In 2013, Poland's GDP growth rate dropped to 1.6% YoY, which was the lowest rate since 2009. Slowing consumer demand and depleting inventories were reducing the GDP growth rate while a healthy growth in exports and a positive balance in foreign trade had a positive contribution. In response to slowing economy, and in-line with global trends, the monetary policy of the Central Bank became looser in 2013 and interest rates were reduced to the lowest levels in modern history of the country. As a consequence of recent economic developments, the insurance sector slowed down with life premium sinking by 14% YoY and non-life premium increasing just by a fraction. The fall in life insurance premium could be attributed almost exclusively to plunging sales of single premium deposit-like products, which became less attractive due to lower interest rates. Other types of saving/investment products, especially unit-linked insurance were unaffected and continued to grow in 2013 reflecting relatively stable financial condition of households and high propensity to save for retirement. Within the non-life business, car insurance suffered from falling premiums (-5% YoY) due to persisting fierce competition among insurers while property, accident and corporate insurance recorded a moderate growth in premiums.
For more information on recent developments in the Polish insurance sector, please refer to the full publication.
Table of contents
Slide 1: Executive summary
1. Macroeconomic overview Slide 2: Poland - General overview
Slide 3: Key macroeconomic indicators, 2007-2013
Slide 4: Foreign trade statistics, C/A, FDI, 2007-2013
Slide 5: Unemployment and wages, 2007-2013
Slide 6: Disposable income in households and income distribution, 2007-2013, (Income distribution 2012)
Slide 7: Consumer confidence index evolution, 2009-Mar. 2014
Slide 8: Warsaw Stock Exchange - Turnover, Market cap. and indexes, 2007-2013
Slide 9: Top 12 foreign investors in banking sector and their subsidiaries, 2013
Slide 10: Banking assets evolution, 2007-2013
2. Insurance market Slide 11: Insurance Markets in CEE-Size vs. growth matrix, 2011-2013
Slide 12: Insurance premiums per capita & premiums/GDP penetration-CEE comparison, 2013
Slide 13: Insurance gross premiums - Local insurers (life/non-life, in EUR), 2009-2013
Slide 14: Insurance gross premiums - Local insurers (life/non-life, in PLN), 2009-2013
Slide 15: Total premiums collected in Poland (Local + foreign insurers), 2008-2010
Slide 16: Number of locally registered insurance companies, foreign insurers, 2003-2013
Slide 17: Top 12 insurance groups in Poland by total premium written, 2013
Slide 18: Insurance market concentration and Herfindahl-Hirschman Index (life/non-life), 2013-2012
Slide 19: Solvency margin and margin coverage with own funds, 2009-2013
Slide 20: Number of agents and insurance sales personnel, 2008-2012
Slide 21: Insurance-Regulatory institutions, 2013
Slide 22: Private health Insurance-Opportunity for insurers
3. Non-life insurance Slide 23: Non-life insurance markets in CEE-Size vs. growth matrix, 2011-2013
Slide 24: Non-life premiums per capita & premiums/GDP penetration-CEE comparison, 2013
Slide 25: Non-life insurance gross and net premium evolution, 2009-2013
Slide 26: Top 10 non-life insurance players in Poland, 2013
Slide 27: Market shares of top non-life players evolution, 2011-2013
Slide 28: Number of policies and premiums evolution by segment (retail vs. corporate), 2009-2013
Slide 29: Non-life premium by risk class, 2011-2013
Slide 30: Sales channels of non-life insurance, 2010-2012
Slide 31: Direct insurance-key players overview , 2009-2013
Slide 32: Link4-Leader in direct sales in Poland - company profile, 2003-2013
Slide 33: Liberty Direct-a "premium" direct player
Slide 34: Non-life insurers results, technical and P&L accounts, 2013
Slide 35: Non-life insurance - profitability tree, 2009-2013
Slide 36: Non-life insurance - claims and expense ratio evolution, 2009-2013
Slide 37: Non-life insurance - combined ratio and its elements, 2009-2013
Slide 38: Non-life insurance - acquisition costs evolution, 2011-2013, acquisition costs for top non-life insurers comparison, 2012
Slide 38a: Network multi-agents: Consultia, CUK, Unilink etc.
Slide 39: Car insurance - premiums and no. policies evolution, MTPL, Casco, 2009-2013
Slide 40: Car insurance - top players in MTPL and in Casco, 2011-2013
Slide 41: Car insurance - combined ratio and its elements, MTPL and in Casco, 2011-2013
Slide 42: Car insurance - average premium per policy: retail vs. corporate, 4Q2010-4Q2013
Slide 43: Channels/product innovations: ERGO Hestia "You can drive"
4. Life insurance Slide 44: Life insurance markets in CEE - Size vs. growth matrix, 2011-2013
Slide 45: Life premiums per capita & premiums/GDP penetration - CEE comparison, 2013
Slide 46: Life insurance gross and net premiums evolution, 2009-2013
Slide 47: Top 10 life insurance players in Poland, 2013
Slide 48: Market shares of top life players evolution, 2011-2013
Slide 49: Life premium by risk class evolution, 2011-2013
Slide 50: Life premiums and number of policies by client segment and policy type, 2011-2013
Slide 51: Life insurance technical reserves evolution and structure, 2009-2013
Slide 52: Sales channels of life insurance, separately for individual life and group life, 2011-2012
Slide 53: Life insurers results, Technical and P&L accounts, 2013
Slide 54: Life insurance - profitability tree, 2009-2013
Slide 55: Life insurance - acquisition costs evolution, 2011-2013, acquisition costs for top life insurers comparison, 2012
5. Bancassurance & alternative sales channels Slide 56: Bancassurance: Premium written by bank channel (life/non-life), 2010-2012/2013
Slide 57: Bancassurance: Product/class split in bank channel (life/non-life), 2013
Slide 58: Bancassurance: Investment type life products other than unit-linked, 2010-2013
Slide 59: Banking (own) sales platform: "mBank, SUS - Centrum Ubezpieczeń"
Slide 60: Banking (operated by 3rd party) sales platform: "eurobank ubezpieczenia"
Slide 61: Business-to-business sales platforms: "Butik inwestycyjny" operated by TU Europa
Slide 62: Bancassurance: Comparison websites and online sales sites operated - overview
Slide 63: Comparison websites: "ipolisa"
6. Top players' profiles Slide 64: Non-life insurance: PZU, 2011-2013
Slide 65: Non-life insurance: Warta, 2011-2013
Slide 66: Non-life insurance: Ergo Hestia, 2011-2013
Slide 67: Life Insurance: PZU Zycie, 2011-2013
Slide 68: Life Insurance: Open Life, 2011-2013
Slide 69: Life Insurance: TUnZ Warta, 2011-2013
7. Forecast Slide 70: Non-life insurance premiums forecast, 2014-2016
Slide 71: Life Insurance premiums forecast, 2014-2016
Slide 72: Notes on Methodology
Research Report: Insurance market in Poland, 2014-2016
