Czechia
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CZECH REPUBLIC: Health insurer VZP wants balanced budget by year-end
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 2013The CZECH Rep. FY 2012: Higher profitability despite the stagnant trend in underwriting
The Czech insurers ended 2012 with a EUR 603.6 million aggregated profit before taxes, a 36.3% higher figure than in 2011, despite the stagnant trend of the underwriting activity. In terms of gross written premium, last year's results are fairly comparable with 2011 figures, with a total premium production of EUR 6.1 billion, 1.6% higher y-o-y considering the values of the main market indicators denominated in Euro. In national currency, GWP amounted to CZK 153.6 billion, almost 1% less than in 2011.
11 April 2013CZECH REPUBLIC: The half of all stolen cars is older than six years
Clients of GENERALI CZ reported 258 thefts of their cars in amount of
CZK 39 million in 2012. The average loss which is around CZK 150
thousand indicates that burglars are not interested only in new,
luxurious cars.
26 March 2013CZECH REPUBLIC: FinMin mulling introduction of special tax on insurers
The Czech Finance Ministry is considering an introduction of a special
sector tax for insurers if the state fails to meet budget targets,
Deputy Finance Minister Radek Urban said Sunday in a discussion
programme on the Czech Television.
21 March 2013CZECH REPUBLIC: CP was solving 1200 cases of stolen cars of its clients last year
CESKA Pojistovna (CP) solved totally 1200 cases of stolen cars of its
clients last year. Statistics show that structure of these cases was not
changing during last years. European car brands are the most in danger
and almost the half of all stolen cars was not older than 5 years. While
burglars were focusing on new and luxurious cars in past, the number of
thefts of older cars (for reserve parts) increased last year
significantly.
21 March 2013CZECH REPUBLIC: KALOUSEK wants to raise the insurance capacity of EGAP
Finance Minister Miroslav KALOUSEK will propose to the government on
Wednesday to raise the insurance capacity of export guarantee and
insurance company EGAP by CZK 10 billion to CZK 280 billion, KALOUSEK
said in discussion programme Questions of Vaclav MORAVEC on Czech TV
Sunday.
6 March 2013CZECH REP., 2012: CP unveiled insurance frauds in amount of EUR 17 million
CESKA Pojistovna (CP), the largest insurance company in the Czech Republic, reported insurance frauds amounting to almost CZK 422 million (close to EUR 17 million) last year.
14 February 2013CZECH REPUBLIC: Insurance fraud up 27% at CZK 1 billion in 2012
Insurers in the Czech Republic checked 6,000 suspicious cases of
insurance claims last year, a drop of 8 percent compared with 2011, and
proved frauds worth over Kc1bn, a year-on-year growth of 27 percent, the
Czech Insurers' Association (CAP) told CTK yesterday.
13 February 2013CZECH REPUBLIC: Audit in VZP - mistakes worth hundreds of millions
Vseobecna zdravotni pojistovna (VZP), state-owned health insurance
company, faces suspicion of uneconomical management of money for
prevention in previous four years.
4 February 2013CZECH market posts subunit growth y-o-y (CNB)
In 3Q2012, the Czech Republic insurance market increased slightly, to almost CZK 118 billion or EUR 4.7 billion (0.3% more compared to January-September 2011), as the financial indicators published by the Czech National Bank (CNB) showed, confirming the market trend resulting from data collected by the insurers' association. At the same time, during the reporting period, the insurers paid claims in the amount of CZK 65.5 billion (EUR 2.6 billion), 3.2% up y-o-y.
17 January 2013CZECH REPUBLIC: All health insurance companies make losses in 2012
All Czech health insurance companies made losses and spent their
financial reserves in 2012, which showed that the planned health
insurance bill, a crucial part of the reform of the Czech healthcare
system, is badly needed.
7 January 2013CZECH Rep.: CP posts lower profit and premiums in 3Q2012
CESKA Pojistovna (CP), the largest insurance company in the Czech Republic, reported for January-September 2012, according to the international accounting standards, a net profit of CZK 2.80 billion (EUR 110 million), CZK 200 million less compared with the same period previous year.
20 December 2012VZP, the third largest company in the CZECH Republic, has new chiefs
Vseobecna zdravotni pojistovna (VZP), state health insurance company,
has had a new chief and the chairman of the directors board since the
end of Nov 2012.
5 December 2012CZECH REPUBLIC, 3Q2012: Slow growth driven by life insurance
Czech insurance market confirmed its already traditional stability, showing a slow growth in 3Q2012. Total gross premiums written by the 31 insurers reunite by the Czech Insurance Association grew by about 0.2% y-o-y, representing an increase in absolute value of CZK 153 million. In European currency, due to the Czech koruna depreciation in relation to EUR, the local insurance industry reported a 0.3% decrease, to almost EUR 3.48 billion.
19 November 2012CZECH REPUBLIC: CP decided to invest over CZK 1 billion
CESKA pojistovna (CP) wants to be growing again in 2013. It plans to
increase insurance premium collection by 0.4% in 2013 compared to 2012.
CP wants to get stabilized and then gradually increase its market share
at the Czech insurance market thanks to new products, faster service and
its trade network reorganization.
6 November 2012CZECH REPUBLIC: Komercni pojistovna wins the title as the "Insurance Company 2012"
Komercni pojistovna has been named the Insurance Company in the Czech
Republic for 2012 by World Finance, a prestigious economic magazine, in
its international awards.
2 October 2012CZECH Rep. 1H2012: growth in life insurance not enough to keep the whole market in black
The Czech insurance market reported a steady evolution in 1H2012. According to the first available information released by the Czech Insurers Association (CAP), GWP amounted 58.8 billion (~EUR 2.3 billion). Denominated in national currency, the GWP overall figure shows almost no change as compared to 1H2011. Yet, following the 5% weakening of the Czech kroon (CZK) in proportion to the European currency, the total GWP denominated in euro recorded a 4.85% y-o-y fall.
27 September 2012CZECH REPUBLIC: Ceska Pojistovna decreased its net profit to CEK 2 bil during 1H 2012
Ceska pojistovna (CP), insurance firm, decreased its net profit by CEK 916 mil to CEK 2 bil during 1H 2012 compared to 1H 2011. CP took premiums of CEK 16.4 bil during 1H 2012, 2% less compared to 1H 2011. CP, a part of the insurance group Generali PPF Holding, is the largest insurance firm on the Czech market. All insurance firms in the Czech Republic took premiums of CEK 41.3 bil according to Czech standards during 1H 2012, 0.2% less compared to 1H 2011.
30 August 2012CZECH REPUBLIC: Austrian insurance company VIG increased profit in the Czech Republic to EUR 93 mil in 1H 2012
Vienna Insurance Group (VIG) (Austria), an insurance group, increased
profit in the Czech Republic by about 2% to EUR 93 mil, CEK 2.3 bil, in
1H 2012 compared to 1H 2011.
30 August 2012CZECH Rep.: Life and motor, the drivers of the falling trend
Czech insurance market ended 1Q 2012 with a GWP y-o-y decrease of about
6.7%, to CZK 39.74 billion (EUR 1.6 billion). Paid claims also
decreased by 1.2%, to CZK 21.9 billion (EUR 885.5 million). According to
CAP, the Czech association of insurers, the main sources of the
declining GWP volume were the decline of the life insurance lines,
mainly the single premium line, and the persistent drop in insurance
premiums for motor classes.
5 July 2012
