The Polish insurance market ended the first half of 2012 with a 12.67% y-o-y increase in GWP, thus confirming rapid growth trend outlined in the first quarter of the year. As a result, underwritten premiums amounted to PLN 33.23 billion or EUR 7.8 billion, while the aggregated gross profit reached PLN 4.85 billion (~ EUR 1.14 billion). However, considering the market results denominated in euro, the overall picture seems somewhat less bright following the y-o-y 7% devaluation of the Polish Zloty (PLN).

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
  

Market rankings in EUR and PLN (GWP/Market shares/Growth rates):

• Life insurance ranking
• Non-life insurance ranking