Life insurance accounted by the end of 1H2012 for 59% of the Polish insurance portfolio, about 2.5 pp more y-o-y, its increase in weight being due to the highly above average growth rate recorded, of 17.32%. Thus, GWP for life insurance reached PLN 19.67 billion (EUR 4.6 billion). Premium written for traditional life insurance products rose by over 21%, reaffirming, at a slightly reduced level, the tendency installed in Q1. Polish customers also maintained their interest for Unit-Linked products, premiums for this line of business recording a 15% growth and representing almost one third of the entire life insurance portfolio.
On the non-life insurance side, the most dynamic lines were sickness insurance (14.5% growth y-o-y), damages to property (14.17%), GTPL (23.88%) and travel insurance (15.44%). Yet, as all these classes have a modest presence in the market portfolio, the high growth rates recorded have not a significant influence on the overall non-life dynamic, which stood at about 6.58% (local currency). Both motor and property insurance segments recorded positive growth rates of about 5.5%. All in all, non-life GWP amounted to PLN 13.59 billion (EUR 3.19 billion).
Polish insurers paid out claims worth PLN 19.11 billion, almost 1% less than in 1H2011. While for the life insurance market paid claims went down by 2.4%, on the non-life insurance segment claims rose by 1.6%. The most significant change was recorded on the property insurance line, where claims paid claims rose by over 17% following compensation payments for one important aircraft insurance claim.
Access www.xprimm.com and download the 1H2012 Polish insurance market statistics.
Market portfolio (in EUR and PLN):
- Gross written premiums
- Paid claims
- Growth rates
- Life insurance ranking
- Non-life insurance ranking