STATISTICS: POLAND FY2014: decreasing trend continued both in business volume and aggregated net profit terms
The most substantial decrease in GWP was recorded by the class1 segment which recorded a 19% fall in GWP, to PLN 10.6 billion, mostly as a result of the decreasing popularity of the short-term life insurance products with an investment component.
Indemnities paid for life insurance also decreased by about 12%, to PLN 20.35 billion, the most important reduction being also recorded for the Class 1 contracts (~23% y-o-y, to PLN 10.5 billion).
On the non-life insurance segment, the total decrease in GWP was less impressive, of only 1.3% y-o-y in PLN, to PLN 26.23 billion (~4% fall y-o-y in euro, to EUR 6.16 billion). Both property and motor insurance segments saw an about 3.5% decrease in the GWP volume, while classes with a low presence in the market portfolio - as suretyship, financial loss or travel insurance recorded double digit growth rates. Yet, these classes, although slightly improving their portfolio share, are still accounting all together for less than 5% of the market GWP.
Claims paid for non-life insurance contracts augmented by 0.75%, to PLN 13.8 billion, mainly as a result of the almost 7% increase of the MTPL claims volume. On the property insurance side, a relatively calm 2014 in terms of weather events, led to a decreasing claims volume, especially on the fire insurance class.
The aggregated balance on the Polish market technical account stood at PLN 4.05 billion, 5% down y-o-y. The consolidated net profit amounted to PLN 6.79 billion, ~23% less y-o-y, with both technical account and investment income recording lower figures than in 2013.
Access www.xprimm.com and download the FY2014 Polish insurance market statistics.
Market portfolio (in EUR and PLN):
- Gross written premiums
- Paid claims
- Growth rates
- Life insurance ranking
- Non-life insurance ranking