Domestic insurers in Poland and the global crisis

The article contains the analysis of the impact of global crisis on Polish insurance sector. The main areas of the crisis impact on the activity of Polish insurance companies has so far been the change in the assets value and the associated decline in the profitability of investment activity. The danger arising from the economic downturn has not been realized so far in the Polish insurance sector. Although the premium written is high, the structure of the portfolio in life insurances is changing. In 2008, however, a significant retreat from saving insurance policies with capital funds in the direction of structured products is observed. A significant increase in premiums written resulted in a good financial situation of Polish insurance companies. Despite the turmoil in financial markets it also seems that solvency of Polish insurance sector is unthreatened as measured by statutory ratios.insurance companies, Polish insurance market, global crisis

Retirees’ healthcare needs and satisfaction with their coverage

Purpose: The main objective of the paper is to assess to what extent the health care needs of the retirees in Poland are satisfied and what role the private health insurance has and might have in satisfying these needs. Design/methodology/approach: We use the data from Household Budget Survey (HBS) conducted yearly by Central Statistical Office as well as own database created on the outcomes of the survey carried out in 2018 on the representative sample of Polish seniors aged 65+ for whose households’ the state old-age pension is the primary source of income. Findings: Health care expenditures, according to the HBS database, accounted for almost 9,5% of total expenditures in the years 2005-2016. Differentiation of these expenses is also observed depending on the sex, age of the main respondent and place of residence. In the households of people at the age of 85 and more, they established as much as 12,9% of total spending. It was also found that only 8,9% of retirees’ households had supplementary health insurance and most of them rarely use paid health-care services. At the same time, it should be noted that respondents most often indicated free access to medicines and supplementary health care services (rehabilitation) as the most valuable supplement to the health services system in Poland. Practical implications: The analysis of health expenditures of households of retirees can become a basis for building strategies for companies that offer health care services and for financial institutions (insurance companies) that can prepare long-term health insurance products on this basis. Originality value: The study showed the importance of spending on health by asking about the direction of spending a sudden cash inflow of 226.50 Euro (1000 PLN). It was found that the oldest seniors, those with lower education, widows and those from small towns were the most likely to spend the extra money on health, indicating a wide variation in demand for medical services.peer-reviewe