Market Trends of Poland Property & Casualty Insurance Industry
Rising Motor Vehicle Insurance is Driving the Market
Gross Written Premium of motor insurance in Poland has observed a continuous increase over the years, rising to a value of USD 15 million last year, with the number of motor vehicles in the region observing a continuous increase, rising to 34,080 over previous years, among which passenger cars occupy a major segment.
Liability insurance safeguards individuals and businesses against legal liabilities resulting from harm to others, be it bodily injury or property damage. For instance, businesses can opt for public liability insurance, professionals can secure professional liability insurance, and vehicle owners can obtain motor third-party liability insurance.
Moreover, the property and casualty (P&C) insurance market in Poland extends its offerings beyond liability coverage. It includes specialized policies like travel insurance, accident insurance, cyber insurance, and agricultural insurance, catering to distinct risks and requirements.
The Increase in Premium for Non-Life Insurance Outpace increase in Claim showing Healthy Market.
Among the personal and property insurance in Poland, motor and property insurance are the segments having the largest gross written premium, with the property claims existing in the insurance market at more than USD 650 Million. The city of Warszawa, Wroclaw, and Gdansk in Poland exists with the largest price of real estate insurance. Last year's increase in non-life insurance claims was 11.6% compared to the previous year.
The value of personal and property crime insurance in Poland has continuously risen, existing at USD 91 Million last year. This leads to insurance providers expanding their products with different products based on user requirements. The value of gross premiums written by property insurance companies in Poland rose to USD 2.4 Billion last year, showing a rising P&C insurance market in the region.
