The rules governing the functioning of the Polish insurance market are fully consistent with the regulations in force in other European Union countries.
Pursuant to the provisions of the Act on Insurance Activity of 22 May 2003 (Journal of Laws 03.124.115), insurance firms may operate only as joint-stock companies or mutual insurance companies. In addition, these regulations have introduced the division into life assurance (section I) and other personal and property insurance (section II). An insurance firm may not simultaneously engage in the activities referred to in section I and section II. In order to be able to do so, the entity is obligated to set up separate insurance firms.
Since 1990, the Polish insurance market has been very dynamic, as demonstrated by the increase of the tier capital of insurance firms, and the growing gross value of the written premium.
Tier capitals in PLN ‘000
| |
2001 |
2002 |
2003 |
2004 |
2005 |
2006 |
| Section I |
1 865 616 |
2 022 031 |
2 096 848 |
2 095 301 |
2 189 623 |
2 243 083 |
| Section II |
1 827 859 |
1 919 153 |
2 065 832 |
2 067 525 |
2 493 464 |
2 542 321 |
| Total |
3 693 475 |
3 941 185 |
4 162 680 |
4 162 826 |
4 683 086 |
4 785 404 |
Source: Polish Chamber of Insurance, 2006 Annual Report
Gross written premium in PLN ‘000
| |
2001 |
2002 |
2003 |
2004 |
2005 |
2006 |
| Section I |
8 960 967 |
9 410 749 |
10 597 349 |
12 514 048 |
15 182 799 |
21 099 236 |
| Section II |
12 699 395 |
12 588 060 |
12 972 261 |
14 643 445 |
15 532 548 |
16 460 406 |
| Total |
21 660 362 |
21 998 809 |
23 569 609 |
27 157 492 |
30 715 347 |
37 559 642 |
Source: Polish Chamber of Insurance, 2006 Annual Report
List of insurance firms operating in Poland
