The average Pole spends over 4 times less on insurance than the average European. The insurance premium per average Pole (penetration ratio) in Poland was EUR 388.3 (i.e. PLN 1,625.1) in 2012, while it was EUR 1,842.8 in Europe at the end 2012. Almost 60% of the premiums of both the average Pole and the average European are for life insurance.
In analyzing the level of premiums compared with GDP (penetration ratio), Poland is below the European average, supporting the assumption of further upside potential. This indicator for Poland is half the European average and less than one third of that of the UK.
Central and Eastern European countries, such as Estonia and Latvia, where PZU has a footprint, have a ratio of 1.7% and 0.9% respectively, which, from the point of view of market development, open up huge opportunities for sales growth.
Value of insurance to GDP (in %)