As of 2022, Poland had the largest insurance sector in CEE14 (Central and Eastern Europe*) with nearly € 15.4 billion in premium written p.a. and a 35 % share in the region.
The insurance sector in Poland is undergoing a gradual evolution, with consolidation being one of key processes. Recently, a few players decided to leave the market and a number of M&A deals have been closed. Prominent transactions include the acquisition of Aegon by VIG, the acquisition of Aviva by Allianz, and the integration of MetLife by Nationale Nederlanden. Through consolidation, mid-sized insurers are able to scale up their operations and enhance profitability in the face of rising costs, required investments, and tariff pressures. Consolidation within the sector presents various benefits. It allows companies to achieve economies of scale, expand their customer base, enhance their product portfolios, and improve operational efficiency. Additionally, consolidation supports the development of stronger, more financially resilient players capable of meeting the evolving needs of policyholders.
The outlook for insurers in terms of premium income is predominantly positive. By 2025, the combined premium written for life and non-life business in Poland is likely to top EUR 20 billion. However, while premium income is projected to accelerate in the mid-term, insurers' profitability is likely to stagnate. Insurers will need to make substantial investments to effectively defend their profitability.
For more information on recent developments in the Polish insurance sector, please refer to the full publication.
Table of contents
1. Macroeconomic overview Slide 2: Poland – Overview and key facts, 2022
Slide 3: Poland in Europe: Number of households vs. wealth, 2021/2022
Slide 4: Key macroeconomic indicators, 2017-2022
Slide 5: Foreign trade statistics, C/A, FDI, 2017-2022
Slide 6: Unemployment and salaries/wages, 2017-2022
Slide 7: Disposable income in households and income distribution, 2017-2022; Income distribution 2021
Slide 8: Consumer confidence index evolution, Jan. 2018 – Apr. 2023
Slide 9: Warsaw Stock Exchange - Turnover, Market cap. and indexes, 2017-2022
Slide 10: Banking assets evolution, 2017-2022
2. Insurance market Slide 11: Insurance Markets in CEE – Size vs. growth matrix, 2020-2022
Slide 12: Insurance premiums per capita & premiums/GDP penetration – CEE comparison, 2022
Slide 13: Insurance gross premiums - Local insurers (life/non-life, in PLN), 2018-2022
Slide 14: Top 10 insurance groups in Poland by total premium written, 2022
Slide 15: Insurance market concentration and Herfindahl-Hirschman Index (life/non-life), 2022 vs. 1H 2020
Slide 16: Current and upcoming Insurance M&A transactions in Poland, 2018-2022
Slide 17: Own funds for life and non-life insurers, 2018-2022, SCR coverage ratios, 2020-2022
Slide 18: Insurance – Regulatory institutions
3. Non-life insurance Slide 19: Non-life insurance markets in CEE – Size vs. growth matrix, 2020-2022
Slide 20: Non-life premiums per capita & premiums/GDP penetration – CEE comparison, 2022
Slide 21: Non-life insurance gross and net premium evolution, 2018-2022
Slide 22: Top 10 non-life insurance players in Poland, 2022
Slide 23: Market shares of top non-life players evolution, 2018-2022
Slide 24: Non-life premium by client segment and insurance class (car insurance vs. other), 2022
Slide 25: Non-life premium by risk class, 2020-2022
Slide 26: Sales channels of non-life insurance, 2019-2021
Slide 27: Non-life insurers results, technical and P&L accounts (waterfall chart), 2022
Slide 28: Non-life insurance - Profitability tree, 2018-2022
Slide 29: Non-life insurance - Claims and expense ratio evolution, 2018-2022
Slide 30: Non-life insurance - Combined ratio and its elements, 2018-2022
Slide 31: Non-life insurance - Acquisition costs evolution, 2020-2022, acquisition cost ratios for individual non-life insurers, 2021
Slide 32: Network multi-agents: Unilink, CUK, Conditor, LGK , Asist, Arrant, DCU etc.
Slide 33: Health Insurance – Opportunity for insurers; Premium written, 2019-2022E
Slide 34: Car insurance - Premium and no. policies evolution, MTPL, Casco, 2018-2022
Slide 35: Car insurance - Top players in MTPL and in Casco, 2020-2022
Slide 36: Car insurance - Combined ratio and its elements, MTPL and in Casco, 2020-2022
Slide 37: Car insurance - Average premium per policy for Casco and TPL, 1Q2016-4Q2022
4. Life insurance Slide 38: Life insurance markets in CEE – Size vs. growth matrix, 2020-2022
Slide 39: Life premiums per capita & premiums/GDP penetration – CEE comparison, 2022
Slide 40: Life insurance gross and net premiums evolution, 2018-2022
Slide 41: Top 10 life insurance players in Poland, 2022
Slide 42: Market shares of top life players evolution, 2019-2022
Slide 43: Life premium by insurance class and segment, 2022
Slide 44: Life premium by risk class evolution, 2020-2022
Slide 45: Life insurance technical reserves evolution and structure, 2019-2022
Slide 46: Sales channels of life insurance, 2020-2021
Slide 47: Life insurers results, Technical and P&L accounts (waterfall chart), 2022
Slide 48: Life insurance - profitability tree, 2018-2022
Slide 49: Life insurance - acquisition costs evolution, 2020-2022, acquisition cost ratios for individual life insurers, 2021
5. Bancassurance Slide 50: Bancassurance: Premium written by bank channel (life/non-life), 2019-2022,data by KNF vs. data by PIU
Slide 51: Bancassurance: Product/class split in bank channel (life/non-life), 2022
Slide 52: Bancassurance: Sales of investment type life products other than unit-linked, 2018-2022
Slide 53: Comparison websites and online multi-agencies – overview, 2022
6. Top players' profiles Slide 54: PZU
Slide 55: Warta
Slide 56: ERGO Hestia
7. Forecast Slide 57: Non-life insurance premiums forecast, 2023–2025
Slide 58: Life Insurance premiums forecast, 2023–2025
Slide 59: Notes on Methodology
Research Report: Insurance market in Poland, 2023-2025
