PROPERTY AND CASUALTY INSURANCE MARKET IN POLAND - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)

The Property and Casualty Insurance market in Poland can be segmented by Product Type (Motor Insurance, Property Insurance, General Liability Insurance, and Other P&C) and Distribution Channel (Agent, Brokers, Banks, and Others)

Market Snapshot

Property and Casualty Insurance in Poland
Study Period: 2018-2027
Base Year: 2021
CAGR: 0 %

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Market Overview

The Property and Casualty insurance market in Poland is expected to register a growth rate of 6% for the forecasted period.

COVID-19 significantly impacts the Property and Casualty insurance market in Poland. The non-life insurance premium, which was increasing since 2014 and reached its maximum in 2019, experienced a contraction in the year 2020 due to the pandemic and reached to the level of 2018.

Poland's Property and Casualty Insurance has shown constant growth in the last decade. The premiums are on a constant rise due to the growth of the motor insurance business. The CAGR of life insurance in the country was -5.9%, while it was 4.6% for non-life insurance in Poland. The P&C insurance remained stable in the year 2012-2014. The segment experienced a remarkable double-digit growth rate in the years 2016-2017. In 2018-2019, the growth dynamics decreased, reaching a historical maximum, but their real value fell in 2020 as a result of higher inflation. The number of insurance companies in Poland in 2020 is 33, which is the same level as in 2011. The number of non-life insurance in Poland increased to 34 in 2016 from 30 in 2015. However, the number has remained stable in the last decade. In 2020, the number of non-life insurance companies decreased by one as a result of the winding-up of TUW Medicum in September. The claim and benefits paid by non-life insurance were decreased to PLN 22.23 billion in 2020 from PLN 23.27 billion in 2019.

Scope of the Report

Property and Casualty Insurance is the type of coverage that protects the policy holder's things and property such as home, car, and other belongings. It also includes liability coverage which protects you if you're found legally responsible for an accident that causes injuries to another person or damages to their property. This report aims to provide a detailed analysis of the Property and Casualty insurance market in Poland. It focuses on the market dynamics, emerging trends in the segments, the future of markets, and insights into various product types. Also, it analyses the key players and the competitive landscape in the Property and Casualty insurance market in Poland. Property and Casualty Insurance in Poland can be segmented by Product Type (Motor Insurance, Property Insurance, General Liability Insurance, and Other P&C) and Distribution Channel ( Agent, Brokers, Banks, and Others)

By Product Type
Motor Insurance
Property Insurance
General Liability Insurance
Other P&C
By Distribution Channel
Agents
Brokers
Banks
Other Distribution Channel

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Key Market Trends

The Premium for the Motor Insurance is Constantly Increasing

Motor Insurance represents the majority of the premium written for property and casualty insurance in Poland. Since the beginning of the last decade, the premium for motor insurance has been increasing significantly. The premium for motor insurance was only PLN 13.3 billion in 2014, reaching PLN 23.4 billion in 2020. In 2020, the overall share of vehicle and property insurance premiums in total premiums in the Non-life segment was 72.7 percent, up 0.3 percentage points from the previous year.

Property and Casualty Insurance Market in Poland

The Value of Gross Claims and Benefit Paid is increasing for Property Insurance

Poland's gross claim and the benefit paid for property insurance are rising. For the year 2020, the value of gross claim and benefit paid was PLN 3.4 billion, the largest increase in the property and casualty insurance segment of 8.7% from PLN 3.1 billion in 2019. Similarly, the increase in gross claim and benefit paid was 35 for the general liability insurance and only 0.6% for the other P&C insurance lines.

Property and Casualty Insurance in Poland

Competitive Landscape

The Property and Casualty Insurance market in Poland is highly competitive. A large number of national and international players are operating in the market. Almost 33 non-life insurance companies are operating in the market. In terms of assets, in 2020, the assets of the three largest companies made up 67.0% of the market, whereas those of the top five accounted for 74.8% of total assets. PZU is the market leader in property and casualty insurance in Poland both in terms of the asset and the premium generated. The premiums of the three largest companies made up 59.3% of the market, whereas those of the top five accounted for 68.5%.

Recent Developments

· In March 2022, PZU launched PZU iFlota. With the current PZU iFlota system, PZU is expanding its package of options for corporate fleet customers. Fleet management, insurance, and safety are the three most critical modules, and the cost of insuring a customer's whole fleet in PZU is only PLN 189 per year. PZU iFlota is another unique preventive solution offered by PZU for corporate fleets, alongside PZU Bezpieczna Flota and Audax.

· In November 2021, Allianz announced the competition for the acquisition of the Aviva Group's operations in Poland. It was the largest deal for Allianz in the decade. It involves Aviva's life and non-life insurance operations as well as its pension and asset management businesses. Under the transaction, Allianz had also agreed to acquire a 51 percent stake each in Aviva's life and non-life bancassurance joint ventures with Santander Bank Polska. The transaction also includes Aviva's Life operations in Lithuania.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS AND DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Driver

    3. 4.3 Market Restraints

    4. 4.4 Insight on Technologial Adoption in the Market

    5. 4.5 Porter's Five Forces Analysis

      1. 4.5.1 Threat of New Entrants

      2. 4.5.2 Bargaining Power of Buyers/Consumers

      3. 4.5.3 Bargaining Power of Suppliers

      4. 4.5.4 Threat of Substitute Products

      5. 4.5.5 Intensity of Competitive Rivalry

    6. 4.6 Insight on Various Government Regulations in the Market

    7. 4.7 Impact of Covid 19 on market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product Type

      1. 5.1.1 Motor Insurance

      2. 5.1.2 Property Insurance

      3. 5.1.3 General Liability Insurance

      4. 5.1.4 Other P&C

    2. 5.2 By Distribution Channel

      1. 5.2.1 Agents

      2. 5.2.2 Brokers

      3. 5.2.3 Banks

      4. 5.2.4 Other Distribution Channel

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Concentration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 PZU

      2. 6.2.2 ERGO Hestia

      3. 6.2.3 Warta

      4. 6.2.4 Uniqua

      5. 6.2.5 Compensa

      6. 6.2.6 Allianz

      7. 6.2.7 Generali

      8. 6.2.8 InterRisk

      9. 6.2.9 AXA

      10. 6.2.10 Wiener Insurance

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

  8. 8. DISCLAIMER

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Frequently Asked Questions

The Poland Property & Casualty Insurance Market market is studied from 2018 - 2027.

The Poland Property & Casualty Insurance Market is growing at a CAGR of 0% over the next 5 years.

PZU, Ergo Hestia, Warta, Uniqua, Compensa, Allianz are the major companies operating in Poland Property & Casualty Insurance Market.

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