POLAND: Bancassurance returns to growth

23 April 2024 — Marina MAGNAVAL
After a decline in the value of insurance sales in the banking channel recorded in 2022, last year there was several percent increase in bancassurance due to improved results from the distribution of policies by banks in both sectors, Gazeta Ubezpieczeniowa (Insurance Gazette) wrote.

According to data collected by the PIU, as of December 31, 2023, GWP in the banking channel reached PLN 5.97 billion (~EUR 1.37 billion), which is 5% higher y-o-y. At the same time, it was one of the weakest results over the years 2021–2016:

2021 – PLN 6.83 billion

2020 – PLN 5.56 billion

2019 – PLN 6.87 billion,

2018 – PLN 7.61 billion,

2017 – PLN 10.15 billion,

2016 – PLN 9.81 billion.

A total of PLN 3.63 billion were collected in life bancassurance (+6% y-o-y). Premiums collected in 2023 from individual contracts accounted for 91% of the total (vs 87% in 2022). Traditionally, most of the premium in life bancassurance came from insurance related to banking products - 55%. In turn, 33% were generated by investment products and 12% by stand-alone policies. According to the PIU report, a total of PLN 2.45 billion of life bancassurance premiums came from the sale of protection insurance (+6%), while GWP from investment policies amounted to PLN 1.18 billion (+5%).

PLN 2.34 billion were collected in non-life bancassurance, which is 4% more y-o-y. It is worth noting that this was the second-best result in recent years. Individual contracts accounted for 79% of non-life premiums.

*EUR 1 = PLN 4.34 (31.12.2023)