Market Trends of Life And Non-Life Insurance Industry
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
