POLAND: According to the half-year data, bancassurance is slowly emerging from depression

22 November 2023 — Marina MAGNAVAL
Last year an increase in life bancassurance sales through banks was observed, while non-life bancassurance has still not returned to growth.

According to data collected by the Polish Insurance Association in the report presented during the 12th Bancassurance Congress, GWP in the banking channel as of June 30, 2023 reached PLN 2.94 billion (~EUR 0.66 billion), which is 9% higher y-o-y, Gazeta Ubezpieczeniowa reports.

The report shows that the half-year GWP in life bancassurance amounted to PLN 1.8 billion, which is 16.5% more than in the first half of 2022 (PLN 1.55 billion). 33% of the life premium collected in the banking channel came from investment policies, 53% from policies related to a banking product, and 14% from unrelated policies (vs 26%, 63% and 11%, respectively a year ago).

In turn, PLN 1.14 billion was collected in non-life bancassurance. The result was slightly lower than in the same period of the previous year, i.e. PLN 1.16 billion. The largest premium was recorded in insurance against natural disasters and other property damage, which generated PLN 374 million (+8%), next was accident and diseases insurance (PLN 257 million, -22%) then MoD and transport (PLN 209 million, +23%), the report says.

*EUR 1 = PLN 4.44 (01.07.2023)