The insurance market in Poland ended 2022 with the largest reduction in the average MTPL premium in 5 years. Car owners paid an average of 16% less for compulsory insurance than a year ago, Gazeta Ubezpieczeniowa reports.
Rankomat experts noted that the average MTPL price in 2022 amounted to PLN 505 and was lower by PLN 103 than a year ago.
In the fourth quarter of 2022 the average MTPL rate was PLN 487, which is the lowest since the end of 2016.
Analytics observed the greatest dynamics of reductions in MTPL prices from Q4 2021 to Q2 2022. During this time, the average MTPL premium decreased by about 10%.
Later, the prices of compulsory motor policies were stable. In the last quarter of the year, the average MTPL price did not change.
This may be a harbinger of the long-awaited stabilization on the MTPL market and the end of the price-based battle for customers that has been going on for several years.