Premiums written in life insurance rose by 4.06% y-o-y to CZK 12.7 billion (EUR 519.10 million according to XPRIMM calculations). CAP representatives mentioned in a statement that regular paid contracts, which represent approximately 95% of all life insurance contracts, the growth rate increased from 3.1% last year to the current 4.7%, while despite the volume of single premiums contracts declined by 22%, has only a marginal impact on the overall result.
"The total number of life insurance contracts continues to decline. There are 2.2% fewer y-o-y, which corresponds to a decrease of about 109 thousand. There are currently 4,908,000 active contracts remaining", said Jaroslav Urban, insurance analyst at the Czech Insurance Association.
In Non-life insurance, the growth of written premiums accelerated significantly by 10.68% y-o-y to CZK 28 billion (~EUR 1.15 billion).
Vehicle insurance, which currently has exactly a 50% share in non-life insurance, continues to be dominant. In motor third party liability insurance, the written value reached CZK 7.31 billion, ie 3.82% more than in the same period last year. In voluntary MoD insurance, premiums written grew by 8.50% and reached CZK 6.72 billion.
Jaroslav Urban mentioned that "this trend is partly supported by the ever-increasing portfolio of insured vehicles, whose number is currently rising by 2.2% and a total of almost 8.8 million are insured. The number of insured vehicles is growing similarly, by 4% y-o-y".
At the end of March 2022, in terms of GWP (life and non-life premiums, summed-up), the largest insurers in the country were Kooperativa (25.96% market share), Generali Ceska pojistovna (24.45%) and Allianz (10.71%).
Access xprimm.com and download the Q12022 Czech insurance market statistics.
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