Insurance market expected to grow to PLN 94 bln by 2025

According to a report by Inteliace Research, the gross premium assigned value in the insurance sector in Poland is expected to increase to PLN 94 billion by 2025, compared to PLN 72 billion in 2022. The analyst predicts that due to rising costs, insurers' profitability will likely decline in the coming years. However, the overall prospects for the insurance market in Poland are positive. The report indicates that the total market value will exceed PLN 94 billion by 2025, with at least a 10% annual growth rate for property insurance and a 6% growth rate for life insurance. The report also highlights the challenges posed by increasing acquisition costs and the impact of inflation on insurers' expenses and payouts.

Despite the profitability of the market in recent years, rising costs and the need for new investments are expected to result in declining profitability for insurers. The report further mentions the dominance of the PZU group in the Polish insurance market and highlights the ongoing consolidation in the industry. The Polish insurance market is the largest in the CEE-14 region.

Source: ISBnews