"According to CAP's methodology, the insurance market premiums written grew year-on-year, mainly thanks to non-life insurance, by a significant amount of CZK 7.35 billion," commented Jaroslav URBAN, insurance analyst of the Czech Insurance Association.
Per lines of business, life insurance GWP increased by 2.62% y-o-y, to CZK 45.12 billion, while non-life segment totaled CZK 91.60 billion, up by 7.25% y-o-y. According to the CAP representative, in the case of life insurance, "the products with regular premiums continued gradually to strengthened. (...) Regarding the development in the non-life insurance segment, this effect produced especially in the second half of the year".
Analysing the non-life subclasses, the growth rate of 8.3% reported by Motor TPL class "surpassed the 3.4% growth in the number of insured vehicles; the average claim in this sector increased too: by 7% for material damage (to CZK 45,000) and by 8% for bodly injuries (to CZK 400,000). The MTPL average premiums growth was around 5%."
On the other side, MoD maintained its double digit growth rate (+10.1% y-o-y) reported in previous periods: "This continuous significant growth trend was due to the increasing number of motor insured vehicles. The average damage of motor hull insurance was CZK 28,000, 5.3% more y-o-y".
In terms of claims, during 2019 Czech insurance companies dealt with almost 66 thousand property claim files, totaling approx. CZK 2.4 billion, most of them caused by storm or hail. "In stable years, when there are no individual extraordinary events, insurance companies deal with an average of 31,000 claims tied to an amount of payments of CZK 1.3 billion. The 2019 results far exceed the average".
1 EUR = 25.725 Kroon - CZK (December 31st, 2018)
- Czech Republic FY2019 Market Portfolio (CAP)
- Czech Republic FY2019 Insurance Companies Rankings (CAP)
2979 views
