STATISTICS: POLAND, 3Q2019: local insurers have paid EUR 1 million per hour in claims and benefits

9 January 2020 — Daniela GHETU
STATISTICS: POLAND, 3Q2019: local insurers have paid EUR 1 million per hour in claims and benefits
Polish insurers have achieved GWP of PLN 47 billion (EUR 10.74 billion) in 3Q and paid PLN 30.7 billion to injured parties and clients - meaning, in average, about EUR 1 million per hour. Overall, GWP went up by 1.47% in local currency, while claims expenses decreased by 0.9%.

GWP for life insurance amounted to almost PLN 16 billion (down y-o-y by 3.1%), while insurance benefits amounted to PLN 14.2 billion (down 10.6%). Lower sales of investment and savings insurance products is, according to the Polish Chamber of Insurers (PIU), the main reason of the continued shrinking trend of the life insurance market. Yet, it is worth noting that the segment of pure risk life insurance products shows a stable trend.

Non-life insurance GWP amounted to about PLN 31.1 billion (up y-o-y by 4%). Pit of this total, motor insurance classes account together for about 59% and have recorded a 0.8% y-o-y GWP growth, to PLN 17.66 billion. The MTPL line provided for almost two thirds of the motor premiums (PLN 11.24 billion, down by 1.3% y-o-y). Paid claims for this line of business amounted to PLN 7 billion (up by 6%). While the average MTPL premium's value decreased y-o-y by 3.3%, to PLN 562.8, the average claim's value increased by 3.1%, to PLN 7,656.

Motor Hull provided for PLN 6.4 billion in GWP (+4.9% y-o-y), but claims paid increased by 12.6%, reaching PLN 4.1 billion.

The value of premiums from non-life insurance (excluding motor insurance) amounted to PLN 13.4 billion, increasing y-o-y by 8.4%. The largest share on this segment belongs to property insurance associated with natural disasters and other damage to property, classes that totaled GWP worth PLN 5 billion. Insurers paid PLN 1.2 billion for extreme weather losses, which is 23% more than in 3Q2018.

The net profit of life insurers after 3Q2019 amounted to PLN 2 billion and was by 5% higher y-o-y. The technical result for life insurance amounted to PLN 2.5 billion (+5.6% y-o-y). On the non-life side, the technical result was of PLN 2.1 billion (-10.7% y-o-y).

PZU continues to hold the leading position both on the life and non-life segments, with market shares of 39.95% and 30.23%, respectively. On the life insurance side, AVIVA ranks second (8.85%), followed by a "new entry", NN (7.1%), that has outpaced OPEN LIFE. Top 3 non-life has remained unchanged, with ERGO HESTIA ranking second (15.2%) and WARTA holding the 3rd position (14.36%).

Access and download the 3Q2019 Polish insurance market statistics.