DATA AVAILABLE TO THE POLISH CHAMBER OF INSURANCE (PIU) INDICATES THAT IN 2022, POLES RECEIVED PLN 44.4 BILLION WORTH OF INSURANCE COMPENSATION AND BENEFITS. THIS IS 7.5 PERCENT MORE THAN THE YEAR BEFORE. IN 2022, 23.8 MILLION POLES HELD LIFE INSURANCE POLICIES. WE ALSO CONCLUDED 71.2 MILLION PROPERTY INSURANCE POLICIES.
- PLN 44.4 billion for the injured, of which:
- PLN 18.87 billion from life insurance
- PLN 16.26 billion from motor insurance (third-party liability and motor hull insurance)
- PLN 9.25 billion from other insurance
- Poles spent
- PLN 72.4 billion for insurance (gross written premium), 4.5 percent more than the year before.
- Insurers invested nearly PLN 83.4 billion worth of assets in bonds and other fixed-income securities supporting the economy and public finance.
- Over PLN 17.3 billion worth of assets were invested in shares of WSE companies and other variable-income securities.
- Over PLN 1.4 billion of income tax was paid by insurers.
The life insurance market in 2022 still sees an increase in benefits paid. We also observe increasing interest in life insurance. In 2022, life insurance was held by 23.8 million Poles, of which 12.7 million under group insurance policies. This is approx. 1% more than the year before. Overall, life insurance premiums amounted to PLN 21.5 billion.
“The increased interest in protective insurance policies is an effect of the events of recent years. During the pandemic we recognised the value of such insurance and we still pay the health-care debt incurred at that time. Life and health cover is increasingly more important for us, particularly as the issues of health and life still raise our greatest concerns. 80 percent of Poles are concerned about the lack of money for treatment of a serious disease”, says Jan Grzegorz Prądzyński, President of the PIU Management Board.
As far as property insurance is concerned, motor insurance accounts for the largest share of compensation payments.
In 2022, compensation and benefits from compulsory motor third-party liability insurance amounted to nearly PLN 9.9 billion and were 6% higher than the year before.
At the same time, despite increased costs of damage, the average premium under motor third party liability insurance increased by just 0.4% and was PLN 490. During the same period, the average claim under third party liability insurance for vehicle owners increased by 8.4 per cent, to PLN 9,199.
Compensation from motor hull insurance amounted to PLN 6.4 billion, 6.9% more than the year before.
OTHER PROPERTY INSURANCE
In 2022 we saw the effects of violent weather, which resulted in considerably increased compensations under property insurance. Compensations resulting from natural disasters and other property damage amounted to PLN 4.2 billion, which is 23.7 percent more than a year ago.
“Natural disasters pose risks which are going to last. Insurance providers are ready to help in such situations, but we also need to think about systemic solutions which will help mitigate the climate risk”, says Andrzej Maciążek, Vice-President of PIU Management Board.
PROFITS IN 2022
In 2022, insurers paid over PLN 1.4 billion in income tax to the state budget. During this period, they earned a net profit of PLN 6.1 billion, i.e. 8% more than the year before.