POLAND: MTPL prices saw the largest reduction since 2018

5 July 2022 —
In the first half of 2022 the Polish market saw the largest reduction in MTPL prices since 2018. The average premium decreased by as much as 14.8% y-o-y to PLN 524 (EUR 111.72*). The average MTPL price is now 3% lower than the rate in the first half of 2016, Gazeta Ubezpieczeniowa reports.

The price war in MTPL led to the fact that in the first half of 2022, the decrease in average MTPL rates was the largest in 5 years. In June, the average premium already dropped to below PLN 500, according to the report, prepared by Rankomat experts.

In the first half of 2022 the average MTPL price amounted to PLN 524. The rates are also falling compared to the quarter: in the period April-June, the average premium was PLN 511, which is lower by PLN 31 than in the previous three months.

"In the second quarter of 2022, the average civil liability insurance premium decreased by 5.7% and amounted to PLN 511. The average TPL premium is thus even lower than the values observed in the first half of 2016. Such low average premiums raise concerns not only about the financial situation in the insurance sector, but also about the quality of claims handling. The costs of claim settlement have been growing strongly for many months, and high inflation can only accelerate this process", said Tomasz MASAJLO, President of the Management Board of Rankomat.

*~1 EUR = 4.69 PLN (01.07.2022)