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The Polish Financial Supervision Authority’s report: Insurance Market 2015

The Polish Financial Supervision Authority’s report: Insurance Market 2015

Dodano: 2016-05-24

The Polish Financial Supervision Authority (KNF) published the report: ‘Insurance Market 2015’. In the document the basic information about the financial results of the Polish insurance and reinsurance market came from insurance companies’ annual reports. The authors of the report published the trends of the markets which they observed. Also analysts from KNF tried to explain and justify the changes described.

The insurance market noted PLN 3.19 bln technical profit, which is less by 21.64% in 2014, and PLN 5.73 bln of financial profit.(less by 14.31% in 2014).

In the sector of life insurance technical profit was PLN 2.84 bln in 2015, (less by 13.38% in comparison with 2014) and the technical profit reached PLN 3.07 bln (more by 3.45% in comparison with 2014).

In the life insurance branch losses was caused by low results noted by:

  • life insurance sector (PLN 0.37 bln losses)
  • accident and sickness insurance sector (PLN 0.06 bln losses)
  • life insurance with investment fund (PLN 0.04 bln losses)

Moreover, the losses of the life insurance sector (branch I) were caused by a decreasing of written premiums. The sector of groups 3 and 5 (life insurance with investment fund and accident and sickness insurance) gained the worst results because of an increase of paid claims. Only the annuity insurance sector ensued an improvement of technical profit, it went up by PLN 0.02 bln as result of increasing premiums’ income.  

The sector of non-life insurance (branch II) reached a technical profit of PLN 0.34 bln (less by 56.15% in comparison with 2014) and financial pre-tax profit of PLN 2.66 bln (less by 28.46% in comparison with 2014).

The main cause of weak results in the non-life insurance sector was profit decrease in group 3 (fully comprehensive insurance) by PLN 0.36 bln z and an increasing loss in group 10 (automotive third party products) by PLN 0.23 bln and it amounted to PLN 1.02 bln. It was the worst result in the history of the Polish automotive third party insurance business. The deterioration of automotive insurance results was caused by an increase in the amount of claims paid and the cost of insurance companies’ activities.

The highest technical profit was noted by group 13 (third party insurance). The increase was PLN 0.13 bln and it was caused by increasing of written premiums.

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