Poland Insurance Market Forecast (2008-2012)

Publication Date	August 2008
Publisher	RNCOS
Product Type	Report
Pages	75
ISBN Number	not applicable
Product Code	RCS00355

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Summary

The latest market research report by RNCOS Poland Insurance Market Forecast (2008-2012)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 from 2008 to 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 to 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 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, and linear regression analysis using software tools, judgmental forecasting and cause and effect analysis.

Content

1. Analyst View
2. Central & Eastern European Insurance Market
3. Poland in Context of Central & Eastern Europe
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
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
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
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
8. Growth Hurdles
- 8.1 Booming Real Estate Sector
- 8.2 Flourishing Asset Management Industry
- 8.3 Lack of Insurance Awareness
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
10. Competitive Landscape
- 10.1 Life Insurers
- 10.2 Non-life Insurers
11. Key Industry Contributors
- 11.1 Aegon
- 11.2 Allianz
- 11.3 Amplico-Life
- 11.4 PZU
- 11.5 Warta
List of 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$), 2008-2011
- Figure 7-5: Poland - Forecast for Internet Penetration (%), 2008-2012
- Figure 9-1: Poland - Forecast for Gross Life Insurance Premium (in Billion PLN), 2008-2012
- Figure 9-2: Poland - Forecast for Gross Unit-linked Life Insurance Premium (in Billion PLN), 2008-2012
- Figure 9-3: Poland - Forecast for Gross Annuity Insurance Premium (in Million PLN), 2008-2012
- Figure 9-4: Poland - Forecast for Gross Non-life Insurance Premium (in Billion PLN), 2008-2012
- Figure 9-5: Poland - Forecast for Gross Motor Insurance Premium (in Billion PLN), 2008-2012
- Figure 9-6: Poland - Forecast for Gross Property Insurance Premium (in Million PLN), 2008-2012
List of Tables:
- Table 3-1: Central & Eastern Europe - Insurance Premium by Country (in Million US$), 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