The largest CEE insurance market increased by EUR 1 billion in the first six months
Polish insurance market totaled, in the first six months of the year, a total volume of underwritings of EUR 7.4 billion, up by 16% compared to 1H/2010. On the other hand, the claims value increased by about 3 percentage points, to EUR 4.8 billion, according to XPRIMM INSURANCE REPORT 1H/2011.
On insurance classes, life insurance generated 57% of the total insurance market (EUR 4.2 billion, up by 15% compared to 1H/2010). Moreover, the upward trend of the life insurance segment is largely due to unit-linked products, which generate about one third of the life segment, and have experienced in the analyzed period a rise of 46%, up to EUR 1.3 billion.
At the same time, traditional insurance segment saw a decrease in absolute value of about EUR 180 million of the amount of gross claims paid, to EUR 2.14 billion, this insurance class generating more than 45% of the total claims paid by Polish insurers.
On the general insurance segment, the Polish insurers have underwritten premiums totaling EUR 3.2 billion, the equivalent to 43% of the total insurance market. Motor insurance (Motor Hull and MTPL, added up) has generated more than 55% of all businesses from the non-life segment (24% of the total insurance market), equivalent to EUR 1.76 billion, up by 20% compared to 1H/2010. Also, property insurance has generated underwritings of EUR 655 million, up by more than 23%.
Top life insurance companies has on the first three positions the local giant PZU (EUR 1.3 billion business, 31.5% market share), TU EUROPA SA (a company that is rumored to be out for sale, with about 10% market share), and WARTA (owned by Belgium's KBC Group). The first top ten companies have achieved 81% of the total insurance market, while the top 20 companies (out of 31) have achieved over 98% of total businesses.
On the general insurance segment, Top 3 is composed of PZU, which owns about a third of the market (33%), ERGO HESTIA - underwritings of EUR 346 million, equivalent to a 10.8% market share - and WARTA (9% market share). Top 10 companies represent 83% of the total market, while top 20 - about 96%.
Noteworthy are the dynamics of insurance companies, on both market segments. Thus, on the life insurance segment, of the total 31 active companies, only 4 have registered, in the analyzed period, decreases in the underwritings value: EUROPA (2nd place, -37%), GENERALI (11th place, -6%), UNIQA (16th place, -46%) and PRAMERICA (21nd place, -9%).
On the general insurance segment, only one of the 34 active companies registered lower values for the underwritings volume, compared to 1H/2010: SIGNAL IDUNA (28nd place, -0.6%).
In the analyzed period, the technical result of Polish insurers amounted to about EUR 500 million (PLN 2 billion), twice more than in 1H/2010. Meanwhile, on June 30th, net profit of the market was EUR 1.1 billion (PLN 4.4 billion).
Trends and complete results of the insurance market for 1H/2011 in Poland, as well as in 16 other CEE insurance markets, namely, Turkey, Russia and 10 countries in CIS and Central Asia, can be read in Issue 2/2011 of XPRIMM INSURANCE REPORT, to be released Sunday, October 23rd, 2011, with the occasion of Baden-Baden XPRIMM Reception.
Polish insurance market totaled, in the first six months of the year, a total volume of underwritings of EUR 7.4 billion, up by 16% compared to 1H/2010. On the other hand, the claims value increased by about 3 percentage points, to EUR 4.8 billion, according to XPRIMM INSURANCE REPORT 1H/2011. 