Polish insurance market: growth and potential
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1 Polish insurance market: growth and potential Polish Insurance Association June 2012 Table of contents 1. Polish insurance market general information 2. Non life insurance in Poland 3. Life insurance in Poland 4. Regulatory framework 2 1
2 POLISH INSURANCE MARKET GENERAL INFORMATION 3 Polish insurance market general information (1) 20 years of liberalized insurance market Insurance law of 1990: Liberalized insurance market and opened the market for foreign investors Introduced legal division between non-life and life insurance Introduced prudential regulations and established insurance supervision Year 1991 (euro) Life Non life Insurers 4 16 GWP 0.2 bln 1.2 bln Reserves 0.01 bln 0.6 bln Year 2011 (euro) Life Non life Insurers GWP 7.7 bln 6.1 bln Reserves 17.7 bln 8.8 bln 4 2
3 Polish insurance market general information (2) Fast growing market (GPW in bn PLN) Decrease mainly due to slump in bancassurance (GPW in single premium life products mainly anti-tax products -went down by 32% in 2009 YoY) Poland is a medium size market in Europe with a 1.2% share in European insurance market insurance measuerdby GPW. The life segment was constantly growing untill 2009 slowdown, moderate recovery since Source: Polish Financial Supervision Authority Non life segment was less affected by current economic crisis. 5 Polish insurance market general information (3) Life and non life segments GWP structure 100% 90% 80% 70% 60% Life segment increased its share in total GWP from 34% in 1995 to nearly 56% in % 40% 30% 20% 10% 0% GWP -Life Source: Polish Financial Supervision Authority GWP Non life 6 3
4 Polish insurance market general information (4) Insurance penetration 14.0% 12.0% 10.0% Insurance penetration - premium to GDP ratio (2010) Polish insurance penetration is below the world average but very high as far as the region is concerned. In 2010 Polish insurance market has leading position in Central-eastern Europe and the Baltic states with 43% share in total premium within the region. 8.0% 6.0% 4.0% 3,8% Insurance Europe average 8,2 % 2.0% 0.0% Netherlands United Kingdom France Finland Switzerland Portugal Denmark Belgium Sweden Ireland Italy Germany Slovenia Austria Spain Malta Luxembourg Cyprus Norway Czech Rep. Poland Hungary Slovakia Estonia Iceland Croatia Greece Bulgaria Latvia Romania Turkey Source: Insurance Europe 7 Polish insurance market general information (5) Insurance density Insurance density - average total premiums per capita (in EUR, 2010) There are huge differences in insurance density from country to country. Excluding Liechtenstein, it ranges from EUR 93 in Romania to EUR in Switzerland (effect of its privatised health insurance system) Central-Eastern Europe and the Baltic states are still lagging behind. Poland: Life EUR 206 per capita Non life EUR 149 per capita Europe Insurance average EUR Switzerland Netherlands Luxembourg Denmark Source: Insurance Europe Finland United Kingdom France Sweden Ireland Norway Belgium Germany Italy Austria Portugal Spain Cyprus Slovenia Iceland Malta Czech Rep. Greece Slovakia Poland Estonia Hungary Cratia Latvia Bulgaria Turkey Romania 8 4
5 Polish insurance market general information (7) Insurance sector aggregated financial results (non-life and life) Year 2011 (euro) Gross written premium Gross claims and benefits Net profit Total assets Own capital 13.9 bln 8.2 bln 1.5 bln 31.6 bln 7.5 bln With total premium amounting to 13.9 bln euro, Poland is the biggest insurance market within Central-eastern Europe and the Baltic states. 9 Polish insurance market general information (8) Number of insurance companies 6 insurance companies went bunkrupt Last bunkruptcy (TUiR Polisa SA) was declared in 2000 Decrease in number of insurers: market consolidation effect Among 62 insurers licensed in Poland only 8 are mutuals. Moreover, on the Polish market there are (2011): 21 branches of foreign insurers ca. 550 notified insurers Number of foreign insurers Number of domestic insurers 10 5
6 Polish insurance market general information (9) Mutual Insurance Companies in Poland mutual company active since Macif Życie TUW 2004 Rejent Life TUW 1995 Concordia Polska TUW 1997 Cuprum TUW 1994 Pocztowe TUW 2003 SKOK TUW 1996 T.U.W. TUW 1992 TUZ TUW 2003 Concordia Capital S.A SKOK Życie S.A Polish mutual companies are small operators with limited market share in total market, but with strong ties to their local and social environments. 11 NON LIFE INSURANCE IN POLAND 12 6
7 Non life insurance in Poland (1) Non-life market is dominated by motor insurance Source: Polish Insurance Association Motor insurance dominates the market although its share in total non-life premium has been constantly decreasing Share of premium from financial risk insurance has doubled since Non life insurance in Poland (2) Motor insurance: premium level stabilization and gross claims paid growth(pln bln) MTPL premium MTPL claims AC premium AC claims Source: Polish Financial Supervision Authority Poor car market responsible for the stabilization of motor insurance premium growth Visible tendency of increase in MTPL and Casco claims tempered in 2011 After the period of low tariff policy, in 2010 insurers started to rise prices for motor insurance cover 14 7
8 Non life insurance (3) Non-Life Combined ratio (%) Non-Life technical result (PLN mln.) Effectiveness factors indicate critical years for Polish non-life insurance increase mainly due to growing claims in motor insurance and higher acquisition costs, 2010 increase mainly do to catastrophic claims. 15 Non life insurance in Poland (4) Key development driver, opportunity and challenge Key development driver Substantial increase in private assets (especially cars number) Opportunity Premium penetration significantly lower than in Western Europe room for growth Challenge Motor market: price competition (among others due to development of direct distribution channel) combined with increase in claims resulted in negative technical result in
9 LIFE INSURANCE IN POLAND 17 Life insurance in Poland (1) Growing life insurance market Gross written premiums (in PLN billion) CAGR 13,4 % Source: Polish Financial Supervision Authority Life insurance gross written premium is rapidly increasing. The market slumped in 2009 due to the economic recession. Nevertheless, compound average growth rate(carg) for scored 13,4% 18 9
10 Life insurance in Poland (2) Life premium structure: individual vs. group Gross written premiums (in PLN billion) Group insurance Individual insurance Group insurance includes mainly: 1. group insurance joint by employees in their companies: traditional Polish product -close to 100% of participation by employees in the socialist times 2. bancassurance Source: Polish Financial Supervision Authority 19 Life insurance in Poland (3) Growing life insurance market what is behind the growth? Gross premium written in PLN billion Single premium products are responsible for growth in life market In 2004 a 19% capital-gains taxwas introduced with an exemption for life insurance products. This paved the way for lifeinsurance contracts with single premium distributed by banks. Periodical premium insurance Single premium insurance Expansion of single premium products stopped in Source: Polish Financial Supervision Authority 20 10
11 Life insurance in Poland (5) Key development driver, opportunity and challenge Key development driver Wealth increase in the society Opportunity High potential for the market increase Challenge Premium volatility caused by high share of single premium products related to tax optimalization which give relatively low yield for insurance companies 21 REGULATORY FRAMEWORK 22 11
12 Regulatory framework (1) Insurance market institutional framework Office of Competition Polish Financial Supervision Authority & Customer Protection Ensures regular operation of the market Ensures market competition Undertakes measures aimed at market development Protects customers collective interests Register of prohibited clauses INSURANCE COMAPNIES Insurance Ombudsman Investigates market irregularities and individual complaints Polish Insurance Association Industry representative organization Assists legislative works Increases common understanding of the sector Polish Motor Insurers Bureau Green Card System Deals with claims involving vehicles registered abroad Insurance Guarantee Fund Paysindemnities under compulsory MTPLinsurance when the vehicle s holder is not identified or insured Settles claims in case of bunkruptcy of insurance company 23 Regulatory framework (2) Polish Insurance Association (PIU) PIU was established in 1990 PIU is an insurance industry representative organization PIU s activity is regulated by Act on the Insurance Activity All insurance companies licensed for an insurance activity in Poland are members (compulsory membership) Currently 77insurance companies belong to PIU 8 members are mutual insurance companies, their working body is PIU Mutual Companies Commettee Since 1998 PIU has been a full member of Insurance Europe (formerly CEA)-the European federation of the national insurance associations 24 12
13 Regulatory framework (3) 2011 ca. 70 national and international legislative drafts in consultation Current major domestic projects: New insurance activity act (implementation of Solvency II) Amendment of compulsory insurance law Introduction of private health insurance Fulfillment of pension insurance reform Changes to insurance contract law (Civil Codex) Introduction of a state-aided system for catastrophic risks Current major European projects: New supervision architecture of financial institutions New financial principles and risk management (Solvency II, Omnibus II, IAS, IFRS) Review of consumer rights, information and intermediation regulations (IMD2, MiFID2, PRIPs) Antidiscrimination regulations Data protection regulations 25 Regulatory framework (4) Current self-regulation projects: Simplification of regress procedures between MPTL insurers Standarisation of indemnities from personal injuries Introduction of first-party motor insurance Best practices in bancassurance Best practices in traditional group insurance Best practices in customer complains and ADR Standarisation of information exchange in fraud detection Data standarisation in IT systems of insurers Best practices in marketing of insurance services Best practices in cooperation between insurers and insurance intermediaries Business statistics data bases 26 13
14 THANK YOU FOR YOUR ATTENTION Polish Insurance Association 14
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