Banking and insurance market
In 2014 we will have another economic growth especially in the insurance sector. Uneasy financial market, both the global and Polish, has announced an increase in the various sectors of the economy.
Market researches does not have published detailed reports on the value of individual banks and financial institutions, however there is less bank agencies in Poland for sure. This situation resulted from the merger between banks i.e. BZ WBK with Kredyt Bank or Raiffeisen Polbank. Smaller number of bank agencies is also the result of preferences of customers who more often make transactions via Internet.
On the credits market it has been two different situations. Banks recorded an increase in case of consumer loans but the value of mortgage loans amounted to nearly PLN 39 billion which is a 6% decrease in comparison with the previous year. Nevertheless, financial analysts look optimistic on that sector and they predict that in 2014 the value of housing loans increases even though there is less and less loans granted. In case of the consumer loans, analysts say that the predicted increase will be larger up to 10% although already in 2013 credit sales generated over PLN 6.5 billion of revenue.
The insurance market in Poland is still in a situation of “price war”. Insurance companies strongly undersell the prices of their insurance policies, but on the other hand, it does not translate into their sale. Because of that a loss may even reach PLN 600-700 million only in the motor insurance market. The biggest lost due to the “price war” recorded PZU and InterRisk companies. Therefore, other insurance companies have started to focus on the different market sectors. Allianz focuses on life insurance and bancassurance, while Generali will introduce an offer on property insurance. Smaller number of purchased insurance policies does not discourage the Poczta Polska which plans to introduce to its offer new insurance products.
If the situation does not change and companies do not specify uniform rules regarding the payment of insurances, a few of smaller companies will have to end business.