Poland - Insurance

In 1948, all insurance other than social insurance was included in a centralized State Insurance Bureau, with the former reinsurance organization, Warta, continuing its activity. In 1994, Warta was privatized and was one of three major insurers who, together, controlled over 90% of Poland's insurance market. In 1999, 54 licensed insurance companies competed in the Polish market.

Insurance is dominated by a state concern, PZU, but a number of Western companies, including the UK's Commercial Union (CU), have been tempted into joint ventures in the life insurance end of this underdeveloped market. CU began its Polish operations in cooperation with the Wielkopolski Bank Kredytowy (WBK) bank. It sold around 130,000 policies in its first four years. PZU was privatized in 1999. In Poland, third-party auto liability, farmer's liability, fire insurance, workers' compensation, and nuclear liability are all compulsory.