Bank, ULIPs Insuring Strong Growth in Polish Insurance Industry

Increasing use of banks as distribution channels for insurance products and rising popularity of ULIPs are leading the Polish insurance industry towards concrete growth.

Delhi, India, August 10, 2008 --( A new research report, “Poland Insurance Market Forecast (2008-2012)”, by RNCOS says that the gross life insurance premium in Poland is expected to surge at a CAGR of nearly 23.4% during 2008-2012.

As per the report, the fast growth in the Polish insurance market will be linked to the use of banks as distribution channels for insurance products (bancassurance). As banks are seen as trusted institutions with strong pre-developed customer base, it has become easier to expand the customer base of insurance market using the already existing customer base of banking sector. Thus, the Polish insurance market has picked up momentum on account of the strengthening position of bancassurance and high growth in the number of bankable households.

The report highlights that life insurance products that help in avoiding the payment of capital income tax have become very popular and are getting good response from people. These products mainly include short-term life insurance and endowment policies, insurance products related to banking services, and insurance linked to capital investment funds in which protective part has a small share in the policy.

Among these insurance products, insurance linked to capital investment funds, also known as Unit Linked Insurance Plans (ULIPs), will contribute maximum to the overall sales of insurance products, says the research. As ULIPs are investment-driven products, rising income will play an important role in the sales of life insurance during 2008-2012. Furthermore, the popularity of ULIPs is largely because of the benefits they offer in tax saving over participation in investment funds. Due to their multiple benefits, premium generated by these investment instruments shot up at a phenomenal CAGR of 47.71% during 2004-2007.

“Poland Insurance Market Forecast (2008-2012)” is a comprehensive and detailed analysis on the insurance sector of Poland to help clients understand the leading-edge opportunities critical to the success of the industry. Forecasts and estimations provided in the report are meant as a rough guide to the direction in which the market is likely to move.

About RNCOS:

RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of industry experts who analyze data collected from credible sources. They provide industry insights and analysis that helps corporations to take timely and accurate business decision in today's globally competitive environment.

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