Market Trends of Life and Non-Life Insurance Industry
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.
