Market Size of Poland Life And Non-Life Insurance Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 6.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Poland Life and Non-Life Insurance Market Analysis
Life and Non-Life Insurance Market in Poland has generated a revenue of USD 17.638 billion in the current year and is poised to achieve a CAGR of 6% for the forecast period. Poland has a well-developed insurance market that includes both life and non-life insurance sectors. The market is regulated by the Polish Financial Supervision Authority (Komisja Nadzoru Finansowego - KNF). The KNF oversees the operations of insurance companies, ensures compliance with regulatory requirements, and protects the interests of policyholders.
The Insurance market in Poland consists of both life and non-life insurance segments. Life insurance protects against events such as death or disability, while non-life insurance covers risks like motor accidents, property damage, and liability. The market is well-developed and includes both domestic and international insurance providers
As of 31 December 2021, the Polish Chamber of Insurance had 78 members. Out of the number, 45 were joint stock companies, 24 branches of foreign companies, and 9 mutual insurance companies. As compared to 2020, PIU's membership decreased by 5 insurers. Branches of foreign insurance companies are not subject to the Polish reporting requirements and do not submit financial statements to the Polish Financial Supervision Authority, or PIU. Accordingly, no section of this report is devoted to the activities of branches of foreign insurance companies.
The life insurance market in Poland has been growing steadily over the years. According to the Polish Insurance Association (PIU), in 2022, the life insurance segment accounted for approximately 30% of the total insurance market premium written in Poland.
The pandemic has heightened awareness about health risks, leading to increased demand for health insurance coverage in many countries. This trend may have influenced the health insurance segment in Poland as well, as individuals sought greater financial protection for medical expenses and related risks. The pandemic has introduced new claim patterns in both life and non-life insurance. For life insurance, there may have been an increase in claims related to COVID-19 deaths. Non-life insurance, such as travel insurance, may have experienced a surge in claims for trip cancellations and medical expenses related to the virus.
Poland Life and Non-Life Insurance Industry Segmentation
Life insurance in Poland provides financial protection to individuals and their families in the event of death, disability, or certain other circumstances. It offers various types of policies, such as term life insurance, whole life insurance, endowment plans, and investment-linked policies. Non-life insurance, also known as general insurance, covers a broad range of insurance policies that protect against risks other than those covered by life insurance. It includes segments such as motor insurance, property insurance, liability insurance, health insurance, and more. This report aims to provide a detailed analysis of the Life and Non-Life Insurance market in Poland. It focuses on the market dynamics, emerging trends in the segments and regional markets, and insights on various product and application types. Life and Non-Life Insurance Market in Poland is segmented by type (Life (Individual and Group), Non-Life ( Motor, Home, and Others), and by Distribution Channel (Direct, Agency, Banks, and Others). The report offers market size and forecasts for the Life and Non-Life Insurance Market in value (USD million) for all the above segments.
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Poland Life And Non-Life Insurance Market Size Summary
The life and non-life insurance market in Poland is characterized by a robust regulatory framework overseen by the Polish Financial Supervision Authority, which ensures compliance and protects policyholder interests. The market comprises both domestic and international providers, offering a range of products from life insurance, which covers risks such as death and disability, to non-life insurance, which includes motor, property, and liability coverage. The market's development is supported by infrastructure projects that create demand for various non-life insurance products, and the legal requirements for motor insurance further drive the market's growth. The pandemic has also influenced the market, increasing demand for health insurance and altering claim patterns in both segments.
The competitive landscape of the Polish insurance market is consolidated, with major players holding significant market shares. Recent mergers and acquisitions, such as InterRisk's acquisition of a majority stake in Towarzystwo Ubezpieczen Wzajemnych and Generali's stake in Bezpieczny.pl, highlight the dynamic nature of the market. These activities are expected to enhance the capabilities and reach of the companies involved. The market presents opportunities for growth, driven by low insurance penetration and evolving market dynamics. Digital transformation is also evident, with companies like Allianz Polska introducing fully digital processes for life insurance sales, reflecting a broader trend towards e-commerce and digital solutions in the industry.
Poland Life And Non-Life Insurance Market Size - Table of Contents
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1. MARKET DYNAMICS AND INSIGHTS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Tax Benefits and Incentives
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1.2.2 Changing Risk Perception
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1.2.3 Increasing Motorization
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1.3 Market Restraints
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1.3.1 Limited Awareness and Underinsurance
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1.3.2 Affordability and Cost Concerns
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1.3.3 Legacy Pension Systems
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1.4 Insights on Various Regulatory Trends Shaping the Market
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1.5 Insights on impact of technology in the Market
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1.6 Industry Attractiveness - Porters' Five Forces Analysis
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1.6.1 Threat of New Entrants
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1.6.2 Bargaining Power of Buyers
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1.6.3 Bargaining Power of Suppliers
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1.6.4 Threat of Substitutes
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1.6.5 Intensity of Competitive Rivalry
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1.7 Insights on Government Regulations in the Market
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1.8 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Insurance Type
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2.1.1 Life Insurance
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2.1.1.1 Individual
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2.1.1.2 Group
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2.1.2 Non Life Insurance
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2.1.2.1 Home
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2.1.2.2 Motor
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2.1.2.3 Others
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2.2 By Distribution Channel
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2.2.1 Direct
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2.2.2 Agency
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2.2.3 Banks
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2.2.4 Others
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Poland Life And Non-Life Insurance Market Size FAQs
What is the current Life and Non-Life Insurance Market size?
The Life and Non-Life Insurance Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)
Who are the key players in Life and Non-Life Insurance Market?
Powszechny Zaklad Ubezpieczen SA, Towarzystwo Ubezpieczen I Reasekuracji Warta SA, Generali Towarzystwo Ubezpieczen SA, Aviva Towarzystwo Ubezpieczen Na Zycie SA and Uniqa Towarzystwo Ubezpieczen SA are the major companies operating in the Life and Non-Life Insurance Market.
