Life insurance - Poland

Poland

The Life insurance market market in Poland is projected to reach a market size (gross written premium) of US$4.58bn in 2024.
The average spending per capita in the Life insurance market market is estimated to be US$113.80 in 2024.
According to the forecast, the gross written premium is expected to grow at an annual rate of -5.35% (CAGR 2024-2029), resulting in a market volume of US$3.48bn by 2029.
In comparison to other countries worldwide, the United States is expected to generate the highest gross written premium of US$1,288.0bn in 2024.
Poland has witnessed a surge in demand for life insurance policies, driven by an increasing awareness of the importance of financial security and long-term planning.

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Analyst Opinion

The Life insurance market in Poland has been experiencing steady growth and development in recent years. Customer preferences in the Polish market have been shifting towards more comprehensive life insurance products that offer not only financial protection but also investment opportunities. Customers are increasingly looking for policies that provide long-term security for their families while also allowing them to grow their wealth over time. Trends in the market indicate a rise in the popularity of unit-linked insurance products, which combine life insurance coverage with investment options in capital markets. This trend reflects a growing interest among Polish consumers in maximizing the returns on their insurance policies through investments in financial markets. Local special circumstances in Poland, such as a strong tradition of saving and a rapidly expanding middle class, have contributed to the growth of the life insurance market. The cultural emphasis on financial security and planning for the future has created a favorable environment for life insurance companies to offer a wide range of products to meet the diverse needs of customers. Underlying macroeconomic factors, such as stable economic growth, low unemployment rates, and increasing disposable income levels, have also played a significant role in driving the growth of the life insurance market in Poland. As the economy continues to expand and more people enter the middle class, the demand for life insurance products is expected to further increase in the coming years.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.