Life and Non-Life Insurance market in Poland - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Life and Non-Life Insurance market in Poland. The market is segmented by Insurance type (Life and Non-Life) by Distribution Channel (Direct, Agency, Banks, and Others)

Market Snapshot

Study Period: 2016 - 2026
Base Year: 2020
CAGR: <4 %

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Market Overview

  • Life and Non-Life Insurance market in Poland are estimated to grow at a CAGR of approximately 4% during the forecast period.
  • In 2018, Polish insurers paid almost PLN 42 billion (EUR 9.7 billion) to injured parties and clients, 4.7% more than the previous year. On the other hand, Gross Written Premium decreased from 2017 to some PLN 62.17 billion (EUR 14.5 billion), representing a reduction of -3.29%. Life insurance also maintained a negative trend in previous periods, with Gross Written Premium declining by approximately 11.6% to PLN 21.7 billion. However, allowances and benefits paid to customers in this business segment increased by approximately 5.5% to PLN 21.48 billion.
  • In order to reverse the negative trend, Polish insurers are betting, in part, on the new opportunities offered by PPK’s (Employee Capital Plans) long-term savings products. The property insurance category saw the strongest trend on the non-life side, with Gross Written Premium rising to PLN 6.8 billion by 9.12% year on year. The motor insurance lines registered a positive dynamic, with the overall Gross Written Premium growing to PLN 23.5 billion by around 4.5%. However, it is worth mentioning that the growth engine was the Motor Hull line, reporting a much better dynamic than the MTPL class. However, similar rates of growth have also been seen on the side of pay claims. The motor insurance payments are higher than a year earlier.
  • Moreover, the last quarter of 2018 has shown that they are growing ever more dynamically. At the same time, we are seeing a slowdown in compulsory MTPL insurance premium growth. The yield on the MTPL market does not reach 3% and the enormous pressure from repair workshops and insurance firms to raise payments makes the market volatile. Life insurers net profit amounted to PLN 2.4 billion in 2018 and was 7.6% higher than the previous year. Property insurers finished 2018 with a profit of PLN 4.1 billion, a rise of 18.5% (approximately one-third of this gain was a dividend from PZU Zycie SA to PZU SA, already included in last year's life insurance net profit). Polish insurer's income tax for 2018 amounted to PLN 1.3 billion, and asset tax approximately 720 Million PLN.

Scope of the Report

This report aims to provide a detailed analysis of the Life and Non-Life Insurance market in Poland. It focuses on the market dynamics, emerging trends in the segments and regional markets, and insights on various product and application types. Also, it analyses the key players and the competitive landscape in the Life and Non-Life Insurance market in Poland.

By Insurance Type
Life Insurance
Individual
Group
Non-Life Insurance
Home
Motor
Others
By Channel of Distribution
Direct
Agency
Banks
Others

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Key Market Trends

Poland market concentration:

The demand for life insurance is highly concentrated, based on Gross Written Premium, the top five life insurers, which dominates 65.5% of the market. 29 more players share the rest of the market. With a market share of 38.1%, PZU's life insurance subsidiary still dominates the market. Foreign firms are also listed within the section, however. There are nine entities with a 2%-5% market share, so the life insurance market is considered more fragmented. The non-life market was approximately 50% larger in size than the life category based on Gross Written Premium in 2018. Non-life market growth stems from tariff cycles and significant increases in average premiums for the motor sector. The non-life business is even more concentrated than the life sector, with the top five companies controlling 70.9% of the overall Gross Written Premium. 29 other insurers retain the remaining 29.1% of the market. With 32.1% of total Gross Written Premium, PZU is also the leading company in the non-life category. Foreign companies are also popular in this segment though. There are a lot of relatively small insurers in both segments, which means there is still room for consolidation.

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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.

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Competitive Landscape

The report covers the major players operating in the Life and Non-Life Insurance market in Poland. The market is Consolidated, top 5 companies in the market captured majority of the market share. Recent M&A activities and insurance penetration quite low are the opportunities for the market players and many factors drive the market during the forecast period.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porters 5 Force Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Insurance Type

      1. 5.1.1 Life Insurance

        1. 5.1.1.1 Individual

        2. 5.1.1.2 Group

      2. 5.1.2 Non-Life Insurance

        1. 5.1.2.1 Home

        2. 5.1.2.2 Motor

        3. 5.1.2.3 Others

    2. 5.2 By Channel of Distribution

      1. 5.2.1 Direct

      2. 5.2.2 Agency

      3. 5.2.3 Banks

      4. 5.2.4 Others

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Mergers & Acquisitions

    3. 6.3 Company Profiles

      1. 6.3.1 POWSZECHNY ZAKLAD UBEZPIECZEN S A

      2. 6.3.2 SOPOCKIE TOWARZYSTWO UBEZPIECZEN ERGO HESTIA S A

      3. 6.3.3 TOWARZYSTWO UBEZPIECZEN I REASEKURACJI WARTA S A

      4. 6.3.4 UNIQA TOWARZYSTWO UBEZPIECZEN S A

      5. 6.3.5 GENERALI TOWARZYSTWO UBEZPIECZEN S A

      6. 6.3.6 LINK4 TOWARZYSTWO UBEZPIECZEN S A

      7. 6.3.7 COMPENSA TOWARZYSTWO UBEZPIECZEN S A VIENNA INSURANCE GROUP

      8. 6.3.8 INTERRISK TOWARZYSTWO UBEZPIECZEN S A VIENNA INSURANCE GROUP

      9. 6.3.9 AVIVA TOWARZYSTWO UBEZPIECZEN NA ZYCIE S A

      10. 6.3.10 WIENER TOWARZYSTWO UBEZPIECZEN S A VIENNA INSURANCE GROUP

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Life and Non-Life Insurance Market market is studied from 2016 - 2026.

The Life and Non-Life Insurance Market is growing at a CAGR of <4% over the next 5 years.

POWSZECHNY ZAKLAD UBEZPIECZEN S A, SOPOCKIE TOWARZYSTWO UBEZPIECZEN ERGO HESTIA S A, TOWARZYSTWO UBEZPIECZEN I REASEKURACJI WARTA S A, UNIQA TOWARZYSTWO UBEZPIECZEN S A, GENERALI TOWARZYSTWO UBEZPIECZEN S A are the major companies operating in Life and Non-Life Insurance Market.

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