The labour costs in the insurance, reinsurance, and pension funding sectors in Poland have shown a fluctuating trend over the past decade. By 2023, the labour costs stood at 3.57 billion Zloty. Over the last two years, labour costs increased by 2.65% in 2022 and by a further 2.53% in 2023. Over the past five years, the compound annual growth rate (CAGR) of labour costs has averaged 3.77% annually.
Looking ahead, the forecast data from 2024 to 2028 suggests a continuing upward trend. The CAGR for the 5-year period from 2024 to 2028 is predicted to be 1.73%, indicating a slower but steady increase. By 2028, labour costs are projected to reach 3.99 billion Zloty, an overall growth rate of 8.97% over the forecast period.
Future trends to watch for include the potential impact of technological advancements, regulatory changes, and macroeconomic conditions on labour costs. Increasing automation and digitalization in the insurance sector could potentially lead to changes in labour demands and cost structures.
