Polish insurers wrote gross premiums worth EUR 18.14 billion in 2023, 17.6% up y-o-y. With a few exceptions, all business lines saw double-digit growth rates. Paid claims reached EUR 10.17 billion, 7.5% more than in 2022.

The results denominated in Euro look better due to slight appreciation of the zloty y-o-y. As such, in national currency, the market grew by 9%, while paid claims remained almost unchanged overall.

According to piu (Polish Chamber of Insurance), in 2023, 23.9 million Poles had life insurance, including 11.7 million under group insurance. That's about 3.6% less than in 2022. The total life insurance premium amounted to EUR 5.25 billion, which is an increase of 14.4% (6.2% in local currency). Payments have returned to pre-pandemic levels and reflect the current situation regarding the mortality rate of Poles.

Non-life GWP increased y-o-y by 18.96%, to EUR 12.89 billion (10.28% growth in local currency). Paid claims for non-life insurance went up at a similar pace, reaching EUR 6.44 billion.

Motor insurance constitutes the largest part of compensations paid for non-life insurance. Compensations and benefits from compulsory MTPL insurance amounted to almost EUR 2.45 billion in 2023 and were 16.7% higher than last year (8.22% up in local currency). At the same time, despite the increase in damage costs, the average motor third party liability insurance premium increased only by 2.9%. and amounted to PLN 513. The average liability claims ppm increased by 11.4%, to PLN 9,980.

In terms of payments for real estate properties, 2023 was a quiet year in terms of violent weather phenomena and disasters, in contrast to the record-breaking year 2022. Compensations related to natural disasters and other property damage amounted to EUR 0.96 billion, i.e. by 0.3%. less than a year ago in local currency.

In 2023, insurers paid over PLN 1.8 billion in income tax to the state budget. During this time, they generated PLN 9.5 billion in net profit, i.e. 67% more y-o-y.

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