EU membership sees insurance market grow 12% in 2004

Foreign players see little advance in Polish market share but gain from profitable year in both life and non-life

The first year as a member of the European Union has seen dynamic growth in Poland’s insurance market. At the same time, the number of smaller insurers active in the market has shrunk as consolidation has taken hold. While the country’s insurance laws were ready at the time of entry in May 2004, a few subsequent adjustments proved necessary, including the requirement that at least two board members of foreign-owned insurance companies have to speak Polish.