PLN 5.8 billion worth of performances under life insurance contracts and PLN 3.37 billion of compensations and performances under the property insurance contracts were paid in Q1 2014 by the Polish insurers.
Motor insurance market
Significant numbers:
• Gross premium from third party liability insurance amounted to PLN 1.98 billion (decrease by 6.14 percent.)
• Gross premiums earned under vehicle accident and theft insurance amounted to PLN 1.35 billion (decrease by 0.53 percent)
• Technical result under the third party liability insurance amounted to PLN -20.8 million
• Technical result under vehicle accident and theft insurance amounted to PLN 105.7 million
Property market (excluding motor insurance)
The most significant numbers:
• Property insurance premium (excluding motor insurance) amounted to PLN 3.7 billion and was higher by 6.3 percent than a year ago
• Financial risks insurance premium keeps increasing (PLN 255 million with the year to year growth by 27.9 percent.)
• The highest share in the premium in the property insurance market continues to belong to fire and other natural disasters insurance at over PLN 1 billion. However, this constitutes a decrease year to year by 2,9 per cent.
Life insurance market:
The most significant numbers:
• Compensations and insurance benefits under all types of life insurance amounted to PLN 5.8 billion (a decrease by 11 percent)
• Life insurance premium decreased by 14.03 percent, down to PLN 6.93 billion
• Insurance premium from insurance capital funds (UFK) increased up to PLN 3 billion (by 4.19 percent)
• The decrease in insurance premium in the market continues to result from short-term life insurance, i.e. insurance policies combined with deposits.
Net financial result
In Q1 2014, the net profit of life insurance companies amounted to PLN 626 million and was higher than a year earlier by 1.84 percent. The property insurance companies closed Q1 2014 with a profit of PLN 546 million (decrease by 27 percent). Polish insurance companies paid PLN 327 million of corporate income tax for Q1 2014.
