The three largest insurers in Poland hold a market share of 57%, and the remaining companies each have a market share of less than 8%.
Insurance market premiums recorded a year-on-year drop of 7.7% in local currency terms in the 1st to 3rd quarters of 2013. This was due to a large drop of 14.5% in life insurance. Following strong growth in single-premium products in 2012, uncertainty about the statutory amendments taking effect in 2014 led to a massive decline in premiums in this area. The non-life segment, on the other hand, increased by 1.6%. The increase was due to non-life premiums excluding motor vehicle insurance, which grew by 10.9%. Increasing prosperity, with an accompanying increase in the demand for insurance, and a greater awareness of risk among the population contributed to this positive performance. Falling average premiums, on the other hand, had a negative effect on the motor vehicle business, which decreased by 5.8% in the 1st to 3rd quarters of 2013.
Insurance density was EUR 385 in Poland in 2012, of which EUR 161 was for non-life insurance and EUR 224 for life insurance.
Market growth in the 1st to 3rd quarters of 2013 compared to the previous year
Source: Financial Market Authority Poland
Market shares of the major insurance groups
VIG companies in Poland
Vienna Insurance Group is represented by six companies and four different brands in Poland. The Group companies include Compensa Life and Non-life, InterRisk, Polisa and Benefia Life and Non-life. Compensa Non-life also has branches in Latvia and Lithuania.
VIG's total market share of 8.2% makes it the third largest insurance group in Poland. The most recent expansion took place in November 2013 with an agreement to acquire Skandia Poland.