New Financial Services research report from Timetric is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 08/21/2012 -- Poland contains the largest insurance industry in Central and Eastern Europe. The country's life insurance segment recorded strong growth in gross written premiums during the review period (2007-2011). This life insurance growth was supported by Poland's stable economic development, increasing disposable income levels, improving awareness of the benefits of insurance products and government initiatives to develop a better insurance industry in the country. The life insurance segment is expected to benefit from product innovations introduced by insurers over the forecast period, and changes in Poland's social security and pension system will also increase the demand for life insurance and savings products.
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- The steady growth in Polish life insurance written premiums was mainly due to the growth of group insurance product sales during the review period.
- Foreign life insurance companies are expected to continue generating the majority of the segment's written premium value over the forecast period (2012-2016). There were 29 life insurers operating in Poland at the end of 2011, of which 22 were under majority foreign ownership.
- Polish life insurance is reliant on the bancassurance distribution channel for generating its largest share of written premiums. Polish insurers recognized bancassurance could provide an important and cost-effective channel for distributing life insurance during the review period.
- Poland's current economic conditions, changing customer behaviors, supportive government regulation and intensive competitive pressure will be the key growth drivers for the Polish life insurance segment over the forecast period.
- A new pension law was introduced in Poland in May 2011, which reduces the contribution rate from second-pillar individual accounts that are ma ged by open pension funds (OFEs) from 7.3% of the employee's monthly salary to 2.3%. The 5% reduction was diverted to newly created first-pillar accounts ma ged by Poland's social insurance institution (ZUS).
- Polish insurance law restricts companies by only allowing them to sell either life insurance or general insurance, which encourages most general insurance firms to establish separate life insurance subsidiaries. A number of secondary regulations became effective in relation to changing the Polish reinsurance directive and the separation of reinsurance companies in 2010.
This report provides a comprehensive a lysis of the life insurance market in Poland:
- It provides historical values for the Polish life insurance market for the report's 2007-2011 review period and forecast figures for the 2012-2016 forecast period
- It offers a detailed a lysis of the key sub-segments in the Polish life insurance market, along with market forecasts until 2016
Companies Mentioned in this Report: Powszechny Zaklad Ubezpieczen Zycie SA, Tun? Europa SA, Tun? Warta SA, ING Tun? SA, Aviva Tun? SA, Nordea Polska TU ?ycie SA, Paptun?ir Amplico LIFE SA
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