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Poland Insurance Report Q3 2011

Poland Insurance Report Q3 2011

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Price $530.00
Meta Description The insurance sector has shown resilience in the face of an influx of new companies and new policies.
Premium income is
Publisher Business Monitor International
Date of Report Jun 17, 2011
Quick Overview
The insurance sector has shown resilience in the face of an influx of new companies and new policies.
Premium income is maintaining its increase despite a sluggish economy.
Premiums continue to sit at very low rates, resulting in lesser yields for insurers that might force the weaker companies out of the country.
The rebalancing of Poland’s insurance sector has enabled foreign investment to surge well ahead of the gradually shrinking state-owned insurance segment. Although some companies suffered a decline of premiums at the advent of newer companies, Poland is still the largest insurance market in Eastern Europe, with continued income growth reported in life and non-life premiums. Despite comparatively low premiums, many companies have a positive outlook and intend to continue their involvement in Poland and other Eastern European countries. An increase in regulatory requirements has encouraged further development of the insurance sector in Poland, resulting in a modest increase in premiums.
Historically, life insurance has been underutilised by Poland’s population. Over the past few years the penetration rate had dropped, recovering after late 2008. Premium income has more than doubled in the past five years in an erratic fashion. This growth is forecast to slow significantly over the next several years. Insurance groups have reported regular profits within the life segment over the past few years, although figures showing premiums per capita present a pattern of rapid increase and decrease. Despite this, forecasts suggest sales will settle into a rate of stable growth as a more moneyed workforce reaches retirement age.
Non-life premiums maintained a steady increase over the past five years, with premium income consistently improving. Predictions for the next five years indicate a continuation of this behaviour, with a modest increase as Poland’s economy strengthens. An ever-increasing range of insurance services is providing revenue for insurers and is viewed by the population as a worthwhile investment.
Table of Contents
Executive Summary ........................................................................................................................................ 5
Table: Total Premiums 2008-2015 ....................................................................................................................................................................... 5
Key Insights And Key Risks ........................................................................................................................................................................................ 5
SWOT Analysis ................................................................................................................................................ 7
Poland Insurance SWOT....................................................................................................................................................................................... 7
Poland Political SWOT ......................................................................................................................................................................................... 7
Poland Economic SWOT....................................................................................................................................................................................... 8
Poland Business Environment SWOT ................................................................................................................................................................... 8
Life .................................................................................................................................................................... 9
Central And Eastern Europe Life Sector Overview .................................................................................................................................................... 9
Table: Central And Eastern Europe’s Life Premiums, 2008-2015 (US$mn) .......................................................................................................... 9
Poland Life Sector Update ....................................................................................................................................................................................... 11
Table: Structure Of Poland’s Life Segment – Gross Written Premiums, H110 .................................................................................................... 11
Life Insurance Industry Forecast Scenario .............................................................................................................................................................. 12
Table: Total Life Premiums, 2008-2015 ............................................................................................................................................................. 12
Growth Drivers And Risk Management Projections ................................................................................................................................................ 13
Population .......................................................................................................................................................................................................... 13
Table: Insurance Sector Key Drivers – Demographics, 2008-2015 ..................................................................................................................... 13
Non-Life .......................................................................................................................................................... 15
Central And Eastern Europe Non-Life Sector Overview .......................................................................................................................................... 15
Table: Central And Eastern Europe’s Non-Life Premiums, 2008-2015 (US$mn) ................................................................................................ 15
Poland Non-Life Sector Update ............................................................................................................................................................................... 17
Table: Structure Of Poland’s Non-Life Segment – Gross Written Premiums, 9M10 ............................................................................................ 17
Non-Life Insurance Industry Forecast Scenario ...................................................................................................................................................... 18
Table: Total Non-Life Premiums, 2008-2015 ..................................................................................................................................................... 18
Growth Drivers And Risk Management Projections ................................................................................................................................................ 19
Macroeconomic Outlook ..................................................................................................................................................................................... 19
Table: Poland Economic Activity, 2008-2015 ..................................................................................................................................................... 21
Political Stability Outlook ................................................................................................................................................................................... 21
Table: Europe Security Risk Ratings .................................................................................................................................................................. 22
Healthcare .......................................................................................................................................................................................................... 24
Health Insurance ................................................................................................................................................................................................ 25
Epidemiology ...................................................................................................................................................................................................... 26
Table: Insurance Sector Key Drivers – Disability-Adjusted Life Years, 2008-2015 ............................................................................................ 26
Motor .................................................................................................................................................................................................................. 29
Table: Insurance Sector Key Drivers – Autos, 2008-2015 .................................................................................................................................. 30
Tourism ............................................................................................................................................................................................................... 30
Table: Insurance Key Drivers – Tourism, 2008-2015 ......................................................................................................................................... 31
Insurance Risk/Reward Ratings ................................................................................................................... 33
Table: Poland’s Insurance Risk/Reward Ratings ................................................................................................................................................ 33
Competitive Landscape ................................................................................................................................ 35
Competitive Landscape Analysis .............................................................................................................................................................................. 35
Major Players In Poland’s Insurance Sector ........................................................................................................................................................... 36
Company Profiles .......................................................................................................................................... 41
Local Company Profiles .......................................................................................................................................................................................... 41
Benefia ................................................................................................................................................................................................................ 41
Europa ................................................................................................................................................................................................................ 43
PZU .................................................................................................................................................................................................................... 44
Regional Company Profiles ..................................................................................................................................................................................... 46
AEGON ............................................................................................................................................................................................................... 46
Allianz ................................................................................................................................................................................................................. 47
Aviva ................................................................................................................................................................................................................... 49
AXA ..................................................................................................................................................................................................................... 50
BNP Paribas Cardif ............................................................................................................................................................................................ 51
ERGO ................................................................................................................................................................................................................. 52
Eureko ................................................................................................................................................................................................................ 54
Generali .............................................................................................................................................................................................................. 56
GRAWE .............................................................................................................................................................................................................. 58
Groupama ........................................................................................................................................................................................................... 59
HDI-Gerling/ Talanx .......................................................................................................................................................................................... 60
ING ..................................................................................................................................................................................................................... 61
KBC Group ......................................................................................................................................................................................................... 62
MetLife ALICO ................................................................................................................................................................................................... 63
Prudential Financial ........................................................................................................................................................................................... 65
QBE .................................................................................................................................................................................................................... 66
RSA ..................................................................................................................................................................................................................... 67
UNIQA ................................................................................................................................................................................................................ 68
Vienna Insurance Group ..................................................................................................................................................................................... 69
Zurich ................................................................................................................................................................................................................. 71
BMI Methodology .......................................................................................................................................... 72
Insurance Risk/Reward Ratings ............................................................................................................................................................................... 73
Table: Insurance Risk/Reward Indicators And Rationale ................................................................................................................................... 74
Table: Weighting Of Indicators .......................................................................................................................................................................... 75




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