Infrastructure Boom in Poland Raises Risks for Insurers
Poland’s insurance guarantee market is expanding rapidly, but experts warn that overlapping large-scale infrastructure projects could pose new risks. According to Aon Polska, premiums collected by insurers doubled since 2016, reaching about PLN 750 million in 2024, compared to PLN 630 million the year before. Claims fell sharply, from PLN 136 million in 2023 to PLN 46 million in 2024, reflecting more selective risk assessment by insurers.
In the first quarter of 2025, guarantees brought in PLN 163 million in premiums, while claims dropped by over 80 percent y/y.
“Loss ratios are improving significantly, but the cyclical nature of the market means volatility is inevitable,” Paweł Sajewicz, Head of Guarantees Practice at Aon Polska, said.
Upcoming investments – rail modernization by PKP PLK (worth over PLN 20 billion in 2025), road and energy upgrades, the CPK airport project (PLN 131.7 billion), and a nuclear power plant in Choczewo (PLN 150 billion) – could strain insurers’ and banks’ capacity. Neighboring countries’ projects may also drain resources.
Aon warns that a concentration of public tenders in 2025–2026 could increase insurers’ exposure, challenging the market’s resilience despite its strong recent performance.
(Newseria)
