STATISTICS: CZECH REP., 3Q2016: Motor policies maintained the market on the upward trend

According to data released by the Czech Insurance Association (CAP), in 3Q 2016 the insurance market has been driven by non-life insurance segment which reported a y-o-y growth rate of 4.2%, while life policies continues to decrease by about 2.1%. Overall, the aggregate GWP increased slightly by CZK 1.61 billion (to CZK 89.57 billion or EUR 3.32.billion), which corresponds to a y-o-y growth rate of 1.8%.

The following statement was released by CAP (Czech Insurance Association).

For the first three quarters of 2016, non-life insurance increased to CZK 57 billion (compared to CZK 54.7 billion for the period from the first to the third quarter of 2015), hence enlarging overall by more than CZK 2.3 billion. In relative terms, growth is therefore 4.2%, which represents only a very small change compared to growth of 4.5% in the first half of the year. The growth in third-party insurance was 2.9%. Compared to an enlargement of 2.5% in the first half of this year, this represents a slight acceleration, due in particular to the growing number of insured cars.

With growth at 9.4% for the third quarter, the situation in the automobile collision insurance (motor hull) segment continued its upward trend of 9.6% from the first half of the year. "It is good news that drivers are more interested in covering the risk of damage to their car. The number of cars covered by automobile collision insurance has grown by 9.1% year-on-year, which significantly influences the total growth of the premiums written in this sector," explains the CEO of CAP, Jan MATOUSEK, who continues: "We also see a continuing recovery in the segment targeting entrepreneurs. Thanks to the positive economic developments, entrepreneurs are more interested in insurance coverage, which is confirmed by a growth rate of 4.3% in the number of insurance policies, and is the result of a 2.1% year-on-year enlargement in premiums written."

The premiums written in the life insurance segment have decreased slightly to CZK 32.6 billion, compared to the CZK 33.3 billion recorded for the period from the first to the third quarter of 2015. The current year-on-year decrease of 2.1% is thus comparable to the decrease of 2.2% in life insurance for the first half of 2016, and it is not continuing to deepen. The weakening of the life insurance segment is more considerable for products with a lump sum premium, where the premiums written dropped by 30%. The current decrease for products with periodically paid premiums is only 0.8%.

The number of newly concluded policies of periodically paid life insurance keeps decreasing. However, on the positive side, the number of terminated policies has been gradually decreasing. Whereas nearly 1 million policies were terminated in previous years, the number is now 730 thousand policies. "We wish the number of terminated policies would continue decreasing in the future in accordance with the indicated trend and that life insurance, which is in principle based on a long-term relationship between a client and an insurance company, would bring people long-term insurance coverage, protecting them against unfavourable situations and, at the same time, serving as an efficient old age security tool," concludes Jan MATOUSEK.

Access www.xprimm.com and download the 3Q2016 Czech Republic insurance market statistics.

Market rankings in EUR and CZK (GWP/Market shares/Growth rates) according to the Czech Insurance Association (CAP):

  • Overall market ranking
  • Life insurance ranking
  • Non-life insurance ranking
  • MTPL
  • Motor hull

Related articles

STATISTICS: CZECH REP., CAP: Insurance market growth rate increases by 2% y-o-y in H1

The total written premium of the members of the Czech Insurance Association (CAP) has increased by c. CZK 1.2 billion on year- on-year basis, which corresponds to 2% growth. The positive development of the insurance market in the first six months is still supported by non-life insurance, which reported c. 4.5% volume growth and thus again became the most dynamic segment. Also life insurance, which has been showing a more significant decrease in the last two years, slowed down the decline from 3.4% in the 1st quarter to 2.2%.

2016-09-08

STATISTICS: Czech Insurance Association: Insurance market growing thanks to MOD insurance

At the end of March 2016, the Czech Republic insurance market totaled CZK 31.12 billion (about EUR 1.15 billion), 1.27% more y-o-y, according to the results of the members of the Czech Insurance Association (CAP). The most dynamic sector in non-life insurance is collision insurance. Collision insurance (n.red.: MOD insurance) strengthened year-on-year by 9.2% and helped to maintain the continuing growth of the entire non-life segment", CAP annoucend in a press release.

2016-06-02

STATISTICS: Czech Insurance Association: The market was backed up by non-life insurance in 2015

The preliminary results of the Czech Insurance Association (CAP) for 2015 show an annual increase of CZK 1.1 billion, which is a 1% rise, in the premium volume. Premium growth accelerated in the second half of the year compared to a 0.3% increase in the first half. Same as last year, the insurance market is backed up by non-life insurance, which strengthened by 4%. Life insurance, on the other hand, is continuously weakening, namely by 3.5% in comparison with 2014.

2016-02-25

ON THE MOVE

TOP EVENT

61st "Rendez-Vous de Septembre" ends today in Monte Carlo: review

The 61st edition of the "Rendez-Vous de Septembre", the annual traditional meeting of reinsurers ends today in Monte Carlo. The Nat Cat insurance protection gap, as well as the global insurance market readiness to deal with the increasing complexity of the cyber risks were among the most debated topics.

14.09.2017

photodune-3834701-laughing-girl-xs

MONTE CARLO: Live news from the "Rendez-Vous de Septembre"

The 61st edition of the "Rendez-Vous de Septembre", the annual traditional meeting of reinsurers has started yesterday in Monte Carlo. XPRIMM publications on the CEE, SEE and CIS insurance markets are available at the XPRIMM stand in Fairmont Hotel as well as at the other event's venues.

10.09.2017

See all