Poland
Polish Insurance Market
The five largest insurance groups in the country wrote approximately 78% of the gross written premiums in the first three quarters of 2024. The three largest insurance groups contributed approximately 63%.
In the 1st to 3rd quarter 2024 the Polish insurance market generated PLN 63.3 billion and thus an increase of 9.6% year-on-year. The increase is attributable to the good development of both the non-life insurance (+12.0%) and also life insurance (+4.0%).
Market development 1st to 3rd quarter 2024 compared to the previous year
9M 2024 figures
The motor insurance recorded growth in the 1st to 3rd quarter 2024 – motor third party liability insurance increased by 10.7% compared to the same period in the previous year partly due to the increase in average premiums (+7.0%). The premiums in motor own damage insurance (Casco) increased by 10.2%, which can be partly attributed to the increased number of new contracts concluded (+5.7%). The non-motor lines of business grew by 13.5% especially as a result of the good development in the property and industrial insurance. The health insurance products in the non-life insurance showed a significant increase of 18.9% year-on-year.
Life insurance recorded an increase of 4.0% year-on-year in the 1st to 3rd quarter 2024. This is mainly due to the positive development of life insurance with regular premiums, which increased by 6.1% in the first nine months of 2024 compared to the same period in the previous year. In contrast, single-premium life insurance recorded a decline of 7.6% in the 1st to 3rd quarter 2024.
The average insurance spending per resident in Poland amounted to EUR 473 per capita in 2023 according to the calculations of the data of the International Monetary Fund (IMF) and Polish financial market authorities. Of which EUR 336 was for non-life insurance and EUR 137 for the life insurance area.
Market share of the largest Insurance Groups
Per cent of total premium volume
VIG Companies in Poland
VIG Insurance Group is represented on the Polish market by Compensa Non-Life, the digital insurer Beesafe, InterRisk, the life insurer Vienna Life and the pension fund Wiener PTE. Since 2019, InterRisk has held a stake in the mutual insurance association TUW “TUW”.
In 2024, Vienna Insurance Group consolidated its market presence in Poland from six insurance companies to three. The merger of the non-life companies Compensa and Wiener TU in July 2024 created a key player on the Polish non-life insurance market, which operates under the brand name Compensa Non-Life. InterRisk will continues to operate independently. The three life insurance companies Compensa Life, Vienna Life and Aegon Life were merged to form a larger, strong market player in the life insurance business, operating under the Vienna Life brand. The merger was completed in October 2024.
VIG Insurance Group ranks fourth in the overall market in Poland with a share of 8.5% in the first nine months of 2024. In the non-life segment, it is also ranked fourth, and in the life segment fifth, among the top insurers.
Financial performance indicators in the reportable segment Poland
Insurance service revenue
The insurance service revenue in 2024 amounted to EUR 1,373.3 million (2023: EUR 1,224.5 million). Compared to the same period in the previous year, this represents an increase of 12.1%, which is primarily due to the positive development of other property and casualty insurance and health insurance.
Insurance service revenue by line of business
Result before taxes
In 2024, the result before taxes amounted to EUR 65.1 million (2023: EUR 29.4 million). The significant increase compared to the previous year is mainly due to the improvement in the combined ratio. It should also be noted that the previous year’s result was negatively impacted by provisions for restructuring.
Net combined ratio
In 2024, the net combined ratio improved to 95.6%, despite an increase in weather-related claims (2023: 97.4%).