The value of the bancassurance market as at the end of June this year exceeded PLN 9 billion. The importance of this distribution channel can grow within the nearest months.
According to the first publication of data on bancassurance in Poland, created by the Polish Insurance Association, almost nine out of ten life insurance products sold through banks are policies connected with a bank product. Insurance products not connected with a bank product (the so-called stand alone insurance) account for 7.5% of insurance-covered clients, whereas investment products — for 4.5%. It should be noted, however, that the last group of products, according to data as at the end of June 2011, accounts for over 90% of premium written.
With respect to property insurance, the highest premium written applies to financial insurance connected with mortgage loans (37.2%) and insurance of flats and houses (27.2%). — In the case of life insurance companies, bancassurance sales account for over 50% of premium written. In property insurance, this figure is approx. 7%. From the perspective of the entire insurance market, bancassurance constitutes almost 35% of the premium. According to the estimations of the PIU, this percentage can grow within the nearest months — explained Małgorzata Knut, Head of the Bancassurance Team at the PIU. — We expect an increase in the sales of saving insurance policies, which is due to, above all, the planned change of rules of calculating capital gains tax and larger interest of clients in investment products responding to their retirement needs — added Małgorzata Knut.
Initiatives of the PIU relating to the bancassurance market relate not only to collecting financial data. — The growing importance of this distribution channel also means growing responsibility for the client. Initiatives started together with the Polish Bank Association and aiming at introducing good practices in the bancassurance market are a consequence — said Jan Grzegorz Prądzyński, President of the Management Board of the PIU.
Within the last three years, principles of good practices relating to protective products and financial insurance accompanying mortgage loans were created. Next year, the third recommendation will be ready, this time covering investment insurance.