 800.298.5699
Int'l: +1.240.747.3093
|
|
|
