As of H1 2024, Poland, with nearly €19.2 billion in gross written premiums (GWP), accounted for approximately 39% of the total regional premium in Central and Eastern Europe. (CEE14*)
Poland’s insurance sector experienced solid premium growth in 2023, with these trends continuing through the first half of 2024. The non-life segment performed particularly well, with premiums increasing by 12% year-on-year in H1 2024. In the life insurance segment, growth was lower but still significant, with premiums rising nearly 5% on an annual basis. Consistent with long-term trends, a small number of top insurers continue to expand their market share, while the collective share of smaller players is declining. This trend is likely driven by recent mergers and acquisitions (M&A) and the economies of scale enabling larger insurers to offer more competitive rates.
The mid-term outlook for premium income remains positive. Projections suggest that from 2024 to 2026, the nominal growth of gross written premium (GWP) will remain stable, albeit slightly below historical averages, at approximately 8% for the non-life segment and 5% for the life segment. By 2026, combined life and non-life insurance premiums are expected to exceed PLN 98 billion (EUR 23+ billion).
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 – Overview and key facts, 2024
Slide 3: Poland in Europe: Number of households vs. wealth, 2023
Slide 4: Key macroeconomic indicators, 2019-2024F
Slide 5: Foreign trade statistics, C/A, FDI, 2019-2024F
Slide 6: Unemployment and salaries/wages, 2019-2024F
Slide 7: Disposable income in households and income distribution, 2019-2024F; Income distribution 2023
Slide 8: Consumer confidence index evolution, Jan. 2019 – Sep. 2024
Slide 9: Warsaw Stock Exchange - Turnover, Market cap. and indexes, 2019-3Q24
Slide 10: Banking assets evolution, 2019-3Q24
2. Insurance market Slide 11: Insurance Markets in CEE – Size vs. growth matrix, 2022-1H24
Slide 12: Insurance premiums per capita & premiums/GDP penetration – CEE comparison, 1H24
Slide 13: Insurance gross premiums - (life/non-life, in PLN), 2020-1H24
Slide 14: Top 10 insurance groups in Poland by total premium written, 1H24
Slide 15: Insurance market concentration and Herfindahl-Hirschman Index (life/non-life), 2022 vs. 1H24
Slide 16: Current and upcoming Insurance M&A transactions in Poland, 2020-1H24
Slide 17: Own funds for life and non-life insurers, 2020-1H24, SCR coverage ratios, 2022-1H24
3. Non-life insurance Slide 18: Non-life insurance markets in CEE – Size vs. growth matrix, 2022-1H24
Slide 19: Non-life premiums per capita & premiums/GDP penetration – CEE comparison, 1H24
Slide 20: Non-life insurance gross and net premium evolution, 2020-1H24
Slide 21: Top 10 non-life insurance players in Poland, 1H24
Slide 22: Market shares of top non-life players evolution, 2021-1H24
Slide 23: Non-life premium by client segment and insurance class (car insurance vs. other), 1H24
Slide 24: Non-life premium by risk class, 2022-1H24
Slide 25: Sales channels of non-life insurance, 2021-2023
Slide 26: Non-life insurers results, technical and P&L accounts (waterfall chart), 2023
Slide 27: Non-life insurance - Profitability tree, 2019-2023
Slide 28: Non-life insurance - Claims and expense ratio evolution, 2020-1H24
Slide 29: Non-life insurance - Combined ratio and its elements, 2020-1H24
Slide 30: Non-life insurance - Acquisition costs evolution, 2022-1H24, acquisition cost ratios for individual non-life insurers, 2023
Slide 31: Network multi-agents: Unilink, CUK, Phinance, Konsultant, Rankomat, ASF, Asist, Conditor, Punkta, DCU etc.
Slide 32: Comparison websites and online multi-agencies - overview, 1H24
Slide 33: Health Insurance - Premium written, Number of insured individuals, Average premium, 2020-1H24
Slide 34: Car insurance - Premium and no. policies evolution, MTPL, Casco, 2020-1H24
Slide 35: Car insurance - Top players in MTPL and in Casco, 2022-1H24
Slide 36: Car insurance - Combined ratio and its elements, MTPL and in Casco, 2022-1H24
Slide 37: Car insurance - Average premium per policy for Casco and TPL, 1Q2018-2Q24
4. Life insurance Slide 38: Life insurance markets in CEE – Size vs. growth matrix, 2022-1H24
Slide 39: Life premiums per capita & premiums/GDP penetration – CEE comparison, 1H24
Slide 40: Life insurance gross and net premiums evolution, 2020-1H24
Slide 41: Top 10 life insurance players in Poland, 1H24
Slide 42: Market shares of top life players evolution, 2021-1H24
Slide 43: Life premium by insurance class and segment, 1H24
Slide 44: Life premium by risk class evolution, 2022-1H24
Slide 45: Life insurance technical reserves evolution and structure, 2021-1H24
Slide 46: Sales channels of life insurance, 2022-2023
Slide 47: Life insurers results, Technical and P&L accounts (waterfall chart), 2023
Slide 48: Life insurance - profitability tree, 2019-2023
Slide 49: Life insurance - acquisition costs evolution, 2022-1H24, acquisition cost ratios for individual life insurers, 2023
5. Bancassurance Slide 50: Bancassurance: Premium written by bank channel (life/non-life), 2021-1H24,data by KNF vs. data by PIU
Slide 51: Bancassurance: Product/class split in bank channel (life/non-life), 2023
Slide 52: Bancassurance: Sales of investment type life products other than unit-linked, 2020-1H24
6. Top players' profiles Slide 53: PZU
Slide 54: Warta
Slide 55: ERGO Hestia
7. Forecast Slide 56: Non-life insurance premiums forecast, 2024-2026F
Slide 57: Life Insurance premiums forecast, 2024-2026F
Slide 58: Notes on Methodology
Research Report: Insurance market in Poland, 2024-2026
