STATISTICS: POLAND, FY2017: motor insurance lines account for 60% of the non-life GWP and over 67% of the paid claims

Polish insurers ended 2017 with aggregated net profit of PLN 5.7 billion (EUR 1.37 billion), of which PLN 2.3 billion came from the life insurance segment and PLN 3.4 billion was the result of the non-life business.

Yet, is worth noting that of the total net profit recorded by the non-life insurers, more than 40% is a dividend from PZU Zycie SA to PZU SA, already included in last year's net profit of life insurers, as a press release of the Polish Insurance Association stated. Income tax due from Polish insurers for 2017 amounted to PLN 1.2 billion, while the total tax on assets was of approx. PLN 600 million.

Gross Written Premium amounted to PLN 62.35 billion (EUR 14.95 billion), 11.33% up y-o-y (nominal, local currency). Of the total amount, life insurance GWP accounted for almost 40%, the segment's share decreasing by about 22pp y-o-y, due to a lower than average growth rate (2.95%).

In 2017, Polish insurers paid out PLN 39.8 billion (EUR 9.55 billion) in claims and benefits to injured parties and clients, which is 8.6% more than a year earlier. Non-life claims accounted for PLN 19.5 billion, motor insurance lines being responsible for 67% of this total figure. On the other side, paid claims for the "fire and allied perils" class went up by 29%, mostly because of the compensation payments for elemental victims from the second half of 2017

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

STATISTICS: Poland 3Q2016: Motor insurance still unprofitable despite the increasing premiums

The descendant trend established during the previous quarters in the Polish insurance market continued in Q3, with GWP falling by another 2%, to EUR 9.44 billion. While the absolute driver of the falling trend was again the life insurance segment, it is worth noting also that given the slightly weaker domestic currency has also a saying in the matter. Denominated in Polish Zloty, the GWP figure only shows a stagnant trend.

2016-12-22

ON THE MOVE

Zurich: leadership transition in EMEA business

Currently group CEO of AXA UK and Ireland, Amanda BLANC will also join the executive committee at ZURICH, with the handover scheduled to complete in the fourth quarter of 2018. BLANC is to succeed Gary SHAUGHNESSY as CEO of ZURICH Insurance's EMEA business.

12.04.2018

TOP EVENT

What re/insurance professionals are already on FIAR 2018's list of speakers?

Specialists from ICMIF - International Cooperative Mutual Insurance Federation and PensionsEurope, representatives of national insurance associations from Austria and Turkey, as well as professionals representing SWISS Re, GEN Re and AUDATEX are just a few of the speakers who have already confirmed their presence at FIAR 2018 - The International Insurance-Reinsurance Forum.

19.04.2018

photodune-3834701-laughing-girl-xs

LIVE: Moscow, Russia: The XXII International Reinsurance Conference

The XXII International Reinsurance Conference has started today in Moscow, organized by Delovoy Format, with the support of the Russian Insurers Association. XPRIMM, the traditional Media Partner of the conference, has launched on the occasion the latest edition of its Insurance Profile Russia, providing for 2017 insurance statistical data.

11.04.2018

photodune-3834701-laughing-girl-xs

The 4th edition of the European Consumer Protection Conference: Main conclusions

The European Consumer Protection Conference, taking place on Thursday, 22 March, in Prague, brought into debate the consumer environment in the current European regulatory and economic landscape, the upcoming legislative changes that will benefit consumers and users of insurance and private pension products, as well as digitalization and the impact of technological advances in the field of financial services.

22.03.2018

See all