As of early 2013, it remains obvious that Poland is, with the possible exception of the Czech Republic, the largest market in Central and Eastern Europe and one which is too large to ignore.
Recent data and comments from the leading insurance companies continue to indicate that the life segment has returned to strong growth after three years of stagnation or worse. There has been a boom in sales of single-premium insurance products to individuals through the bancassurance channel. Most, but not all, of the larger players in the segment have benefited. The obvious implication is that Polish households have regained an appetite for risk, with the result that life insurance's importance as a conduit for organised savings in the country is growing rapidly once more.
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In contrast to other countries in Central and Eastern Europe, premiums are also growing at respectable rates - and for most companies - in the non-life segment. A number of positive factors, such as higher rates and the introduction of new products, are at work. The implication is that difficult economic conditions have not had the impact that might have been expected. Many companies have benefited from lower claims in 2012 relative to 2011.
The consolidation of the sector overall continues. In early 2012, Talanx emerged as a new and significant force through its acquisition of Warta and Europa, from KBC and Getin Holding respectively. In mid-2012, VIG completed its acquisition of the specialist life insurer Polisa. VIG has also completed the integration of two of its non-life businesses, Interrisk and PZM.
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New Market Report Now Available: Poland Insurance Report Q3 2013
Company: Fast Market Research, Inc.
Contact Name: Bill Thompson
Contact Email: press@fastmr.com
Contact Phone: 1-413-485-7001
Contact Name: Bill Thompson
Contact Email: press@fastmr.com
Contact Phone: 1-413-485-7001