Market Size of Poland Life And Non-Life Insurance Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 6.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Poland Life and Non-Life Insurance Market Analysis
Life and Non-Life Insurance Market in Poland has generated a revenue of USD 17.638 billion in the current year and is poised to achieve a CAGR of 6% for the forecast period. Poland has a well-developed insurance market that includes both life and non-life insurance sectors. The market is regulated by the Polish Financial Supervision Authority (Komisja Nadzoru Finansowego - KNF). The KNF oversees the operations of insurance companies, ensures compliance with regulatory requirements, and protects the interests of policyholders.
The Insurance market in Poland consists of both life and non-life insurance segments. Life insurance protects against events such as death or disability, while non-life insurance covers risks like motor accidents, property damage, and liability. The market is well-developed and includes both domestic and international insurance providers
As of 31 December 2021, the Polish Chamber of Insurance had 78 members. Out of the number, 45 were joint stock companies, 24 branches of foreign companies, and 9 mutual insurance companies. As compared to 2020, PIU's membership decreased by 5 insurers. Branches of foreign insurance companies are not subject to the Polish reporting requirements and do not submit financial statements to the Polish Financial Supervision Authority, or PIU. Accordingly, no section of this report is devoted to the activities of branches of foreign insurance companies.
The life insurance market in Poland has been growing steadily over the years. According to the Polish Insurance Association (PIU), in 2022, the life insurance segment accounted for approximately 30% of the total insurance market premium written in Poland.
The pandemic has heightened awareness about health risks, leading to increased demand for health insurance coverage in many countries. This trend may have influenced the health insurance segment in Poland as well, as individuals sought greater financial protection for medical expenses and related risks. The pandemic has introduced new claim patterns in both life and non-life insurance. For life insurance, there may have been an increase in claims related to COVID-19 deaths. Non-life insurance, such as travel insurance, may have experienced a surge in claims for trip cancellations and medical expenses related to the virus.
