On 29 July 2016 the Office of the Polish Financial Supervision Authority (KNF) published a report on the state of the insurance sector in the 1st quarter of 2016.
As results from the report, written premiums in the 1st quarter of 2016 in the insurance sector amounted to PLN 13.39 billion which was lower by PLN 0.98 billion than in the 1st quarter of 2015.
The gross written premium in section II was higher by 6.32% compared to the same period of 2015 and amounted to PLN billion 7.65. 14 insurance companies performing activity within section II of the insurance sector showed an increase of premiums compared to the same period of 2015. There was also an increase (by 3.67 %) in market share of the top 5 insurance companies which amounted to 71.25%. The direct insurance sector was dominated by motor insurance which constituted 54.06% of the premium of the whole section.
The market share of the 5 top life insurance companies amounted to 60.58% (34.49% PZU S.A.). In this section unit linked insurance was the highest, which constituted 42.30% of the premium of the whole section.
The value of benefits paid by insurance companies decreased by 13.66%. Compensation and benefits paid by insurance companies providing other non-life personal and property insurance increased by 23.03%.
More information to be found in the Report available on the KNF’s website:
http://www.knf.gov.pl/Images/Sektor_ubezpieczen_Ikw_2016_tcm75-47771.pdf
