Insurance Market In Poland 2018-2020, CEE Insurance Series
The insurance sector. 2017 was a good year for insurers operating in Poland. Premium written in non-life insurance surged by 18% YoY to nearly PLN 37.8 billion fuelled primarily by car insurance and benefiting from both higher tariffs and increasing number of insured cars. Also financial risks, health-related and property insurance sustained fast growth. By contrast, a remarkable reversal took place in the life insurance segment. After multiple years of declines, life insurance premium rebounded and started to grow again. This was possible thanks to much higher sales of unit-linked insurance – a result of multiple factors, including stronger equity markets and low interest rates at banks. Overall life insurance premium advanced by 3 %YoY and reached PLN 24.6 billion in 2017
Encouraged by improving outlook, consolidation trends in the insurance sector intensified in H1 2018. Vienna Insurance Group (VIG), known for its appetite for acquisitions managed to acquire assets of specialized insurer Concordia. Moreover, VIG via its subsidiary – Interrisk – secured a majority stake in the largest mutual insurer TUW TUW. At the same time, Generali agreed to acquire business of Gothaer in Poland and Unum took over Pramerica Życie business from the US-based Prudential Financial.
- Slide 1: Executive summary
- 1. Macroeconomic overview
- Slide 2: Poland - General overview
- Slide 3: Poland in Europe: Number of households vs. wealth, 2016/2017
- Slide 4: Key macroeconomic indicators, 2012-2017
- Slide 5: Foreign trade statistics, C/A, FDI, 2012-2017
- Slide 6: Unemployment and salaries/wages, 2012-2017
- Slide 7: Disposable income in households and income distribution, 2012-2017; Income distribution 2016
- Slide 8: Consumer confidence index evolution, 2011-Mar. 2018
- Slide 9: Warsaw Stock Exchange - Turnover, Market cap. and indexes, 2012-2017
- Slide 10: Banking assets evolution, 2012-2017
- Slide 11: Top 12 foreign investors in banking sector and their subsidiaries, 2017
- 2. Insurance market
- Slide 12: Insurance Markets in CEE – Size vs. growth matrix, 2015-2017
- Slide 13: Insurance premiums per capita & premiums/GDP penetration – CEE comparison, 2017
- Slide 14: Insurance gross premiums - Local insurers (life/non-life, in EUR), 2013-2017
- Slide 15: Insurance gross premiums - Local insurers (life/non-life, in PLN), 2013-2017
- Slide 16: Top 12 insurance groups in Poland by total premium written, 2017
- Slide 17: Insurance market concentration and Herfindahl-Hirschman Index (life/non-life), 2017 vs. 2016
- Slide 18: Current and upcoming Insurance M&A transactions in Poland, 2018
- Slide 19: Own funds for life and non-life insurers, 2013-2017, SCR coverage ratios, 2015-2017
- Slide 20: Number of insurance agents by type and number of sales reps (OFWCA), 2013-2016
- Slide 21: Insurance – Regulatory institutions, 2017
- Slide 22: Private health Insurance – Opportunity for insurers; Premium written, 2015-2017
- 3. Non-life insurance
- Slide 23: Non-life insurance markets in CEE – Size vs. growth matrix, 2015-2017
- Slide 24: Non-life premiums per capita & premiums/GDP penetration – CEE comparison, 2017
- Slide 25: Non-life insurance gross and net premium evolution, 2013-2017
- Slide 26: Top 10 non-life insurance players in Poland, 2017
- Slide 27: Market shares of top non-life players evolution, 2014-2017
- Slide 28: Non-life premium by client segment and insurance class (car insurance vs. other), 2017
- Slide 29: Non-life premium by risk class, 2015-2017
- Slide 30: Sales channels of non-life insurance, 2014-2016
- Slide 31: Non-life insurers results, technical and P&L accounts (waterfall chart), 2017
- Slide 32: Non-life insurance - Profitability tree, 2013-2017
- Slide 33: Non-life insurance - Claims and expense ratio evolution, 2013-2017
- Slide 34: Non-life insurance - Combined ratio and its elements, 2013-2017
- Slide 35: Non-life insurance - Acquisition costs evolution, 2015-2017, acquisition cost ratios for top non-life insurers, 2016
- Slide 36: Network multi-agents: Unilink, Consultia, CUK, Conditor, LGK etc.
- Slide 37: Current legislative initiatives affecting insurance business in Poland, 2017/2018
- Slide 38: Car insurance - Premium and no. policies evolution, MTPL, Casco, 2013-2017
- Slide 39: Car insurance - Top players in MTPL and in Casco, 2015-2017
- Slide 40: Car insurance - Combined ratio and its elements, MTPL and in Casco, 2015-2017
- Slide 41: Car insurance - Average premium per policy for Casco and TPL, 1Q2013-4Q2017
- Slide 42: Car insurance - Usage-based insurance: YU! – Yanosik Ubezpiecza, Link4 & NaviExpert, 2017
- 4. Life insurance
- Slide 43: Life insurance markets in CEE – Size vs. growth matrix, 2015-2017
- Slide 44: Life premiums per capita & premiums/GDP penetration – CEE comparison, 2017
- Slide 45: Life insurance gross and net premiums evolution, 2013-2017
- Slide 46: Top 10 life insurance players in Poland, 2017
- Slide 47: Market shares of top life players evolution, 2014-2017
- Slide 48: Life premium by insurance class and segment, 2017
- Slide 49: Life premium by risk class evolution, 2015-2017
- Slide 50: Life insurance technical reserves evolution and structure, 2013-2017
- Slide 51: Sales channels of life insurance, 2014-2016
- Slide 52: Life insurers results, Technical and P&L accounts (waterfall chart), 2017
- Slide 53: Life insurance - profitability tree, 2013-2017
- Slide 54: Life insurance - acquisition costs evolution, 2015-2017, acquisition cost ratios for top life insurers, 2016
- 5. Bancassurance
- Slide 55: Bancassurance: Premium written by bank channel (life/non-life), 2014-2016 – data by KNF vs. data by PIU
- Slide 56: Bancassurance: Product/class split in bank channel (life/non-life), 2017
- Slide 57: Bancassurance: Sales of investment type life products other than unit-linked, 2013-2017
- Slide 58: Bancassurance: Comparison websites and online sales sites of banks - overview
- 6. Top players' profiles
- Slide 59: Non-life insurance: PZU, 2015-2017
- Slide 60: Non-life insurance: Ergo Hestia, 2015-2017
- Slide 61: Non-life insurance: Warta, 2015-2017
- Slide 62: Life Insurance: PZU Życie, 2015-2017
- Slide 63: Life Insurance: Open Life, 2015-2017
- Slide 64: Life Insurance: Aviva, 2015-2017
- 7. Forecast
- Slide 65: Non-life insurance premiums forecast, 2018-2020
- Slide 66: Life Insurance premiums forecast, 2018-2020
- Slide 67: Notes on Methodology
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