Press release
Competition to increase, profitability to fall – Stormy days ahead for insurers in Poland
Marcin Mazurek, CEO of Intelace Research
"After the steep growth of premiums and profits during 2003-2007 the Polish insurance sector will grow slower in: 2008-2010, while profitability of insurers is likely to fall" said Marcin Mazurek, the CEO of Intelace Research, a consulting company specialized in CEE financial markets research.
INSURANCE MARKET
Polish insurance market has been flourishing during 2003-2007, capitalizing mostly on rapidly increasing life premiums. During 2007 the situation has however changed:
• Entry of new insurers and introduction of direct channels by established players initiated a price war on the non-life insurance market.
• High volatility of equity markets is significantly reducing returns on unit-linked life insurance assets.
• New legislative changes imposed on insurers additional charges including subsidizing of troubled health care system from MTPL premiums
PERSPECTIVES
Increasing price competition from direct players and volatile equity markets will negatively affect profitability of insurance companies operating in Poland. Intelace Research expects that life premium growth will decelerate to 8% p.a. while non-life premium will increase slightly to 13% p.a. on average during 2008 – 2010.
For more information on recent developments on the Polish banking market please refer to the publication: " BANKING MARKET IN THE POLAND 2008 - 2010" available under: http://www.intelace.com/pdf/00070.pdf
ABOUT THE REPORT
The report "INSURANCE MARKET IN POLAND 2008" builds on the success of the previous issue and provides an updated view of emerging trends of the insurance sector in Poland. Similarly to the previous version, this analysis covers a wide range of perspectives including: market size, competitive structure and market shares in key business segments. The new study has been upgraded with most recent forecasts of insurance premiums for life and non-life segments through 2010.
Marcin Mazurek
Manager
Intelace Research
Stryjenskich 13c/78
02-791 Warszawa, POLAND
Intelace Research is an independent consulting company focused on Central and Eastern Europe financial markets. It specializes in management consulting and custom research services including: market entry strategy, product launch, performance and benchmarking analysis.
During 2005-2008 Intelace Research has served 50+ clients including major CEE banks and Insurers. To learn more about the company, visit Intelace Research webpage under: www.intelace.com .
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