The legal basis for the pursuit of the activity in the scope of personal insurance and property insurance, reinsurance activity, the practicing of the profession of an actuary, the exercising of the insurance supervision over insurance undertakings and reinsurance undertakings, the exercising of the insurance supervision over insurance undertakings and reinsurance undertakings in groups as well as organization and functioning of economic insurance self-government is the Act of 11 September 2015 on insurance and reinsurance activity.
According to the Act insurance activity shall mean the pursuit of insurance operations connected with offering and providing protection against the risk of occurrence of the effects of random events.
According to the Act reinsurance activity shall mean the pursuit of reinsurance operations connected with assuming the risk cededby an insurance or reinsurance undertaking and further cession of the assumed risk.
Insurance undertaking may pursue insurance activity solely in the form of a joint stock Company, a mutual undertakingor an European company as defined in Council Regulation No 2157/2001 of 8 October 2001 on the Statute for a European company.
The Act classifies the risks according to sections, classes and types of insurance.
Section I comprises life insurance, while section II covers other personal insurance and property insurance. An insurance undertaking cannot perform simultaneously its activity in the field of section I and section II.
Reinsurance undertaking may pursue reinsurance activity in the form of a joint stock company, a mutual reinsurance undertaking or an European company as defined in Council Regulation No 2157/2001 of 8 October 2001 on the Statute for a European company.
The pursuit of insurance or reinsurance activity shall require prior authorisation issued by the supervision authority.
For more information about insurance undertakings operating on the Polish market please visit the website the Polish Financial Supervision Authority (link opens a new window in another webside).
As at December 31, 2017, there were 60 licensed insurance undertakings performing insurance activity in the territory of the Republic of Poland, of which 27 were life insurance undertakings and 33 were non-life insurance undertakings. Furthermore there was 1 licensed reinsurance undertaking. The total gross premium written in 2017 amounted to 62,34 billion PLN and increased by 11,56% as compared to the previous year.
The gross premium written in life insurance sector amounted to 24,56 billion PLN whereas the gross premium written in non-life insurance sector amounted to 37,77 billion PLN. The gross premium written in life insurance sector increased by 3% and in non-life insurance sector increased by 17,95% as compared to the previous year.
The organization representing domestic insurance undertakings, foreign insurance undertakings and reinsurance undertakings acting to solve the problems of insurance market in the Republic of Poland is the Polish Chamber of Insurance. The Polish Chamber of Insurance is an institution acting pursuant to the Act of 11 September 2015 on insurance and reinsurance activity.
For more information about activity of the Polish Chamber of Insurance please visit the website the Polish Chamber of Insurance (link opens a new window in another webside).