In 2023, insurers covered commercial transactions in the amount of PLN 911 billion, which is 10% more than in the previous year. This amount represents almost 29.3% of the value of the entire Polish economy in 2023 and is 38% higher than the state budget. Polish companies appreciate this form of insuring turnover in a difficult economic situation.

In 2023, insurers covered commercial transactions in the amount of PLN 911 billion, which is 10% more than in the previous year. This amount represents almost 29.3% of the value of the entire Polish economy in 2023 and is 38% higher than the state budget. Polish companies appreciate this form of insuring turnover in a difficult economic situation.

Receivables insurance providers paid compensation in the amount of PLN 384.5 million, which means an increase by 75% compared to the previous year. Higher payouts under receivables insurance result
from deteriorated liquidity of companies compared to the period between 2020 and 2022, when they operated in the conditions of high money supply.

Polish companies and foreign recipients of Polish goods and services are currently operating in a high interest rate environment. In addition, the increased value of claims is a consequence of the increase in the value of insured turnover:

– More insured turnover results not only from business activity and inflation, but also from the growing importance of trade credit in the economy in the conditions of increased costs of short-term bank loans – says Rafał Mańkowski, Property Insurance Director in the Polish Chamber of Insurance.

Economic operators are also increasingly better at managing payment risk. Interest in receivables insurance is growing, and companies that already benefit from this form of insurance are expanding their business.

– Insurance companies provide economic information and assist in managing trade credit limits for individual recipients of goods and services. They also participate in the recovery of compensation payments in the event of non-payment of an invoice. This enables companies to remain profitable
 and develop, despite weaker domestic demand and a not very good economic situation among Poland’s main trading partners – adds Rafał Mańkowski.