Polish insurers wrote gross premiums worth EUR 9.93 billion in 1H2024, 13.8% up y-o-y, almost all business lines recording solid growth rates. Paid claims reached EUR 5.55 billion, 13% more y-o-y. The results denominated in Euro look better due to the y-o-y slight appreciation of the zloty against euro. As such, in the national currency, the market grew by 9.9%, while paid claims by 9.6%.
Life insurance GWP increased y-o-y by 7.96%, to EUR 2.73 billion. According to PIU (Polish Chamber of Insurance), by the end of 1H, 11.2 million Poles had individual life insurance policies, while another 11.8 million were insured under group insurance. Payments have continued to decrease, reflecting the decline in mortality after the pandemic.
Non-life GWP increased y-o-y by 15.6%, to EUR 7.2 billion (12.01% growth in local currency). Paid claims for non-life insurance went up at a higher pace (22%), reaching EUR 3.68 billion.
The first half of the year was rich in intense weather-related events (stormy, waves of frost, hailstorms, winds, torrential rains), but also in losses caused by fires. Much of the damage was local, but its value is systematically increasing, PIU representatives stressed out. As a result, while GWP for property insurance grew by 19.3%, to EUR 1.46 billion, there was a 34.8% increase in the paid claims, to EUR 549 million.
Motor insurance maintained its share in the market portfolio, with GWP worth EUR 1.6 billion for MoD and EUR 1.98 billion for MTPL insurance. The two LoBs also accounted for the largest share of paid claims in non-life insurance (63%). Compensations from auto insurance amounted to EUR 2.33 billion.
The average MTPL insurance premium after the Q2 2024 amounted to PLN 531, 5.3% up y-o-y. At the same time, the average claim increased by 10.2%, to over PLN 10.1 thousand.
Polish insurers generated EUR 1.57 billion in net profit in 1H 2024, primarily due to increased income from insurers' investments, and lower payments from life insurance policies. Insurers paid EUR 0.21 billion in income tax to the state budget.
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STATISTICS: POLAND, 1H2024: weather-related events increased claim paid for property losses by 34.8%
1 October 2024 — Daniela GHETU

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