STATISTICS: POLAND, 1H2017: Recovery trend confirmed thanks to the MTPL line increasing premiums volume

The Polish insurance market's recovery announced by the Q1 results, after four years of decline, seems to become confirmed reality, judging by the 1H results: the market ended the first half of 2017 with GWP of EUR 7.4 billion, 21% up y-o-y.

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.

Share |

Related articles

Michael KRUPINSKI, head of PZU, awarded "Insurance Manager of the Year 2016" in Poland

Michael KRUPINSKI, head of the Polish insurance leading group, PZU, has been awarded "Insurance Manager of the year 2016" by the national financial journal "Gazeta Bankowa", while the company won the "Most friendly insurance company" award in the category of motor insurance. The awards have been granted in recognition of PZU's impressing financial evolution last year, as well as of its customer centric culture.

2017-01-12

ON THE MOVE

Three new appointments at XL Catlin insurance operations

XL Catlin insurance operations announced on 4 June three appointments: Donnacha SMYTH as President Global Excess Casualty Insurance; Carla GREAVES as Chief Underwriting Officer, Global Excess Casualty; Aurelie FALLON SAINT-LO as Senior Underwriter, Environmental and Client & Distribution Leader for Western France.

07.06.2018

TOP EVENT

LIVE: BAKU: "Insurance in Azerbaijan: New perspectives" Conference

The annual and most important insurance event within the Caucasus region - "Insurance in Azerbaijan: New perspectives", started today, in Baku, organized by XPRIMM and Azerbaijan Insurers Association, with the official support of the Financial Market Supervisory Authority of Azerbaijan.

20.06.2018

5th Annual Insurance Business Forum "Challenges of the Year 2018"

will take place on September 17-21, 2018 in Sochi
The upcoming Forum, supported by the All-Russian Union of Insurers (ARIA), will logically continue a detailed discussion of the most pressing issues previously raised at ARIA events in 2018: Insurance and Reinsurance International Congress in Moscow and Insurance International Conference in St. Petersburg.

12.06.2018

See all