Despite the unfavorable environment, the bancassurance sector in 1H2024 achieved one of the best results in recent years. This was primarily the effect of the bank distribution of property insurance, which achieved a double-digit increase in premiums, Gazeta Ubezpieczeniowa (Insurance Gazette) writes.

According to data collected by the PIU (Polish Chamber of Insurance), the premium written in bancassurance as of June 30, 2024 was PLN 3.3 billion (~EUR 0.76 billion), which is 12% higher y-o-y and is the highest half-year result since 2021, when the banking channel generated PLN 3.39 billion in gross premiums.

The Chamber's report shows that the premium written in life bancassurance amounted to PLN 1.97 billion (+9%). At that 35% of the life premium collected in the banking channel came from investment policies, 53% from those related to the banking product, and 12% from unrelated policies. PLN 1.33 billion in premiums was collected in property bancassurance, which is 17% higher y-o-y.

The report included the results of 17 life insurance companies controlling 96.6% and 15 property insurance companies generating 87.2% of the written premium in the segment.

*EUR 1 = PLN 4.32 (as of June 30)