The insurance sector in Poland
shows important potential for development and growth. The country has a strong economy and encourages foreign investments
, including the presence of multinational insurance companies
on the market.
Life insurance occupies the largest market share but other sectors like vehicle insurance are also significant in the non-life insurance sector.
The insurance market in Poland
Poland has a well-developed insurance market that has important potential for future growth. The number of life and non-life insurance premiums are expected to grow in correlation with rising employment and the growth of the average household income levels.
The Insurance and Reinsurance Act is the most important source for the national regulation of insurance activities and companies in Poland. The Compulsory Insurance Act sets forth the sectors in which insurance is mandatory: buildings and motor vehicles are included in this category. Other European rules and regulations are also applicable in the Polish insurance sector.
The Polish Insurance Association
ensures the quality of the insurance services provided in the country and acts as a representative of the national insurers. The Association also includes the Polish branches belonging to foreign insurers and reinsurers.
Requirements for opening a Polish insurance company
Several steps need to be completed in order to open a company in Poland
. The investor will need to choose one of the available business forms
and a suitable and available business name. Companies are registered with the National Court Register after an application form is submitted together with the required documents. A REGON number, a NIP number, and a VAT number is assigned to the company.
Polish insurance companies can provide a series of insurance premiums, targeted for life and/or non-life insurance. These include home and property insurance, life or medical insurance or vehicle insurance.
Insurance and reinsurance companies need to be compliant with the ongoing legislation for insurers and brokers and protect the best interests of the insured individuals. The insurance law allows the policyholder to revoke the insurance contract under certain terms.
You may contact our Polish agents
if you need more information on how to open a company in Poland
or if you need additional advice about a particular business sector in the country.