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Remarkable Increase of MTPL Sales for Balcia in Poland

Recognised as One of Top 100 Export Brands
19/01/2017
Balcia Insurance Entering Lithuanian Market
01/08/2017
 

03.04.2017

The report regarding Q4 2016 recently published by Poland Insurance Guarantee Fund (UFG) shows that Balcia Insurance SE recorded the highest sales dynamics on the Polish market for its MTPL product.

 

According to UFG data for the year 2016, Balcia Insurance SE signed 199.83 million PLN (46.56 million EUR) in gross written premiums from MTPL, while in 2015 the Company’s GWP amounted to 76.17 million PLN (17.77 million EUR). Sales dynamics was 262% with the market average of 136% in 2016.

Only in Q4 Balcia signed 77.85 million PLN (18,14 million EUR) – that’s more than in the whole previous year – and its sales dynamics was 384% in comparison to the corresponding period of 2015 (with the market average of 152%). This was the highest sales growth amongst all insurance companies operating in Poland.

Balcia general partner in Poland and the entity responsible for sales of insurance products is RESO Europa Service.

– We recorded very good sales results in 2016. We succeeded in doubling our share in MTPL segment, and more importantly – we concurrently strengthened our position in non-life insurances. Sales of Business Package is growing rapidly, and soon we will introduce new House Package All Risks Policy, which should help up strengthen the position of this product on the market – said Bronisław Woźnialis, Chairman of the Board in RESO Europa Service.

 

Artur Stępień, Director of Balcia Insurance SE Polish Branch emphasised that one more highly important aspect complemented the success of MTPL sales.

GWP increase was achieved simultaneously with a significant increase of average premium – he said. – In 2016, average premium for MTPL increased by nearly 50% in comparison to 2015, which substantially improves the profitability of this product – he added.

The dynamics of Balcia’s sales does not relate solely to compulsory MTPL. Both Auto Casco, Auto Glass as well as  Business Package, House Package and insurance guarantees (bonds) recorded a high growth in sales dynamics. In 2016 we introduced new products, which enabled us to create an offer for new customers and industries. We have established contact with other brokers, moreover our participation in public procurement increased. All of this is the result of the company’s consistently implemented strategy – added Artur Stępień.

/*/ The currency rate 1 EUR = 4.2292 PLN, as per Narodowy Bank Polski  on 30.03.2017.