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Poland Insurance Report Q1 2011
Business Monitor International, Dec 2010, Pages: 76
The Poland Insurance Report provides industry professionals and strategists, corporate analysts, insurance associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Poland's insurance industry.
This report includes actual data for 2009. On the basis of figures published by the Polish Financial Supervision Authority (PFSA) for H110, it is estimated that total premiums for the year amounted to PLN54.78bn. This includes non-life premiums of PLN21.93bn and life premiums of PLN32.85bn. In 2015, the corresponding figures are forecast to be PLN64.41bn, PLN31.95bn and PLN32.45bn. In terms of the key drivers that underpin these forecasts, non-life penetration is expected to rise from 1.54% of GDP in 2010 to 1.60% in 2015, and life density is forecast to rise from US$298 per capita to US$351 per capita over the same period. BMI’s proprietary
Insurance Business Environment Rating for Poland is 65.6 out of 100.
Assuming that the above is are correct, the Polish insurance sector will be able to look back on the challenges arising from the global financial crisis (and the subsequent fiscal problems for many governments in Europe) with some satisfaction. The contraction of the life segment in 2009 comes after a surge in premiums in 2008 and steady growth in previous years. Unlike in other countries in Central and Eastern
Europe, Poland’s life insurers are serving a market that has grown by about 50% since 2005. In the nonlife segment, the steady growth in premiums since 2005 should also be considered something of an achievement.
Issues to Watch:
- PZU’s Marketing Strategies: PZU is looking to halt the long-term decline in its market share by 2011. It hopes to do this with a number of pricing and marketing strategies, as well as by improving the levels of service it provides to its customers.
- Contagion In Bond Markets: A key feature of 2009 was the rebound in investment income. In the event of volatility in bond markets in
- Central and Eastern Europe, it may be more difficult for Polish insurers to maintain levels of profitability in the coming year or so.
- Pricing Pressures: Pricing appears to have remained reasonably firm across most lines in the non-life segment and for some operators in the life segment. Profitability could decline rapidly in the event that deterioration in investment income coincides with weaknesses in pricing.
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