Market Guide: Life Insurance and Pensions in Poland 2006

Table of Contents

• Overview
  • Catalyst
  • Summary
• Executive Summary
  • Following compound annual growth of 13.2% in the last five years, between 2006 and 2010, growth in the Polish life and pensions market is set to accelerate to 18.8%
    • The Polish life and pensions market expanded by a compound annual rate of 13.2% between 2001 and 2005
    • Accelerated growth in both life insurance and pensions is projected over the next five years
    • The market will continue to be shaped by EU legislation
    • Joint stock companies dominate the Polish market by number
    • The market leaders rely on distribution through bank networks and other intermediaries
• Table of Contents
• Table of figures
• Table of tables
• MARKET OVERVIEW
  • The Polish life and pensions market expanded by a compound annual rate of 13.2% between 2001 and 2005
    • The Polish life and pensions market experienced compound annual growth of 13.2% between 2001 and 2005
    • Between 2001 and 2005, income from group and individual policies was almost evenly split
    • The proportion of total premium income from unit-linked policies increased in 2005
• MARKET FORECASTS
  • Accelerated growth in both life insurance and pensions is projected over the next five years
    • Over the next 5 years, premium income is set to grow at a compound annual rate of 18.8%, compared to 13.2% growth between 2001 and 2005
• MARKET REGULATION
  • The market will continue to be shaped by EU legislation
    • The Insurance and Pension Funds Supervisory Commission regulates the life insurance and pensions sector
    • Insurance companies which belong to financial conglomerates face additional supervisory requirements
    • Recent legislation shapes the pensions market
    • The Insurance Mediation Act introduces new requirements for insurance intermediaries
    • Upcoming laws will enhance consumer protection
    • Providers may be required to fund a new insurance guarantee
• COMPETITIVE MARKET STRUCTURE
  • Joint stock companies dominate the Polish market by number
    • The Polish life insurance market is dominated by joint stock companies
    • The top 5 life insurers control just under three-quarters of the market by gross premium income
    • More than half of life insurance premiums were distributed through direct sales in 2005
• MARKET LEADERS
  • The market leaders rely on distribution through bank networks and other intermediaries
    • PZU Życie S.A. is the life insurance market leader, based on premium income in 2005
    • Commercial Union Polska - TUnŻ S.A. trails the market leader in the life insurance sector
    • PAPTUnŻiR Amplico-Life S.A. ranks third among life insurance companies
    • AEGON TU na Życie S.A. is the fourth highest ranked life insurer by premium income
    • TUnŻ ING Nationale-Nederlanden Polska S.A. rounds out the top 5 life insurers
• APPENDIX
  • Definitions
    • Capital redemption policy / bond
    • Composite insurer
    • Defined contribution pension scheme
    • Defined benefits pension scheme
    • Group policy
    • Individual pension scheme
    • Individual policy
    • Life assurance
    • Occupational pension scheme
    • Pension insurance policy
    • Premium income
    • Regular premium
    • Single premium
    • Technical provisions
    • Traditional insurance
    • Unit-linked insurance
  • Further reading
    • Interactive Databases
    • Reports and Briefs
  • Ask the analyst
  • Datamonitor consulting
  • Disclaimer
  • List of Tables
    • Table 1: Life and pensions insurance premium income, segmented by product, EURm, 2001-2005
    • Table 2: Life and pensions insurance premium income, segmented by product, in percentages, 2001-2005
    • Table 3: Life and pensions insurance premium income, segmented by buyer, EURm, 2001-2005
    • Table 4: Life and pensions insurance premium income, segmented by buyer, in percentages, 2001-2005
    • Table 5: Life and pensions insurance premium income, segmented by investment risk, EURm, 2001-2005
    • Table 6: Life and pensions insurance premium income, segmented by investment risk, in percentages, 2001-2005
    • Table 7: Life and pensions insurance premium income, segmented by product, EURm, 2006-2010
    • Table 8: Life and pensions insurance premium income, segmented by product, in percentages, 2006-2010
    • Table 9: Number of life insurance providers segmented by type, as at Dec 2005
    • Table 10: Top 5 life insurers by gross premium income, as at Dec 2005
    • Table 11: Life insurance gross premium income, segmented by distribution channel, in percentages, Jan-Dec 2005
  • List of Figures
    • Figure 1: Life premiums accounted for 99% of total premium income in 2005
    • Figure 2: Income from individual policies grew at a slightly higher compound annual rate of 13.6% from 2001 to 2005
    • Figure 3: Between 2001 and 2005, the market for unit-linked insurance experienced compound annual growth of 17.1%
    • Figure 4: Life insurance and pensions income will increase at similar rates, and pensions will continue to represent less than 1% of the market
    • Figure 5: Joint stock companies represent 94% of the Polish life and pensions market by number
    • Figure 6: PZU Życie S.A. leads the Polish life and pensions sector
    • Figure 7: Insurance agents and brokers together generated 33% of life insurance gross premium income