Non-life insurances - Poland

Poland

The Non-life insurance market in Poland is expected to witness significant growth in the coming years.
According to projections, the market size, measured by gross written premium, is forecasted to reach US$10.04bn in 2024.
This indicates a positive trend and highlights the potential of the market.
Furthermore, the average spending per capita in the Non-life insurance market is estimated to be US$249.60 in 2024.
This metric provides insights into the individual consumer's expenditure on insurance policies, indicating the level of penetration and importance of insurance in the country.
Looking ahead, the market is anticipated to experience a steady annual growth rate (CAGR 2024-2029) of 2.32%.
This growth trajectory is expected to result in a market volume of US$11.26bn by 2029.
These figures demonstrate the potential for expansion and highlight the opportunities for insurers operating in the Non-life insurance segment in Poland.
In a global context, it is worth noting that the United States is expected to generate the highest gross written premium in 2024, amounting to US$2,500.0bn.
This comparison underscores the size and significance of the insurance market the United States, highlighting its dominant position on the global stage.
These statistics provide valuable insights into the Non-life insurance market in Poland and its growth potential.
As the country continues to develop and its economy expands, the insurance sector is poised for further growth and development.
Poland's non-life insurance market is experiencing steady growth due to increasing awareness and demand for protection against unforeseen events.

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Analyst Opinion

Over the past few years, the Non-life insurances market in Poland has been experiencing significant growth and development.

Customer preferences: Customers in Poland are increasingly seeking comprehensive non-life insurance coverage to protect their assets and mitigate risks. They are showing a growing interest in policies that offer a wide range of coverage options, including property, motor, and liability insurance. Additionally, there is a rising demand for customized insurance solutions that cater to specific needs and preferences.

Trends in the market: One notable trend in the Polish non-life insurance market is the increasing adoption of digital technologies. Insurers are leveraging digital channels to enhance customer experience, streamline processes, and offer innovative insurance products. This shift towards digitalization is not only improving operational efficiency but also enabling insurers to reach a wider customer base.

Local special circumstances: In Poland, the competitive landscape of the non-life insurance market is characterized by the presence of both domestic and international insurance companies. This diversity in the market has led to intense competition, prompting insurers to differentiate themselves through product innovation, pricing strategies, and customer service. Moreover, regulatory developments and changing consumer behaviors are influencing the market dynamics in Poland.

Underlying macroeconomic factors: The growth of the non-life insurance market in Poland is closely tied to the country's overall economic performance. As the economy continues to expand, driven by factors such as increasing disposable income and infrastructure development, the demand for non-life insurance products is expected to rise. Furthermore, the favorable regulatory environment and government initiatives to promote insurance awareness are contributing to the market growth in Poland.

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.