Life And Non-Life Insurance Market Size
| Study Period | 2019- 2028 |
| Base Year For Estimation | 2022 |
| Forecast Data Period | 2024 - 2028 |
| Historical Data Period | 2019 - 2021 |
| CAGR | > 4.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Life And Non-Life Insurance Market Analysis
The Poland life and non-life insurance market has generated a revenue of USD 18.71 billion in the current year and is poised to register a CAGR of 4% for the forecast period.
Over the years, the population of Poland observed a steady growth rate, with the total population remaining stabilized at an average level of 38 million since 2018. At the end of 2022, Poland had a total population of 38.2 million. Per capita GDP during 2021 was estimated at USD 17,344 for Poland, which was below the regional average, resulting in a large part of income being spent on necessities and a low saving rate in Poland.
With the advent of COVID-19, the GDP of Poland declined from USD 597.2 billion in 2019 to USD 595.9 billion in 2020 as a result of the decline and restrictions in business activities for the containment of the virus. Regarding insurance, as there was an increase in hospitalization rates, claims paid by insurance companies for health and life insurance increased during the period. Health and rising prices/cost of living emerged as major challenges for Poland during the period.
During 2021, health and motor insurance accounted for the largest part of insurance compensation and benefits. With digital and technological innovations being made in businesses, the COVID-19 insurance industry in Poland was working to increase its market penetration and attract many customers to its products.
Life And Non-Life Insurance Market Trends
Increasing Life And Non-Life Insurance Demand In Poland
Gross premiums written on non-life insurance in Poland went up steadily over the years, from USD 4.47 billion in 2019 to USD 5.32 billion in 2021. This shows that more people were buying non-life insurance products and their demand was increasing. In the same way, the total value of gross written premiums for both individuals and groups had gone up in life insurance. In the year 2021, individual life insurance gross written premium was USD 3.14 billion, and group gross written premium was USD 2.07 billion.
Declining Insurance Expenditure has Negative Impact on Poland Insurance Market
Since the advent of the COVID-19 pandemic, household consumption expenditure on insurance in Poland declined. From an annual household consumption expenditure of USD 4.43 billion in 2019, it declined to a level of USD 4.23 billion in 2021. This signified that over the period there was a decline in the percentage of people's income going towards insurance. Other than that, with continuous digitization of the insurance market, the largest share of online insurance taken in Europe is for health insurance, followed by car, life, home, accident, and other insurance.
Life And Non-Life Insurance Industry Overview
The report covers the major players operating in the life and non-life insurance markets in Poland. The market is consolidated; the top 5 companies in the market captured the majority of the market share. Recent M&A activities and quite low insurance penetration are the opportunities for the market players, and many factors drive the market during the forecast period.
Life And Non-Life Insurance Market Leaders
Powszechny Zaklad Ubezpieczen SA
Sopockie Towarzystwo Ubezpieczen Ergo Hestia SA
Towarzystwo Ubezpieczen I Reasekuracji Warta SA
Uniqa Towarzystwo Ubezpieczen SA
Generali Towarzystwo Ubezpieczen SA
*Disclaimer: Major Players sorted in no particular order
Life And Non-Life Insurance Market News
- March 2022: Czechia-based Renomia has acquired a majority stake in Alfa Brokers. Renomia is the largest Czech insurance broker while Alfa Brokers is a Polish insurance broker. By entering the Polish market, which is the largest in Central and Eastern Europe, Renomia will be holding a strong position in the region.
- February 2022: PIB group acquired Exito Consulting based in Warsaw; it is among PIB 50 th Investments in the region. Under the agreement entire business of Exito Consulting, consisting of advisory and brokerage services for both life and non-life insurance, will be taken by PIB group.
Poland Life & Non-Life Insurance Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitutes
4.4.5 Intensity of Competitive Rivalry
4.5 Insights into Technology Innovations in the Market
4.6 Insights into Recent Trends, and Consumer Preference in the Market
4.7 Insights into Regulatory Landscape Impacting the Market
4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Insurance Type
5.1.1 Life Insurance
5.1.1.1 Individual
5.1.1.2 Group
5.1.2 Non-Life Insurance
5.1.2.1 Home
5.1.2.2 Motor
5.1.2.3 Other Non-Life Insurances
5.2 By Channel of Distribution
5.2.1 Direct
5.2.2 Agency
5.2.3 Banks
5.2.4 Other Channels of Distribution
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 POWSZECHNY ZAKLAD UBEZPIECZEN S A
6.2.2 SOPOCKIE TOWARZYSTWO UBEZPIECZEN ERGO HESTIA S A
6.2.3 TOWARZYSTWO UBEZPIECZEN I REASEKURACJI WARTA S A
6.2.4 UNIQA TOWARZYSTWO UBEZPIECZEN S A
6.2.5 GENERALI TOWARZYSTWO UBEZPIECZEN S A
6.2.6 LINK4 TOWARZYSTWO UBEZPIECZEN S A
6.2.7 COMPENSA TOWARZYSTWO UBEZPIECZEN S A VIENNA INSURANCE GROUP
6.2.8 INTERRISK TOWARZYSTWO UBEZPIECZEN S A VIENNA INSURANCE GROUP
6.2.9 AVIVA TOWARZYSTWO UBEZPIECZEN NA ZYCIE S A
6.2.10 WIENER TOWARZYSTWO UBEZPIECZEN S A VIENNA INSURANCE GROUP
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Life And Non-Life Insurance Industry Segmentation
In life insurance, the insured gets coverage against death, for which the policyholder has to pay a fee called the premium. Non-life insurance covers property, businesses, and individuals, also called general insurance. The life and non-life insurance market in Poland can be segmented by insurance type (individual and group) and non-life (home, motor, and others) and by distribution channel (direct, agency, bank, and others). The report offers market size and forecasts for the Poland life and non-life insurance market in volume (number of policies) and value (USD million) for all the above segments.
| By Insurance Type | |||||
| |||||
|
| By Channel of Distribution | |
| Direct | |
| Agency | |
| Banks | |
| Other Channels of Distribution |
Poland Life & Non-Life Insurance Market Research 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 4% during the forecast period (2023-2028).
Who are the key players in Life and Non-Life Insurance Market?
Powszechny Zaklad Ubezpieczen SA, Sopockie Towarzystwo Ubezpieczen Ergo Hestia SA, Towarzystwo Ubezpieczen I Reasekuracji Warta SA, Uniqa Towarzystwo Ubezpieczen SA and Generali Towarzystwo Ubezpieczen SA are the major companies operating in the Life and Non-Life Insurance Market.
Life and Non-Life Insurance Industry Report
Statistics for the 2023 Life And Non-Life Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Life And Non-Life Insurance analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
