Market Size of Life and Non-Life Insurance Industry
| 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 |
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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.
