Polish insurers have paid approximately EUR 821 million in indemnities for the motor and property insurance in the first quarter of 2010, as results from the data collected by the Polish Chamber of Insurance (PIU). Life insurance benefits reached the amount of almost EUR 1.6 billion. The first quarter of this year was dominated by the losses caused by the long and frosty winter.
Insurance segment increased its gross premium written in the first quarter of this year by 3.4 per cent in case of non-life segment and by 4 per cent in life business, as compared to the first quarter of the last year.
Technical loss of non-life insurers amounted to EUR 81.3 million. Despite higher costs of benefits, the segment of life insurance reported the technical result at the level of EUR 236 million, which is 18 percent less than the year before.
Motor insurance products held the biggest share on the non-life market, collected premiums amounting to EUR 1.4 billion. Frost and snowfalls were the main reason of the growth of indemnities paid to non-life insurance clients in the first quarter of this year. In total, the amount of EUR 821 million was paid, which is 15 per cent more than in the same period of last year.
The negative technical result was compensated by returns on investment only partially, so the segment of non-life insurance closed the first quarter of this year with the net loss amounting to EUR 7.2 million. It should be noticed that these are the data for the first quarter of this year, so they do not comprise the flood-related claims.
Regarding the life insurance market, the highest growth, as compared to the first quarter of 2009, was shown by unit-linked products. However, the amount of premiums in these product groups was significantly lower, as compared to last quarter of 2009. Insurance operational costs have also increased by approx. 7 per cent. Technical result for life insurance amounted to EUR 241 million for the first quarter of 2010 which was 18 per cent lower than in the first quarter of 2009. Life insurers closed the quarter with a profit of EUR 236 million, which is 1.7 per cent lower than the year before.
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