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Poland Insurance Report Q3 2011
Business Monitor International, June 2011, Pages: 75
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.
- The insurance sector has shown resilience in the face of an influx of new companies and new policies.
- Premium income is maintaining its increase despite a sluggish economy.
- Premiums continue to sit at very low rates, resulting in lesser yields for insurers that might force the weaker companies out of the country.
The rebalancing of Poland’s insurance sector has enabled foreign investment to surge well ahead of the gradually shrinking state-owned insurance segment. Although some companies suffered a decline of premiums at the advent of newer companies, Poland is still the largest insurance market in Eastern Europe, with continued income growth reported in life and non-life premiums. Despite comparatively low premiums, many companies have a positive outlook and intend to continue their involvement in Poland and other Eastern European countries. An increase in regulatory requirements has encouraged further development of the insurance sector in Poland, resulting in a modest increase in premiums.
Historically, life insurance has been underutilised by Poland’s population. Over the past few years the penetration rate had dropped, recovering after late 2008. Premium income has more than doubled in the past five years in an erratic fashion. This growth is forecast to slow significantly over the next several years. Insurance groups have reported regular profits within the life segment over the past few years, although figures showing premiums per capita present a pattern of rapid increase and decrease. Despite this, forecasts suggest sales will settle into a rate of stable growth as a more moneyed workforce reaches retirement age.
Non-life premiums maintained a steady increase over the past five years, with premium income consistently improving. Predictions for the next five years indicate a continuation of this behaviour, with a modest increase as Poland’s economy strengthens. An ever-increasing range of insurance services is providing revenue for insurers and is viewed by the population as a worthwhile investment.
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