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Insurance Market in Poland 2006 - CEE Insurance Series
Intelace Research, June 2006, Pages: 70
Insurance market in Poland is developing quickly. During the period 2000-2005 the gross premium was growing at over 8% p.a. The life business and unit-linked products in particular contributed most to the growth. At the same time the overall premium/GDP penetration is still relatively low. In 2005 it has reached 3,2% - which is approximately only 37% of EU-15 level.
About the report:
“Insurance Market in Poland 2006” is the first issue from the new report line on insurance markets. It is describing the present market structure and recent trends on the insurance market in Poland. This report puts together many various facts and figures about the market, and about top players. The data has been presented in a structured and logical way in a form of horizontal presentation on 70 slides.
Growing market.
During the period 2000-2005 the insurance market in Poland experienced strong growth in both life and non-life segments with the average premium growth rate exceeding 8%. The life business and unit-linked products in particular contributed most to the growth. In 2005, for the first time in history, the surging life premium has approached the level of non-life premium. At the same time the overall premium/GDP penetration reached 3,2% of GDP
Falling concentration.
The market is highly concentrated, which is reflected by high value of HH* Index (1930 and 2650 for life and non-life business respectively). The majority state-owned giant - PZU is still dominating on the market with the share of 40-60% depending on segment. This situation is however gradually changing as smaller players aggressively challenge the leader with: lower prices, more friendly customer service, better sales skills and alternative sales channels
High profitability.
The profitability of insurance industry is high and increasing. In 2005 the average return on equity exceeded 32% and 22% in the life and non-life sector respectively. Traditionally most profits were generated by leaders: PZU and PZU Zycie, enjoying scale benefits, but the financial situation of smaller players in 2005 has also improved against 2004 significantly
Good perspectives.
Strong economy, growing stock market, improving situation of enterprises and increasing wealth of individuals will contribute to the further growth of insurance market. In short-term perspective the growth will come primarily from life insurance, were particularly unit-linked insurance is expected to keep growing at high rates. The non-life business is likely to rebound first in 2007-2008 following expected recovery on the new cars market and increased investments of the corporate sector. As far sales channels are concerned, bancassurance and direct channels will quickly gain on importance
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