The insurance sector in Poland ended the first half of 2019 with only a modest increase in GWP, of 2.65%, to EUR 7.56 billion. The positive trend was entirely due to the GWP growth on the non-life side (5.36% up, EUR 5.07 billion).
The life insurance sector remained on the downward path it has followed for some years, with GWP decreasing by 2.45% y/y, a trend established mostly because of the massive decline witnessed on the unit-linked line.
The motor insurance area provided for the largest contribution to the extra premium volume recorded in comparison with H1 2018. Increasing cars sales have an important role to play in the market’s positive evolution, considering that at least on the MTPL side, prices were stable.
Property insurance saw an overall positive evolution (3.3% increase in GWP), but the two business lines included recorded divergent trends: while the „fire and allied perils” line saw a 7.65% increase in GWP, the „damages to property” GWP went down y/y by about 1%.
Poland remains among the CEE countries, one with an enviable degree of insurance coverage on the housing insurance segment (about 60% of Polish homes are insured). The first half of 2019 has fully proved the benefits of these extended coverage, as the country was confronted with several episodes of extreme weather. Claims paid for the fire insurance line increased by over 20% y/y.
