EVOLUTION OF THE POLISH INSURANCE SECTOR ON MACRO-ECONOMIC BACKGROUND

Abstract

The insurance sector in Poland has been developing in certain conditions of macro-economic environment. The process in which the phenomena in the insurance market takes place is determined by the speed of development of the whole economy. The dynamics of the development may be seen in the size of GDP, in the size of foreign trade and in the level of foreign investments. The macroeconomic indicators confirm the continuing economic growth. This affects the development of the market in a favourable way because it means that there is a large demand for insurance products. The increasing demand is a strong stimulus of the further market development. Good forecasts of the economic development encourage foreign investors to deposit capital in Poland. The insurance sector is also an attractive place for foreign investments. The conditions of activity of the insurance market have been determined by law regulations that are based on the directives of the European Union. Although the level of development of the Polish insurance market is still lower than in many countries of the European Union the currently perceived tendencies lead to a decrease of the existing disproportions