By the end of Q1, Polish insurers had assets worth PLN 70.3 billion placed in domestic bonds and other fixed-income securities, while long-term investments in WSE companies and other variable-income securities amounted to PLN 16.6 billion. Taxes paid to the state budget amounted to PLN 312 million.
Life insurance saw a 7.3% decrease in GWP, to PLN 5.67 billion, driven by the about 20% negative change in the U-L products class premiums. The value of life insurance benefits was of PLN 5.4 billion, down by 3.9%. "Life insurers are waiting first of all for the final shape of the Act on the Employee Capital Plans (PPK) and the decision on the exemption from assets tax of funds accumulated for long-term savings. I have no doubt that the PPK's goals should be implemented with the participation of insurers. They have not only experience in asset management, but also excellent contacts with employers, which will significantly increase awareness about PPK," stated J. Grzegorz PRADZYNSKI.
On the non-life side, GWP went up by 7.6% y-o-y, to PLN 10.58 billion, mostly due to the GWP increase recorded on the motor insurance lines. The contribution of the two motor insurance lines, Motor Hull and MTPL, to the non-life market growth was fairly equal in absolute terms, but the Motor Hull class has recorded a significantly higher growth rate, of 12.45% (6.77% growth for MTPL). Paid claims for the two classes also increased, at a somehow lower rate than the premiums.
Overall, property insurance classes saw a positive evolution in GWP terms, but the fire insurance class has actually recorded a negative change in GWP of 1.5%. On the other hand, claims paid for the "damages to property" class almost doubled y-o-y, although in absolute terms the increase was of "only" about PLN 90 million, not posing real problems for the property insurers financial results.
Net profit of life insurers after the first quarter of 2018 amounted to PLN 470 million and was by 3.1%. lower than the year before. Property insurers ended Q1 2018 with a profit of PLN 588 million, an increase of 6.2%. The technical result of life insurance amounted to PLN 679 million and was higher than in the previous year by 6.3%. The technical result of property insurers amounted to PLN 691 million and was 15.2% higher than a year earlier.
Access www.xprimm.com and download the 1Q2018 Polish insurance market statistics.
Market portfolio (in EUR and PLN):
- Gross written premiums
- Paid claims
- Growth rates
- Life insurance ranking
- Non-life insurance ranking