Cost-Management Strategies Applied by Insurance Companies in Poland in the Years 2016–2018; Empirical Research

The purpose of this paper is to present the findings concerning the use of cost strategies by insurance companies which run business activity in Poland. The work includes a theoretical outline of the issues presented here, in which a definition of the term “cost strategy” will be proposed, that has been formulated on the basis of analysis of relevant literature. The present paper will also contain a discussion of cost strategies that can be implemented in the insurance company and present and elaborate more extensively on the findings regarding the use of the cost strategies by insurance companies in Poland in the years 2016–2018. Summing up the findings we can formulate the following conclusions: insurance companies in Poland pursue some cost strategies or other—for the whole of the insurance companies in the last year of the study, i.e. 2018 they made up ¼ of all the insurers (14 entities altogether in all the groups); the group of insurance companies in which information on pursuing cost strategies appeared most frequently are life insurance companies, operating as joint-stock companies; and the most popular cost strategies pursued by insurance companies in Poland are strategies aiming at cost reduction (for example in 2018 12, out of 14 business entities altogether, provided information indicating the use of a cost strategy whose objective was to reduce costs).