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Trade Credit Insurance Booms in Poland as Economy Shifts

FINANCETrade Credit Insurance Booms in Poland as Economy Shifts

In 2023, insurers covered commercial transactions amounting to 911 billion PLN. This represents a 10 percent increase compared to the previous year. This amount is nearly 29.3 percent of the total value of the Polish economy in 2023[1] and is 38 percent larger than the state budget[2]. Polish companies appreciate this form of turnover security in a challenging economic situation.

Trade credit insurers paid out claims totaling 384.5 million PLN, marking a 75 percent increase compared to the previous year. The higher payouts from trade credit insurance result from the deteriorating payment situation of companies compared to the years 2020 – 2022 when they operated in an environment of high money supply.

Polish companies and foreign recipients of Polish goods and services currently operate in an environment of high-interest rates. Additionally, the increase in the value of claims is a derivative of the increase in the value of insured turnovers:

The increase in insured turnovers results not only from the economic activity of companies, inflation, but also from the growing role of trade credit in the economy under conditions of rising costs of short-term bank loans – says Rafał Mańkowski, Director of Property Insurance at the Polish Chamber of Insurance.

Economic entities are also managing payment risk better. Interest in trade credit insurance is growing, and companies that already use this form of security are expanding their activities.

Insurance companies provide economic information, help manage trade credit limits for individual recipients of goods and services. They also participate in the collection of compensations in case of non-payment for an invoice. As a result, companies can maintain profitability and develop, despite weaker domestic demand and the not-so-favorable economic situation among Poland’s main trading partners – adds Rafał Mańkowski.

Trade credit insurance data for 2023

Data in million PLN 2023
Domestic exposure (December 31) 172,544
Export exposure (December 31) 113,591
Total exposure (December 31) 286,135
Insured domestic turnovers 701,443
Insured export turnovers 209,866
Total insured turnovers 911,309
Compensations and benefits paid gross 384.5

[1] Estimates by the PIU based on:,8,12.html

[2] Estimates by the PIU based on:

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