Insurances - Poland

Poland

The Insurances market in Poland is projected to reach a market size (gross written premium) of US$14.62bn in 2024.
In this market segment, Non-Life Insurances dominate with a projected market volume of US$10.04bn in 2024.
The average spending per capita in the Insurances market in Poland amounts to US$363.40 in 2024.
When comparing globally, it is noteworthy that the United States achieves the highest nominal value, reaching US$3,788.0bn in 2024.
The gross written premium is expected to show an annual growth rate (CAGR 2024-2029) of 0.16%, resulting in a market volume of US$14.74bn by 2029.
In global comparison, the United States will generate the most gross written premium in 2024, amounting to US$3,788.0bn.
The insurance market in Poland is witnessing a surge in demand for health insurance due to increasing healthcare costs.

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Analyst Opinion

The Insurances market in Poland has been experiencing significant growth and development in recent years. Customer preferences in the insurance market in Poland are shifting towards more personalized and digital solutions. Customers are increasingly looking for tailored insurance products that meet their specific needs and lifestyle. This trend is in line with global market preferences, where customers seek convenience and customization in their insurance plans. Trends in the market in Poland show a rise in demand for health and life insurance products. This can be attributed to an increasing awareness of the importance of health and financial security among the population. As the economy grows and disposable incomes increase, more individuals are willing to invest in insurance coverage to protect themselves and their families. Local special circumstances in Poland, such as the aging population and changing regulatory environment, are influencing the insurance market. With a growing number of elderly citizens, there is a higher demand for pension and retirement insurance products. Additionally, regulatory changes aimed at increasing transparency and consumer protection are shaping the way insurance companies operate in the country. Underlying macroeconomic factors, including stable economic growth and low unemployment rates, are contributing to the positive development of the insurance market in Poland. A thriving economy means that more individuals have the financial means to purchase insurance products, driving growth in the market. Additionally, the low unemployment rates indicate a stable workforce that is more likely to invest in insurance coverage for the future.

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.