Bancassurance back on the growth path
Thanks to increases in the banking and insurance sectors, the level of premiums collected in bancassurance in the first half of this year were almost the same as before the pandemic.
Data from the Polish Insurance Association show that on 30 June this year premium written in the banking channel amounted to PLN 3.39 billion. This is 31.8 percent higher than the result obtained a year earlier, at the same time it is a result very close to the achievements of the first half of 2019, the last year before the pandemic.
PLN 2.16 billion was the semi-annual premiums written in life bancassurance, according to the Chamber's report. This is 26 percent higher than in the first half of 2020. 50 percent of the premium collected came from investment policies, 43 percent from policies linked to a bank product, and 7 percent from unlinked policies.
Protection insurance accounted for PLN 1083 million of written premiums in bancassurance. This is 27 percent more than in the corresponding period last year.
The average annual investment policy premium earned in the bancassurance channel reached PLN 7464 for agreements with single premiums and PLN 3097 for agreements with periodical premiums. The average annual premium for insurance products linked to a bank product with a single premium was PLN 567, whereas in the case of policies with periodical premiums it was PLN 242.
Policies linked to a bank product had the largest share in the total number of products in life bancassurance − 4.89 million out of the total number of 5.93 million agreements concluded in the first half of this year. In addition, 0.68 million stand-alone and 0.36 million investment agreements were concluded.
PLN 1234 million is the amount collected from premiums in non-life bancassurance. This result is higher than the results from 2016-2020.