POLAND 3Q2012: temperate growth rate, with above average results in life insurance

17 January 2013 — Daniela GHETU
poland-statisticsThe 3Q2012 results demonstrate that the Polish insurance market is set on a stable upward trend, although the high double digit growth rate, of 17.45%, recorded in 1Q diminished to about 12% by the middle of the year and fell in the "single digit" area after the first nine months of 2012. Thus, GWP amounted to almost PLN 47 billion in 3Q2012, 7.84% up y-o-y. However, as the Polish currency recovered from the dramatic depreciation recorded in the final part of 2011 in regard to the Euro, the market results denominated in European currency showed an ever stronger dynamics, reaching a 15.6% growth rate in 3Q, up to a total GWP of EUR 11.4 billion.

Life insurance maintained its significant share in the national portfolio, of about 58%, and recorded an above average growth rate, of 10.6%, to PLN 27.18 billion. Yet, the trends recorded in the previous quarters reversed, the highest dynamics being this time recorded for the Unit-Linked products. As a result, the UL class increased its share in the market portfolio by 2pp, to ~19%, during the second and the third quarters of the year 2012., The most impressive performance in the life insurance field belongs, by far, to "Open Life TU ZYCIE", the youngest company of the EUROPA Group. Starting operation "from scratch" in 2011, the company reached in 3Q2012 GWP PLN 2.5 billion, a figure which is already higher than the 2 billion target announced for the full year 2012.

On the non-life side, GWP amounted to PLN 19.76 billion, showing a modest growth rate of 4.23% y-o-y. Except for Motor Hull and the financial risk insurance classes, all the other business lines recorded positive y-o-y changes in GWP, which may be described as "unspectacular". Only the GTPL and Travel insurance lines, both holding very small shares of the market portfolio, showed double digit growth rates. PZU remained the undisputed market leader, with a 32% market share and GWP of PLN 6.37 billion, 2.5% up y-o-y.

In terms of profitability, the Polish market closed the first nine months of 2012 with an aggregated net profit of PLN 5.5 billion and a technical result of PLN 3.44 billion.

Access www.xprimm.com and download the 3Q2012 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

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