STATISTICS: Polish insurers' Q3 profits decreased by 13% y-o-y

21 January 2021 — Andrei Victor
Polish insurance market totaled PLN 46.5 billion (EUR 10.2 billion) at the end of September 2020, down by 1% y-o-y, according to the quarterly market figures published by The Polish Financial Supervision Authority (KNF). At the same time, claims and benefits paid by local insurers decreased by ~4% y-o-y to PLN 29.5 billion EUR 6.5 billion.

"During the three quarters of 2020, Poles spent PLN 46.5 billion on insurance. It's almost the same as last year", said Jan Grzegorz PRADZYNSKI, President of the Management Board of the Polish Chamber of Insurance (PIU), mentioning that the Poles did not give up insurance protection due to the pandemic, especially as local insurers came up with technical solutions in this regard.

At the "claims chapter", during the three quarters of 2020, "insurers paid the injured parties almost the same amount of claims and benefits as the year before. The value of payments related to motor insurance is very similar to last year's, despite less vehicle traffic. When it comes to damages to agriculture - there are many more payments, which is the result of spring frosts. Compensation under insurance guarantees has also increased", says Andrzej MACIAZEK, Vice President of the Management Board of PIU.

After the third quarter of 2020, Polish insurers generated PLN 5.2 billion of net profit (~EUR 1.1 billion), 13% less y-o-y.

At the same time, local insurers paid over PLN 1.1 billion (EUR 240 million) in income tax to the State Budget. Deposits in domestic bonds and other safe instruments amounted to PLN 85 billion.

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