GWP for life insurance amounted to about PLN 16 billion (18.2% less y-o-y) or EUR 3.7 billion (19.5% down y-o-y), the most impressive decrease being recorded for the short-term life insurance policies, i.e. products combing the features of a life insurance policy and a bank deposit. In the other product groups, the total sum of collected premiums changed insignificantly. As far as the claims for life insurance are concerned, the growth of about 20% of the claims paid for unit-linked contracts is the single noteworthy change. All in all, claims paid for life insurance amounted to PLN 12.9 billion. However, despite the major negative change in GWP, the Polish life insurance ended 1H2013 with a positive financial result of PLN 1.4 billion (net profit).
Non-life insurance lines recorded an overall positive evolution, although at a modest pace, with GWP amounting to PLN 13.9 billion (2.14% up y-o-y). In fact, the visible slow down in the non-life market evolution was caused by the negative trend recorded on its main segment, the motor insurance. Both business lines in this category recorded a negative change in GWP, to PLN 2.7 billion, for the Motor Hull class (7% down y-o-y) and PLN 4.28 billion (5% down y-o-y) for the MTPL class. The technical result on comprehensive insurance was PLN 210 million after 1H2013, 36% less y-o-y, while on third party liability insurance was PLN 81.8 million, compared with PLN 6.9 million a year ago.
Property insurance is the probably the Polish market segment with the best result, as underwritings on this segment recorded an overall 13.8% y-o-y growth, while paid claims decreased by more than 35%.
All in all, direct non-life insurers closed 1H2013 with a balance of PLN 824.5 million on the technical account and a net profit of PLN 5.22 billion.
The full market analysis article was published in XPRIMM Insurance Report - CEE, Russia&CIS, SE 1H2013. See how you can get a copy.
Access www.xprimm.com and download the 1H2013 Polish insurance market statistics.
Market portfolio (in EUR and PLN):
- Gross written premiums
- Paid claims
- Growth rates
- Life insurance ranking
- Non-life insurance ranking