The Polish Insurance Association presents a report on the bancassurance market after Q3 of 2011. It is the second study of this kind, developed by the Association through works of PIU Bancassurance Team; these data will be published regularly each quarter.
According to the report, the value of the bancassurance market as at the end of September 2011 amounted to PLN 13.6 billion. More than 90% of this amount is due to life insurance.
PIU’s initiatives related with the bancassurance market concern more than just collection of financial data. “Increasing significance of this distribution channel also involves higher responsibility for the customer; hence the initiatives taken jointly with the Polish Bank Association, aimed at introduction of good practices to the bancassurance market,” said Jan Grzegorz Prądzyński, the President of the Management Board of PIU.
The last three years saw establishment of good practices concerning protective products and financial insurance accompanying mortgage loans. The third recommendation, this time concerning investment insurance, will be prepared this year.