Executive Summary
The latest market research report "2008-2012 Poland Insurance Market Forecast" provides first-hand analysis of the Polish insurance sector and helps clients to analyze the leading-edge opportunities critical to the success of the insurance industry in Poland.
The forecast and estimation given in this report is not based on a complex economic model, but is a rough guide to the direction in which the market is likely to move.
Market Analysis
Led by the life insurance sector, the insurance industry in Poland is growing rapidly. Total life insurance premium in the country amounted to PLN 21 Billion in 2006. The non-life sector, on the other hand, grew more slowly, with total premiums in 2006 posting a rise of 4.85% in 2006 over a year earlier.
Insurance companies in Poland are either state-owned or private, and many are under control of international insurers. The country has some combined banking/insurance groups also, but they have yet to play a significant role in the Polish insurance market. The Polish insurance law restricts companies to sell both life and general insurance that has prompted most general insurance firms to establish separate life subsidiaries. Despite the entry of many foreign companies, public sector insurance companies still dominate the Poland's insurance market.
Key Findings
- Gross life insurance premium in Poland is anticipated to grow at a CAGR of nearly 23.34% for the period spanning 2008-2012.
- Bancassurance is gaining popularity in life insurance market of Poland.
- Investment-linked insurance products dominate the Polish life insurance market.
- The premium generated from this segment is projected to grow at a CAGR of approx 33% during the forecast period 2008-2012.
- In Poland, gross non-life insurance premium is expected to expand at a CAGR of around 7.6% from 2008-2012.
- Non-life insurance market was mainly driven by car insurance market.
- Motor insurance premium in the country is forecasted to hit a CAGR of 7.46% during 2008-2012.
- Booming real estate sector and mutual fund industry are two of the biggest challenges for the Polish insurance market.
Key Issues & Facts
- Where does Poland stands in context of Central and Eastern European market?
- Why Poland is considered an attractive insurance market?
- What are the growing insurance segments in Poland?
- What are the opportunities areas in the Polish insurance market?
- What are the key issues that need to be addressed?
- What initiatives the Polish government is taking to promote its insurance market?
Key Players
The major key players discussed in the report are Aegon, Allianz, Amplico-Life, PZU and Warta.
Research Methodology Used
Information Sources: Information has been sourced from various sources like books, newspapers, trade journals, and white papers, industry portals, government agencies, trade associations, monitoring industry news and developments, and through access to more than 3000 paid databases.
Analysis Methods: The analysis methods include ratio analysis, historical trend analysis, linear regression analysis using software tools, judgmental forecasting, and cause and effect analysis.
Table of Contents
Section 1 Analyst View
Section 2 Central & Eastern European Insurance Market
Section 3 Poland in Context of Central & Eastern Europe
Section 4 What Makes Poland the Right Place for Investment in Insurance Market
4.1 Flourishing Economy
4.2 Rising Living Standard
4.3 Expanding Bankable Households
4.4 Declining Interest Rate on Banking Deposits
4.5 EU Accession
4.6 Low Insurance Penetration
4.7 Government Support
Section 5 Poland Insurance Market
5.1 Overview
5.2 Performance
5.2.1 Life Insurance Market
5.2.2 Structure of Life Insurance Market
5.2.2.1 Traditional Life Insurance
5.2.2.2 Unit-linked Life Insurance
5.2.2.3 Accident & Sickness Insurance (As Rider on Life Insurance Policies)
5.2.2.4 Marriage & Birth Insurance
5.2.2.5 Annuity Insurance
5.2.3 Non-life Insurance Market
5.2.4 Structure of Non-life Insurance Market
5.2.4.1 Motor Insurance
5.2.4.2 Property Insurance
5.2.4.3 Accident & Sickness Insurance
5.2.4.4 Third Party Liability Insurance
5.2.4.5 Financial Insurance
5.2.4.6 Others
Section 6 Social Insurance System
6.1 Pension Insurance
6.2 Disability Pension Insurance
6.3 Sickness & Maternity Insurance
6.4 Insurance for Accidents at Work & Occupational Diseases
Section 7 Growth Prospects
7.1 Car Insurance
7.2 Commercial Vehicle Insurance
7.3 Travel Insurance
7.4 Export Credit Insurance
7.5 Banking Industry
7.6 Online Insurance Marketing
Section 8 Growth Hurdles
8.1 Booming Real Estate Sector
8.2 Flourishing Asset Management Industry
8.3 Lack of Insurance Awareness
Section 9 Forecast for Poland Insurance Market, 2008-2012
9.1 Life Insurance Market
9.1.1 Unit-linked Life Insurance
9.1.2 Annuity Insurance
9.2 Non-life Insurance Market
9.2.1 Motor Insurance
9.2.2 Property Insurance
Section 10 Competitive Landscape
10.1 Life Insurers
10.2 Non-life Insurers
Section 11 Key Industry Contributors
11.1 Aegon
11.2 Allianz
11.3 Amplico-Life
11.4 PZU
11.5 Warta
Figures
Figure 2-1: Central & Eastern Europe - Life Insurance Premium (in Million US$), 2005 & 2006
Figure 2-2: Central & Eastern Europe - Non-life Insurance Premium (in Million US$), 2005 & 2006
Figure 4-1: Poland - Nominal GDP (in Billion US$), 2002-2007E
Figure 4-2: Poland - Per Head Disposable Income (in US$), 2002-2007E
Figure 4-3: Poland - Number of Bankable Households (in '000), 2002-2007E
Figure 4-4: Poland - Interest Rate on Banking Deposits (%), 2002-2006E
Figure 4-5: Poland - Share of Insurance in GDP (%), 2001-2006E
Figure 5-1: Poland - Number of Life & Non-life Insurance Companies, 2003-2006 & June 2007
Figure 5-2: Poland - Gross Insurance Premium (in Billion PLN), 2003-2007E
Figure 5-3: Poland - Assets of Life & Non-life Insurance Companies (in Billion PLN), 2005 & 2006
Figure 5-4: Poland - Net Profit of Life & Non-life Insurance Companies (in Billion PLN), 2005 & 2006
Figure 5-5: Poland - Gross Life Insurance Premium (in Million PLN), 2003-2007E
Figure 5-6: Poland - Gross Claims & Benefits Paid by Life Insurance Market (in Million PLN), 2003-2007E
Figure 5-7: Poland - Gross Life Insurance Premium Collected by Insurance Contract (%), H1 2007
Figure 5-8: Poland - Periodicity of Payment for Gross Life Insurance Premium (%), H1 2007
Figure 5-9: Poland - Gross Life Insurance Premium by Profitability of Policyholders (%), H1 2007
Figure 5-10: Poland - Gross Life Insurance Premium by Branch (%), H1 2007
Figure 5-11: Poland - Gross Traditional Life Insurance Premium (in Million PLN), 2004-2007E
Figure 5-12: Poland - Gross Claims Paid for Traditional Life Insurance (in Million PLN), 2004-2007E
Figure 5-13: Poland - Gross Unit-linked Life Insurance Premium (in Million PLN), 2004-2007E
Figure 5-14: Poland - Gross Claims Paid for Unit-linked Life Insurance (in Million PLN), 2004-2007E
Figure 5-15: Poland - Gross Accident & Sickness Insurance Premium (in Million PLN), 2004-2007E
Figure 5-16: Poland - Gross Claims Paid for Accident & Sickness Insurance (in Million PLN), 2004-2007E
Figure 5-17: Poland - Gross Marriage & Birth Insurance Premium (in Million PLN), 2004-2007E
Figure 5-18: Poland - Gross Claims Paid for Marriage & Birth Insurance (in Million PLN), 2004-2007E
Figure 5-19: Poland - Gross Annuity Insurance Premium (in Million PLN), 2004-2007E
Figure 5-20: Poland - Gross Claims Paid for Annuity Insurance (in Million PLN), 2003-2007E
Figure 5-21: Poland - Gross Non-life Insurance Premium (in Million PLN), 2003-2007E
Figure 5-22: Poland - Gross Non-life Insurance Premium by Branch (%), 2005
Figure 5-23: Poland - Gross Motor Insurance Premium (in Million PLN), 2004-2007E
Figure 5-24: Poland - Registration of Commercial Vehicles (in '000 Units), 2002-2007E
Figure 5-25: Poland - Gross Property Insurance Premium (in Million PLN), 2004-2007E
Figure 5-26: Poland - Gross Accident & Sickness Insurance Premium (in Million PLN), 2004 & 2005
Figure 5-27: Poland - Gross Third Party Liability Insurance Premium (in Million PLN), 2004 & 2005
Figure 5-28: Poland - Gross Financial Insurance Premium (in Million PLN), 2004 & 2005
Figure 5-29: Poland - Gross Insurance Premium to Other* Categories (in Million PLN), 2004 & 2005
Figure 6-1: Poland - Breakup of Social Insurance Fund Income (%), 2005
Figure 6-2: Poland - Breakup of Social Insurance Fund Expenditure (%), 2005
Figure 6-3: Poland - Breakup of Pension Fund Payable from SIF (%), 2005
Figure 6-4: Poland - Number of Persons Covered under Pension Insurance (in '000), 2002-2006E
Figure 6-5: Poland - Structure of Payments with Respect to Sickness Absenteeism by Financing Sources (%), 2002-2005
Figure 7-1: Poland - Forecast for Registration of Cars (in '000 Units), 2008-2011
Figure 7-2: Poland - Forecast for Registration of Commercial Vehicles (in '000 Units), 2008-2011
Figure 7-3: Poland - Forecast for Number of Tourists Departure (in '000), 2008-2011
Figure 7-4: Poland - Forecast for Exports Market (in Billion US$), 2008-2011
Figure 7-5: Poland - Forecast for Internet Penetration (%), 2008-2012
Figure 9-1: Poland - Forecast for Gross Life Insurance Premium (in Billion PLN), 2008-2012
Figure 9-2: Poland - Forecast for Gross Unit-linked Life Insurance Premium (in Billion PLN), 2008-2012
Figure 9-3: Poland - Forecast for Gross Annuity Insurance Premium (in Million PLN), 2008-2012
Figure 9-4: Poland - Forecast for Gross Non-life Insurance Premium (in Billion PLN), 2008-2012
Figure 9-5: Poland - Forecast for Gross Motor Insurance Premium (in Billion PLN), 2008-2012
Figure 9-6: Poland - Forecast for Gross Property Insurance Premium (in Million PLN), 2008-2012
Tables
Table 3-1: Central & Eastern Europe - Insurance Premium by Country (in Million US$), 2006
Table 3-2: Central & Eastern Europe - Key Macroeconomic Factors & Insurance Penetration, 2005
Table 10-1: Poland - Net Life Insurance Premium by Company (in '000 PLN), H1 2007
Table 10-2: Poland - Net Non-life Insurance Premium by Company (in '000 PLN), H1 2007
Table 11-1: Aegon - Key Financials (in Million Euro), 2005 & 2006
Table 11-2: Amplico-Life - Key Financials (in Million PLN), 2005 & 2006
Table 11-3: Warta - Key Financials (in Million PLN), 2005 & 2006
