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

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

POLAND: insurance brokers have mediated GWP of EUR 1.7 billion in 2017

The total number of insurance brokers licensed in Poland at the end of 2017 was of 1,416. Throughout the year, 34 deletions from the register of insurance brokers were made, a Polish Financial Supervision Authority's Report on the condition of the brokerage market in 2017 shows.

2018-12-13

ON THE MOVE

Bulgaria: Boiko ATANASSOV appointed as FSC's head

The Parliament of the Republic of Bulgaria appointed Boiko ATANASSOV as Chairperson of the Financial Supervision Commission (FSC) on March 15, with 134 votes in favour, none opposed or abstained.

21.03.2019

TOP EVENT

Climate and cyber: two Cs with catastrophic potential and the insurance business - under debate in Vienna, on April 9

10 years after its inception, the Romanian mandatory dwelling insurance system has progressed and PAID, the pool underwriting and managing the mandatory policies is a strong and financially sound institution. "We are currently managing a reinsurance program worth EUR 920 million, with a pool of excellent reinsurers, more than half of them rated AA+, while the company's solvency rate is of 220%," recently stated Nicoleta RADU, CEO, PAID.

21.03.2019

Conclusions: TBILISI - the first Georgian International Insurance Conference

The first Georgian International Insurance Conference took place on 14 March 2019. The event put under scrutiny the current status and the future development perspectives of the local market, in an attempt of identifying the main growth opportunities. The forthcoming launch of the mandatory MTPL system was the most important topic on the agenda, as this new line of business has the potential to provide for a significant growth, but also to become a market disruptor.

14.03.2019

See all