New Financial Services market report from Business Monitor International: "Poland Insurance Report Q2 2016"
[ClickPress, Mon Feb 22 2016] On the whole, the outlook for Poland's insurance market is positive, with solid single-digit growth expected in both life and non-life premiums throughout the forecast period between 2016 and 2020. In the non-life sector, strongest growth will be seen in the well-established property and personal accident lines, with a slightly more subdued outlook, at least in the short-term, for the dominant motor insurance segment, where claims costs are high and pricing competition is intense. In the life sector, improving household income rates and some supportive demographic trends should support premium growth, though rates of density and penetration remain low by Western Europe standards.
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Key Updates And Forecasts
Poland's non-life sector is considerably larger than the life sector, accounting for around 57.2% of premiums written in the market in 2016. Growth in the non-life sector is expected to average 6.7% per year between 2016 and 2020, in local currency terms, with more varied growth in US dollar terms due to ongoing currency movements.
Slower growth of 3.8% per year is expected in the life sector throughout the forecast period between 2016 and 2020, leading to life insurance losing further market share to the non-life sector.
The investment outlook in Poland has deteriorated somewhat in recent months, following the election in October 2015 of the Law & Justice Party. Populist policies may isolate Poland from the EU, leading to further ratings downgrades and undermining investor confidence and growth potential. At present, the growth outlook for the Polish economy remains robust, though we caution growth forecasts may be downgraded.
Some consolidation is taking place in the fragmented non-life market. In December 2015 AXA announced it would acquire Liberty Ubezpieczenia (the property & casualty arm of Liberty Mutual Insurance Group) for USD23mn (PLN92.3mn), which follows the group's acquisition earlier in the year of BRE Ubezpieczenia TUiR (BREU) (the property & casualty subsidiary of mBank).
The Poland Insurance Report has been researched at source and features BMI Research's independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.
BMI's Poland Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Polish insurance industry.
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