POLAND: Warta: corporate insurance demonstrates high dynamics in the first half of the year

6 September 2023 — Marina MAGNAVAL
In the first half of the year, the dynamics of premium collection in corporate insurance reached 112%, which, compared with inflation, means at most maintaining the market at a very stable level, according to Warta's estimates, Gazeta Ubezpieczeniowa wrote.

Warta is part of the Talanx Group, one of the largest insurers in Europe. The data collected by Warta show that after the second quarter, the dynamics of corporate insurance amounted to 112%, while in the first three months of this year, it was at the level of 115%.

In corporate motor insurance the half-year premium growth rate reached 113%. Warta experts believe that premium increases are driven by claims inflation. On the other hand, in non-life corporate insurance the premium dynamics was at the level of 112%.

Fire and property insurance ended the first half with the dynamics of 109%. Liability insurance records stable growth. In the first half of this year, the segment achieved a growth rate of 116%. According to the insurer's experts, the systematically growing premium dynamics indicates that the market has begun to recognize the risk of long-term inflation impact.

In insurance of guarantees the semi-annual growth was 122%, exceeding the level of 120% achieved in the last four quarters. Warta concludes that the premium increase is a direct result of the growing value of construction contracts and increase in rates.

In marine insurance the growth rate was 164%. This was due to price increases as well as infrastructural and shipbuilding investments. Aviation insurance also had a high result of 121%. Warta explains that as a result of price increases and emergence of new risks on the market.

Warta was established in 1920 as the first Polish insurance company with a reinsurance profile. Currently, Warta is one of the largest companies in Poland, a market leader in key aspects that are important to customers, such as professional sales, modern products, exceptional service, or practical use of new technologies.