Poland is one of the largest and fastest growing insurance market in Central and Eastern Europe. Poland has a strong economy and in recent years it has shown growth that improved the financial market a lot. Poland has the 11th position in Europe in terms of the total premium collected annually.
In the past the Poland insurance industry is largely controlled by the state. Now there is a strong government support to make the market more accessible and provide more room for insurance companies by facilitating regulatory reforms. Government has already improved the pension insurance system and made the vehicle insurance mandatory. There is a need to improve the public health care infrastructure and improve the health care related insurance .
Foreign Multinationals who entered into the Poland market delivered capital, technical expertise and wide range of products . These companies used the domestic channels and resources to improve the customer service. Poland’s insurance market is dominated by the foreign investor mainly in the life and property insurance policies. Some of the top companies in the United Kingdom have made joint ventures with the life insurance companies in the state.
The Insurance Supervisory Authority is the regulatory body in the insurance business in the country.
There are 80 insurance companies out of which 66 are domestic insurance companies and one reinsurance company. The majority of the market is dominated by large market players.
Life insurance has the significant market share in Poland and also provide the largest paart of the premium. There is a significant competition in the market for non life insurance products. The property insurance has grown the highest .
Motor insurance contributes a larger portion of premium in the non life insurance segment. Government of Poland made it mandatory for the vehicle owners to take the third party liability insurance for the motorcycles . This is due to the increase in the number of sales of vehicles and the number of accidents.
Social security system is mandatory in Poland and provides a comprehensive coverage against large number of problems.
There is pension insurance and disability insurance that protects the residents of poland from financial requirements in case of disability and in old age.
Health insurance possess large growth potential because the private healthcare has grown expensive.
There is an increasing level of penetration of insurance products in regional and local markets. Banks serve as the major distribution channel for generating the premium of the market.
Poland Insurance Companies
Insurance industry is a global industry in modern times. Insurance agencies are running to insure after each and everything that is available under the sun.
The health risks increase with age. As we grow old, Health related problems becomes more frequent which can bring financial problems. SO we need insurance policy which can cover medical treatement costs. There arre many companies providing comprehensive plans that cover all the requirements of old age.
The benefits of these plans are :
Inpatient and outpatient treatment
Major life insurance companies are :
PZU Zycie Insurance
Commercial Union Polska
TU Allianz Zycie Polska Insurance
Generali Zycie Insurance
TunZ WARTA Insurance
Nordea Polska Insurance
Major non-life Insurance companies are :
STU Ergo Hestia Insurance
TU Compensa Insurance
Generali TU Insurance
Last Updated on : 26th August 2013