Market Trends of Poland Life And Non-Life Insurance Industry
Non Life Insurance Policies Generate Higher Premium Revenue in Poland
Infrastructure development, such as construction projects, creates opportunities for various non-life insurance products. Construction and engineering insurance, for example, provides coverage against risks associated with construction projects, including accidents, damage, and liability. Certain types of non-life insurance, such as motor insurance, are mandatory in Poland. The government's regulatory requirements for insurance coverage, such as third-party liability insurance for vehicles, have an impact on demand in the non-life insurance market. With increasing levels of motorization and the growing number of vehicles on the roads, the demand for motor insurance has been on the rise. The legal requirement for motor insurance coverage further has an impact on the non-life insurance market in Poland.
M&A activity in Insurance:
There were 14 insurance related transactions on the Polish insurance market from 2015 until 2019 Sept. In 2019, InterRisk Towarzystwo Ubezpieczen Spolka Akcyjna, a subsidiary of Vienna Insurance Group AG acquired an undisclosed majority stake in Towarzystwo Ubezpieczen Wzajemnych (TUW) for an undisclosed consideration. The acquisition will help InterRisk to strengthen its position in the non-life market. Generali Finance Sp. z o.o. acquired a 51% stake in Bezpieczny.pl sp. z o.o., a Poland-based company engaged in the internet sale of insurance products for a consideration of EUR 10m. This acquisition will enable Generali to enhance its sales via the Bezpieczny.pl platform. This will also expand Generali’s capacities in the area of e-commerce.
