Poland Life & Non-Life Insurance Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 18.71 Billion |
| Market Size (2029) | USD 23.02 Billion |
| CAGR (2024 - 2029) | 4.23 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Poland Life & Non-Life Insurance Market Analysis
The Life And Non-Life Insurance Market size is estimated at USD 18.71 billion in 2024, and is expected to reach USD 23.02 billion by 2029, growing at a CAGR of 4.23% during the forecast period (2024-2029).
Poland's life and non-life insurance market provides policyholders comprehensive coverage and financial support. The increased awareness about the importance of insurance, government policies that support insurance, and the increasing disposable income of consumers led to the significant growth of the market in Poland.
The Poland life and non-life insurance market operates in a dynamic environment influenced by economic conditions, regulatory changes, technological advancements, and customer preferences. Thus, insurers in Poland adopt innovative ways to stay competitive.
The emergence of advanced technologies like digitalization in the Sri Lankan life and non-life insurance market made purchasing and managing insurance policies more straightforward for customers. The economic growth of Poland is influenced by the development of the life and non-life insurance market. The Poland government has taken several steps to promote the growth of the life and non-life insurance market, including tax incentives, policyholder protection programs, and awareness campaigns. Therefore, prioritizing customer needs and leveraging technologies lead to the growth of Poland's life and non-life insurance market.
Poland Life & Non-Life Insurance Market Trends
Increasing Life And Non-Life Insurance Demand In Poland
Gross premiums written on non-life insurance in Poland went up steadily over the years, from USD 4.47 billion in 2019 to USD 5.32 billion in 2021. This shows that more people were buying non-life insurance products and their demand was increasing. In the same way, the total value of gross written premiums for both individuals and groups had gone up in life insurance. In the year 2021, individual life insurance gross written premium was USD 3.14 billion, and group gross written premium was USD 2.07 billion.
Motor Vehicle Insurance is Dominating the Market
Motor vehicle insurance plays a pivotal role in safeguarding vehicle owners in Poland, providing them with financial protection in the face of accidents, damages, or theft. The Polish Financial Supervision Authority (Komisja Nadzoru Finansowego - KNF) oversees and regulates the motor vehicle insurance market, ensuring compliance with insurance laws and consumer protection regulations. Insurance companies in Poland operate under stringent guidelines, covering aspects such as pricing, underwriting practices, claims handling, and financial solvency.
Similar to many nations, motor vehicle insurance is obligatory in Poland, governed by the Motor Third Party Liability Insurance Act. This act mandates third-party liability insurance for all registered vehicles in Poland. Such coverage shields against damages caused by the insured vehicle to third parties, encompassing bodily injuries and property damages. Typically, the minimum personal injury coverage ranges from 25k USD to 75k USD per injured person, while the minimum property damage coverage stands at 250k USD per accident
Poland Life & Non-Life Insurance Industry Overview
The report covers the major players operating in the life and non-life insurance markets in Poland. The market is consolidated; the top 5 companies in the market captured the majority of the market share. Recent M&A activities and quite low insurance penetration are the opportunities for the market players, and many factors drive the market during the forecast period.
Poland Life & Non-Life Insurance Market Leaders
Powszechny Zaklad Ubezpieczen SA
Sopockie Towarzystwo Ubezpieczen Ergo Hestia SA
Towarzystwo Ubezpieczen I Reasekuracji Warta SA
Uniqa Towarzystwo Ubezpieczen SA
Generali Towarzystwo Ubezpieczen SA
*Disclaimer: Major Players sorted in no particular order
Poland Life & Non-Life Insurance Market News
- In January 2024, Corsair Capital acquired a majority stake in independent commercial insurance broker MJM. Property and liability (P&C), commercial auto, and reinsurance are among the services offered by MJM.
- In January 2024, UNIQA Insurance Group AG will join the Eurapco Alliance as a permanent member. Eight European insurance companies collaborate through business-driven learning and development, cooperative innovation, and knowledge exchange as part of the strategic partnership known as Eurapco. Innovation in health care, digital change, and sustainability are the primary areas of focus.
Poland Life & Non-Life Insurance Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitutes
4.4.5 Intensity of Competitive Rivalry
4.5 Insights into Technology Innovations in the Market
4.6 Insights into Recent Trends, and Consumer Preference in the Market
4.7 Insights into Regulatory Landscape Impacting the Market
4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Insurance Type
5.1.1 Life Insurance
5.1.1.1 Individual
5.1.1.2 Group
5.1.2 Non-Life Insurance
5.1.2.1 Home
5.1.2.2 Motor
5.1.2.3 Other Non-Life Insurances
5.2 By Channel of Distribution
5.2.1 Direct
5.2.2 Agency
5.2.3 Banks
5.2.4 Other Channels of Distribution
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 POWSZECHNY ZAKLAD UBEZPIECZEN S A
6.2.2 SOPOCKIE TOWARZYSTWO UBEZPIECZEN ERGO HESTIA S A
6.2.3 TOWARZYSTWO UBEZPIECZEN I REASEKURACJI WARTA S A
6.2.4 UNIQA TOWARZYSTWO UBEZPIECZEN S A
6.2.5 GENERALI TOWARZYSTWO UBEZPIECZEN S A
6.2.6 LINK4 TOWARZYSTWO UBEZPIECZEN S A
6.2.7 COMPENSA TOWARZYSTWO UBEZPIECZEN S A VIENNA INSURANCE GROUP
6.2.8 INTERRISK TOWARZYSTWO UBEZPIECZEN S A VIENNA INSURANCE GROUP
6.2.9 AVIVA TOWARZYSTWO UBEZPIECZEN NA ZYCIE S A
6.2.10 WIENER TOWARZYSTWO UBEZPIECZEN S A VIENNA INSURANCE GROUP
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Poland Life & Non-Life Insurance Industry Segmentation
In life insurance, the insured gets coverage against death, for which the policyholder has to pay a fee called the premium. Non-life insurance covers property, businesses, and individuals, also called general insurance.
The life and non-life insurance market in Poland can be segmented by insurance type, by distribution channel. By insurance type, the market is sub-segmented into individual and group. By distribution channel, the market is sub-segmented into direct, agency, bank, and others. The report offers market size and forecasts for the Poland life and non-life insurance market in volume and value (USD) for all the above segments.
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Poland Life & Non-Life Insurance Market Research FAQs
How big is the Life and Non-Life Insurance Market?
The Life and Non-Life Insurance Market size is expected to reach USD 18.71 billion in 2024 and grow at a CAGR of 4.23% to reach USD 23.02 billion by 2029.
What is the current Life and Non-Life Insurance Market size?
In 2024, the Life and Non-Life Insurance Market size is expected to reach USD 18.71 billion.
Who are the key players in Life and Non-Life Insurance Market?
Powszechny Zaklad Ubezpieczen SA, Sopockie Towarzystwo Ubezpieczen Ergo Hestia SA, Towarzystwo Ubezpieczen I Reasekuracji Warta SA, Uniqa Towarzystwo Ubezpieczen SA and Generali Towarzystwo Ubezpieczen SA are the major companies operating in the Life and Non-Life Insurance Market.
What years does this Life and Non-Life Insurance Market cover, and what was the market size in 2023?
In 2023, the Life and Non-Life Insurance Market size was estimated at USD 17.92 billion. The report covers the Life and Non-Life Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Life and Non-Life Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Life and Non-Life Insurance in Poland Industry Report
Statistics for the 2024 Life and Non-Life Insurance in Poland market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Life and Non-Life Insurance in Poland analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
