- Despite the increase in the value of insured turnover and the volume of compensation, gross premium written is falling.
- Client awareness regarding the use of credit insurance in sales development and improving their credibility is growing.
In 2024, enterprise revenues from the sale of products, goods and materials fell by approx. 3% (from PLN 5.1 trillion in 2023 to PLN 4.96 trillion[1] in 2024).
Despite the decline in the value of enterprise sales revenues, in credit insurance we recorded a 4% increase in the value of total insured turnover, i.e. to PLN 939 billion. The increase in the value of insured turnover means that client awareness regarding the possibilities of using credit insurance is slowly growing, whether in terms of sales development without concerns about debt collection from contractors, or as an instrument used to improve one’s credibility and consequently improve financing conditions for one’s activity with banks.
According to research conducted by SW Research commissioned by the Polish Chamber of Insurance [2], published in the Map of risks of Polish entrepreneurs, as many as 45% of surveyed entrepreneurs consider credit insurance an effective tool in company financial management, and 43% of respondents cannot imagine conducting business without this insurance. The same study shows that as many as 36% of surveyed companies fear contractor insolvency.
The combination of three indicators: increase in the value of insured turnover (4% together for domestic and export, and 7% for export alone), decrease in gross premium written by 9% (to the level of approx. PLN 957 million in 2024) and 23% increase in the value of gross compensation paid (to over PLN 472.3 million in 2024), shows that the credit insurance market is not an easy market and that underwriting policy may be tightened.
The increase in the value of compensation paid consists of both a larger number of reported claims and higher value of compensation paid. The increased number of compensation payouts reflects the market situation, i.e. an increase in the number of reported bankruptcies and deterioration of enterprise payment discipline. According to data published by MBGI [3] in 2024, the number of announced company bankruptcies in Poland increased by 10.7% compared to 2023. Most bankruptcy proceedings were registered in industrial processing, wholesale and retail trade, and construction. Restructuring proceedings were conducted in 2024 in 4,457 enterprises, i.e. 7.4% more than in 2023, and their value increased by 24% year-on-year (from PLN 329.2 million in 2023 to PLN 407.8 million in 2024). It is also worth noting that the number of insolvencies in foreign markets is higher than in the domestic market, and the size of claims in export insurance is usually higher than those in the domestic market.
– Insurance companies offering credit insurance expect further turbulence in terms of trade exchange and enterprise liquidity. The situation in the domestic market may be somewhat better due to planned large investments that are financed thanks to the launch of funds from the RRP. Forecasts regarding exports are not optimistic, a decline in its value is observed, including in the eurozone. Turbulence in international markets caused by decisions regarding customs policy introduced by the USA are difficult to assess unambiguously at this stage – said Agnieszka Jarosławska – Kossakowska, PIU expert.
[2] Source: RESEARCH REPORT
[3] Source: Bankruptcy and restructuring proceedings. 2025 Report – MGBI
