"This will probably be a good year for the insurance market in Poland, the market should record y-o-y growth. However, it is not that when the economy accelerates, insurance immediately starts to grow faster. There is always a gap, insurance reacts to economic situation changes with some delay", said Jan Grzegorz Prądzyński.
"If the economy is developing well and customers earn more, they can naturally allocate larger amounts for insurance. This applies to both property insurance, including the corporate insurance segment, as well as life insurance, where customers are more willing to think about additional protection when the economic situation is improving”, said Jan Grzegorz Prądzyński.
At the end of May, the deputy chairman of the Polish Financial Supervision Authority, Krystian Wiercioch, announced that the insurance sector cannot afford for any business line to be permanently unprofitable. It’s worth noting that in 2023, the sector suffered a technical loss in MTPL. "I expect that the motor third party liability insurance premium will grow faster than in 2023 and this business line will become profitable again", added Jan Grzegorz Prądzyński.
According to the president of the Polish Chamber of Insurance, the industry will submit a proposal to implement various incentives to make insurance more popular. This applies primarily to health and life insurance. The PIU report shows that the Polish health system lacks PLN 100-125 billion annually to be able to approach the most effective ones in Europe.
1571 views
