In 2023, Poles received 44.2 billion PLN in insurance compensation and benefits, according to data released by the Polish Insurance Chamber (PIU). This figure was 0.3 percent lower than the previous year. In 2023, 23.9 million Poles had life insurance, and there were contracts for 79.3 million property policies.
Key figures:
– 44.2 billion PLN awarded to claimants, broken down as follows:
– 16.2 billion PLN from life insurance
– 17.9 billion PLN from motor insurance (liability and auto-casco)
– 10.1 billion PLN from other types of insurance
– Poles spent a gross premium attributable of 78.9 billion PLN on insurance, which was 9.2% higher than the previous year.
– Insurers invested almost 96.4 billion PLN of their assets in bonds and other fixed-income securities, which supported the economy and public finance.
– Over 17.9 billion PLN of the assets were allocated in the shares of companies listed on GPW and other securities with variable income.
– Insurers paid over 1.8 billion PLN of income tax.
In 2023, 23.9 million Poles had life insurance including 11.7 million people with group policies. Despite being a 3.6 percent decrease from the previous year, interest in life insurance remains stable.
The volume of claims paid in the life insurance industry returned to pre-pandemic levels, reflecting the current mortality rate in Poland. The market for life insurance remains stable, while an increase in popularity can be observed for protective and accident insurance products compared to those with savings and investment features.
Motor insurance constituted the largest share of indemnities within property insurance. In 2023, nearly 10.7 billion PLN was paid out in claims and benefits from compulsory third-party motor insurance, which is 8.2 percent more than in the previous year. However, despite an increase in the cost of damage, the average premium for third-party motor insurance only rose by 2.9 percent, amounting to 513 PLN.
The year 2023 was relatively calm regarding natural disasters and catastrophes, contrary to the record-breaking payouts in 2022. Indemnities related to natural disasters and other property damage totalled 4.2 billion PLN, which is 0.3 percent less than the previous year.
In 2023, insurance companies contributed over 1.8 billion PLN of income tax to the state budget. Their net profit during this period was 9.5 billion PLN, which is 67 percent more than in the previous year.
