According to Polish Chamber of Insurance (PIU) data, the local insurance market ended the first half of 2022 with GWP slightly under the 1H2021 level (-0.5% y-o-y). Thus, GWP reached EUR 7.57 billion. The stagnant status of the market was determined entirely by the life insurance segment which saw a 8.3% decrease in GWP.
The product intervention in the Polish market, which entered into force from the beginning of 2022, highly affected sales of UL products amd was the main cause of the over 32% decrease in GWP for this line of business.
Life insurance GWP reached EUR 2.23 billion, while the segment’s weight in the market portfolio fell from 32% to 29.5% in June 2022. Non-life GWP went up, overall, by 3.14% y-o-y, to EUR 5.33 billion.
While some LoBs saw a negative trend, as accident, sickness or MTPL insurance, property insurance reported a n almost 12% increase in GWP.
On the paid claims side, life insurance benefits increased by 7.1%. The largest increase in payouts concerned investment and savings insurance and amounted to over 24.7% (local currency). On the non-life side, motor products account for the largest part of claims.
However, the highest growth rate was recorded on the property insurance lines (57% up y-o-y, European currency).
Compared to last year, significantly more damage from storms, hailstorms and fires has been reported. Not only was their number greater, but also the average value
Andrzej Maciazek, Vice President of the Management Board of PIU
Due to fire and other elements, insurers paid out about EUR 273 million in the first half of 2022, up by 60.8% more than a year earlier.
Polish insurers generated EUR 491 million in net profit in the first half of 2022, i.e. by 16%. less than a year ago. Insurers paid EUR 124.14 million in income tax to the state budget.
