During Congress 590, one of the most important economic events in Poland, the Polish Insurance Association (PIU) will present the first document in Poland describing the impact of the insurance industry on the economy. The document shows that the sector generates 2% of the Polish GDP, insures 60% of the assets of Polish companies and generates 225,000 jobs.
There is no economic growth without insurance
Reduce uncertainty, protect assets and health, ensure financial support and long-term investment for the economy – these are the tasks carried out by insurers. Thanks to this, the industry generates a total of 2% of the Polish GDP – according to the report ‘How insurance changes Poland and the Poles’, prepared by the Polish Insurance Association in cooperation with Deloitte.
– There would be no long-term economic growth in Poland without insurance. If companies want to enter new markets, they must use various forms of protection. Insurance makes sure that the risk associated with company operations, investments and export is reduced. Insurers are already protecting the turnover of Polish companies worth PLN 460 billion – says Jan Grzegorz Prądzyński, President of PIU.
The impact of the insurance industry is illustrated by the most important industry indicators:
• PLN 1.6 billion worth of taxes collected in 2016,
• 225,000 jobs in the industry and other sectors of the economy,
• 2% of total contribution to Poland’s GDP.
Thanks to insurance, companies and individuals within the Polish economy are producing more goods and services. – We hope that the report will be the subject of an open dialogue with stakeholders because the impact of the insurance industry on the Polish economy is huge. The added value being generated by the sector amounts to PLN 36 billion. This is a potential which can be utilised even better – Irena Pichola, Deloitte Partner, Sustainability Consulting Central Europe Team Leader, comments on the results of the report.
Investors and security guarantors of Poles
As the second largest domestic investors in treasury bonds, insurers invest as much as PLN 60 billion in them. Additionally, they buy shares in companies worth PLN 17.4 billion, providing not only capital for corporate development but also financing public spending on infrastructure, education or health. The insurance industry gives Poles a sense of security at every stage of their lives. Only in 2016 it paid out PLN 18.3 billion from life insurance policies. It also covers 2 million Poles with health policies. Protecting life, health and property; travel security, broader access to healthcare or support in saving for retirement, and safeguarding the future of loved ones are important elements which affect the well-being of society.
During Congress 590, PIU will present the economic section of a broader study called ‘How insurance changes Poland and the Poles’. The full report will debut in November and will show the impact of insurance on the life of an average Pole or entrepreneur.
An short version of the report is available HERE.