The insurance market in Poland (GWP) will increase in 2023 to PLN 76.5 billion (~EUR 16.6 billion*). This year the market will grow by 7%, to PLN 67.7 billion (vs PLN 63.4 billion in 2020). The prospects for insurers operating in Poland remain “mostly positive”, said the experts from Inteliace Research.
According to the report, the ratio of GWP to the value of Poland’s GDP in 2021 is 2.6% vs 2.7% in 2020, 2.8% in 2019 and 2.9% in 2018. “The insurance market is going well through the pandemic. Volumes are growing. Insurers’ profitability has dropped, but it is still relatively high compared to other countries and other sectors in the Polish economy”, commented Marcin MAZUREK, an analyst at Inteliace Research.
The report shows that dynamics of GWP increase in 2021 alone will be higher than for 2017-2020 (summed) – both in the case of life and non-life insurance. “The life insurance market has recently changed its trend to a growing one after many years of decline, which is optimistic”, noted Marcin MAZUREK.