Smaller insurers under pressure as market competition intensifies

Most European and other international insurers are already present in Poland. In June 2006, AXA acquired Winterthur Life and Pensions and launched Avanssur, its own non-life business in Poland as a branch operation of one of its French divisions. Bancassurance in Poland was initially slow to develop but over the last few years it has grown in popularity. Of total business sold in 2006, 21.8% was by this method, up from 14.4% in 2005. Allianz and Amplico are involved with the second and third largest banks in Poland respectively. The Dutch banking group ING is present in Poland in its own name and it also owns Bank Slaski, with policies from ING’s life subsidiary, Nationale-Nederlanden Poland, sold in all Bank Slaski branches.

At the end of 2006 the life insurance market was made up of 31 companies, of which four had domestic capital and 26 had a majority of foreign capital: there was also one main branch of a foreign company.