STATISTICS: Poland: Insurers’ half year profits increased to ~EUR 1.3 billion

27 September 2023 — Andrei VICTOR
STATISTICS: Poland: Insurers’ half year profits increased to ~EUR 1.3 billion

Polish insurance market reported 1H2023 aggregate GWP worth PLN 40 billion (EUR 8.8 billion), 10% more y-o-y according to the quarterly statistics published by Polish KNF (Financial Supervision Authority).

Non-life GWP rose to PLN 27.7 billion (EUR 6.2 billion) in the first half of the year, 11% more than in the same period last year. The life insurance segment was up by 7.6% to PLN 11.3 billion (EUR 2.5 billion).
Overall claims and benefits paid by local insurers decreased by 2.9% y-o-y to PLN 21.9 billion (~EUR 4.9 billion) from PLN 22.5 billion a year before.

According to PIU - The Polish Chamber of Insurance, Polish insurers generated PLN 5.7 billion (~EUR 1.3 billion) in net profit in the first half of 2023, i.e. 150 percent more than in the previous year. At the end of March 2023, local insurers generated PLN 2.2 billion (~EUR 470.5 million) in net profit, i.e. 190 percent more than in the previous year. "This is primarily due to increased income from insurers' investments, with rising interest rates due to inflation". At the same time, ‘the decline in mortality compared to the situation during the pandemic is also important, which resulted in smaller payouts from life insurance policies. Insurers paid PLN 0.9 billion (~EUR 0.2 billion) in income tax to the state budget”.


The largest non-life insurer in the country in terms of GWP is PZU SA which accounted for 28.8%of this segment, while the absolute leader of the life insurance segment in terms of GWP is PZU ZYCIE with 39.9% market share.

Access xprimm.com and download the latest Polish insurance market statistics.

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