In 2017, Polish insurers paid injured parties and customers PLN 39.8 billion in compensation and benefits. This is 8.6% more than the previous year.
The most important data on the insurance market in 2017.
- PLN 67.5 billion of insurers’ assets are resources supporting the economy and public finance, e.g., through national bonds and other securities with a constant rate of income.
- PLN 16.6 billion of insurers’ assets are resources invested long-term in shares and other variable income securities.
- PLN 1.7 in payments for damages caused by natural disasters. This is PLN 380 million more than in the previous year, which mainly results from the help of insurers for the victims of the storms in the third quarter of 2017.
- PLN 1.2 billion income tax to the State budget.
Motor insurance market
The most important figures:
- PLN 8.6 billion was paid out from motor civil liability insurance, i.e. 7.2% more than the previous year.
- PLN 4.5 billion was paid out from CASCO insurance, i.e. 7.3% more than the previous year.
‘The dynamics of compensation payments were a little slower; however, it is still clearly visible that more and more money is going to the victims of road accidents. Nonetheless, from the beginning of 2017, the civil liability market has remained profitable and the balance has been maintained in the market’, says J. Grzegorz Prądzyński, President of PIA.
Non-life market (Chapter 2 excluding motor insurance)
The most important figures:
- An increase in compensation for the consequences of natural disasters by as much as 29%, up to PLN 1.7 billion. This is mainly the result of compensation paid to the victims of natural disasters in the second half of 2017.
‘According to PIA data, about 60% of the population is insured in Poland. The report ‘How Is the Insurance Transforming Poland and its Citizens” concludes that property in Poland is insured for PLN 1.8 billion, which is about 60% of the total property. A large part of the consequences of natural disasters could be remedied through insurance cover,’ explains Andrzej Maciążek, Vice President of the Management Board.
Life insurance market
The most important figures:
- The value of the benefits from life insurance amounted to almost PLN 20.4 billion (increase of 11.3%).
- The value of life insurance premiums amounted to over PLN 24.6 billion (3% increase).
‘Both the premium increase and benefits increase mainly relate to savings and investment insurance’, says J. Grzegorz Prądzyński.
Financial results of insurers
The net profit of life insurers in 2017 amounted to PLN 2.3 billion (increase of 5.7%). Non-life insurers closed 2017 with a net profit of PLN 3.4 billion (40% of this amount is the dividend from PZU Życie SA for PZU SA, included in the net profit of life insurers from the previous year). The income tax due from Polish insurers for 2017, amounted to PLN 1.2 billion and the income on assets was about PLN 600 million.
