STATISTICS: POLAND, 1H2017: Recovery trend confirmed thanks to the MTPL line increasing premiums volume
Yet, if the negative trend was given mostly by the life insurance segment, the present double digit growth is based on non-life insurance sector's performance, in particular on the MTPL insurance line.
Life insurance accounted for about 38,7% of this total - some 5pp less than one year ago -, recording a 7.2% y-o-y GWP growth rate, to EUR 2.9 billion.
With very few exceptions, non-life insurance lines fared very well, recording positive double digit growth rates. Motor insurance lines saw, however, the best dynamics, especially on the MTPL side. As several sources in the market explained, the main driver of the MTPL GWP spectacular growth was the tariffs increase. The MTPL market also recorded an encouraging improvement in profitability.
Property insurance GWP also recorded a strongly positive evolution, growing by over 16% y-o-y. On the other hand, the real balance on this market segment will be visible only at the year end, as the paid claims figures for 1H "do not yet contain any compensation for the last storms. Their cost is estimated at about PLN 400 million, which will be visible in the increase of payments in subsequent quarters," the PIU representative explained.
The net income achieved by the life insurers for 1H2017 amounted to PLN 1.2 billion, while property insurers recorded a net profit of PLN 2.6 billion. According to PIU, Polish taxpayers' income tax for the first half of 2017 amounted to PLN 606 million, while the tax on assets amounted to PLN 300 million.
Find detailed 1H2017 market data in the forthcoming edition of the XPRIMM Insurance Report CEE, SEE & CIS - 1H2017, to be launched on 22 October.