Companies, state institutions and insurance companies have been busy tabulating potential losses for Czech businesses due to EU sanctions as well as restrictive measure taken by Russia.
9 September 2014
First-quarter figures of the Czech Insurance Association (CAP) member companies revealed a mild recovery after a long period of stagnation in the insurance market. Annual premiums grew by almost CZK 400 million to CZK 30.6 billion (Note: ~EUR 1.1 billion), which is a 1.3% increase. Non-life insurance played an important role in the recovery. Life insurance, a long-term stabilizing segment, went up by only 0.7%.
26 June 2014
The Czech insurance market ended 2013 with a modest premium growth of 1.9% y-o-y, to GWP of CZK 156.5 billion, showing an already traditional picture of steadiness. However, in European currency, following the about 9% depreciation of the Czech kroon over the last 12 months, the overall market results show a negative change of 6.6% y-o-y, to a total amount of GWP of EUR 5.7 billion.
10 April 2014
Pension company of CESKA Pojistovna (PSCP) is going to take over the
client portfolio of Raiffeisen pension company (RPS) in 2nd and also in
3rd pillar of retirement savings. This acquisition confirms the
long-term strategic cooperation between financial groups of CESKA
Pojistovna and Raiffeisenbank in the field of pensions. PSCP will gain
about 12,200 customers from second pillar and 1000 clients in 3rd
pillar. The whole transaction should be completed after complying with
all regulatory steps at the beginning of the second half of this year.
25 March 2014
Insurance companies in the Czech Republic uncovered frauds for over
Kc1bn last year, 2 percent higher than in 2012, and the number of
suspicious cases that they checked grew by 73 percent to 10,600, the
Czech Insurers Association (CAP) informed CTK Tuesday.
21 February 2014
Vienna Insurance Group continued on its successful path in the Czech Republic also in 2013. Strengthening its number one position by increasing its market share to excellent 33.1 percent, the Group further widened the gap to its competitors.
12 February 2014
Czech insurers' results in 3Q2013 are in line with the previous reporting periods. As compared with the previous year, figures are showing an almost unchanged GWP volume denominated in local currency (CZK) while denominated in euro, the market turnover recorded an almost 4% y-o-y decrease, to EUR 4.55 billion. It is interesting to observe though that, unlike other major CEE markets, the Czech market's decrease was mainly caused by the negative trend recorded on the life insurance side.
16 January 2014
For the second time in a row, Komercni pojistovna has received the highest award in the prestigious World Finance economic magazine's rating. Following its last year's primacy as The Insurance Company of the Year in the Czech Republic, this year it can again boast of a top rating, now as The Life Insurance Company of the Year in the Czech Republic, a new life category.
11 December 2013
Czech Group companies of Vienna Insurance Group have earned first place
in three out of four categories in the "Insurance" sector in this year's
industry competition run by financial advisory service provider
Fincentrum. Ceska podnikatelska pojistovna (CPP) dominated the category
of "Motor Insurance", taking first place, while second place went to
Kooperativa. Pojistovna Ceske sporitelny (PCS), which distributes its
products through the Czech subsidiary of Erste Group and is also part of
the Group, climbed to top spot in the "Life Insurance" category.
25 November 2013
Ostensibly, the insurance market in the Czech Republic hasn't changed
much over the last 10 years. But a closer look at the figures suggests
things may not be so straightforward.
5 November 2013
Investigators of Czech insurance companies discovered frauds for several
hundreds of millions of crowns in the January-September period, which
represented an annual hike from 10 to 25 percent, a CTK poll among
domestic insurers has revealed.
17 October 2013
At a slow pace, the Czech insurance market in 1H2013 also recorded the descending trend established in late 2011. The life insurance sector, accounting for more than 40% of the overall premium production, was responsible for the negative change recorded by the market turnover in the first half of the year. Thus GWP for the life insurance lines fell by 5.8%, to CZK 35 billion (EUR 1.35 billion). According to the representatives of CAP - the Czech insurers' association, the main reason of this trend is a significant drop in premiums for single premium life insurance, by 17%, mainly due to lower revenues of financial markets in the second quarter of this year.
17 October 2013
The Czech General Health Insurance Company (VZP) will save 67 million
crowns a year by buying the controversial IZIP server via which it
communicates with patients and for whose operation it has annually paid
72 million crowns to the IZIP company, VZP director Zdenek Kabatek said
Sunday.
2 October 2013
CESKA Pojistovna succeeded in the Best insurance company competition
organized by Czech economic daily Hospodarske noviny in 2013 and became
the "Clients friendliest non-life insurance company" for this year. It
has been the fifth year of this competition already. The awards come to
insurance companies that can offer the best products and services for
their clients, have good and proper communication with them, have good
economic results while are accessible to their clients too.
26 September 2013
The Czech insurance market showed in 1Q2013 its traditional quiet evolution, recording a 3.30% growth of the GWP volume, to CZK 41 billion, a positive evolution common to both life and non-life insurance lines. However, denominated in euro, the figures look somehow different, due to the 4% Croon's exchange rate depreciation y-o-y. Thus, the total GWP volume calculated in euro amounted to EUR 1.59 billion, 0.7% less than in 1Q2012.
8 August 2013
Members of the Association of Czech Insurance Brokers mediated insurance
worth Kc20.04bn for insurance companies last year, up by 4 percent
year-on-year, the association told CTK yesterday.
1 July 2013
Insured damage from floods in the Czech Republic could cost CZK 7.5
billion (EUR 293 million), according to the country's insurers.
10 June 2013
Jaroslav MLYNAR will become the new Chief Executive Officer of CESKA Pojistovna (CP), as GENERALI PPF Group (GPH) recently announced. He is replacing Pavel REHAK, who is leaving by his own decision on 31st May 2013, having resigned from all positions and offices.
6 June 2013
Ceska pojistovna again confirmed its strong position in the Czech insurance market.
Its
financial results last year, according to IFRS, showed a profit of CZK
3.9 billion after tax (+9% year-on-year) and total premiums written
exceeded CZK 32 billion. The extremely stable position of Ceska
pojistovna is evidenced by the A- rating recently affirmed by S&P,
with a stable outlook.
3 June 2013
The management of the Czech General Health Insurance Company (VZP) wants
to achieve a balanced budget by the end of the year, VZP director
Zdenek Kabatek told Czech Television (CT) Sunday.
14 May 2013