INSURANCE MARKET IN POLAND 2016-2018, CEE INSURANCE SERIES
In contrast to the general economy, the insurance sector in Poland has hardly benefited from improving situation of households and corporate subjects. While the total gross premium written in non-life business advanced by 4% YoY, the life insurance premium fell by a similar factor in 2015.
Key drivers of recent fall in life premium have been unfavorable changes to the regulatory and tax regime as well as external factors including ultra-low interest rates.
The recent growth in non-life premium has been primarily a result of increasing tariffs in car insurance, which was the long-awaited response of insurers to rapidly growing claims and losses incurred on TPL policies.
The industry consolidation trend observed in previous years has persisted during 2015. While few major insurance groups collected more insurance premium, the share of smaller players kept falling. The largest insurance group in the market – PZU has successfully reversed the market loosing trend and it has been able to increase its share in total premium since 2013.