In the fiscal period of January-June 2010, Poland's insurers had a total premium of EUR 6.3 billion, up 15% compared with 1H/2009. Also, the life insurance market in Poland has a high penetration rate. In 1H/2010 this type of business earned a total of EUR 3.63 billion GWP, which was almost 58% of the market's total value. The highest growth in the premium written pertained to products linked to insurance capital funds - 27.3%. The balance on technical life account after the 1st half of the year amounted to EUR433m and was 38% higher than a year ago. The net financial result amounted to EUR457m.
In 1H2010 insurance companies paid over EUR204m worth of claims for property insurance losses, mainly associated with the floods which occurred in Poland in the second quarter of this year. It is 90% more than a year ago. According to the Polish Chamber of Insurance (PIU) representatives, "this was the largest claim adjustment operation in the history of the Polish insurance market. During the flood the insurers provided assistance to over 200 thousand people and approx. 1.5 thousand companies". It should be noted that not all claims associated with the natural disasters are reflected in the insurers' results for the 1st quarter of this year, as the floods in Bogatynia and Zgorzelec occurred more than a month after the 2nd quarter had been closed. The technical loss of the non-life insurers after the 1st half of 2010 was EUR187m in comparison to EUR59m of technical profit the year before. The net profit of non-life insurers after the 1st half of the year amounted to EUR747m and was 26% higher than a year ago. But it must be mentioned, as the PIU reports emphasize, that if the insurance group is constructed in such a way that the non-life company is the owner of a life company, then the profit of the life company transferred over to the owner in the form of a dividend is added in the financial statement to the financial result of the owner. The key players in the life insurance sector are "the big five", PZU, EUROPA, WARTA, ING and ALLIANZ, who accounted almost 64% of the market's value. The non-life insurance market increased in 1H/2010 compared with the same period of 2009, by 12.4%. In fact, all classes of non-life insurance increased. Only 2 companies from TOP 20 have registered decreases. With GWP of more than EUR 957 million, "the giant" PZU owns more than one third of the total non-life insurance market.----------------------------------------------------------------------------------------------------------------------------------------
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