Life insurance however recorded a positive evolution regardless the currency. Thus, GWP went up by 8.2% in local currency (2.37 % in euro), to almost CZK 38 billion (EUR 1.38 billion). According to the insurers' association opinion, the increasing demand for life insurance can be traced mainly to single premium contracts, particularly bancassurance products.
Non-life insurance recorded a quasi stable trend. In fact, the market overall GWP volume remained almost unchanged y-o-y in local currency, while denominated in euro showed a 5.5% decrease, to EUR 1.64 billion. The positive situation in non-life insurance was mainly brought about by improving MTPL insurance results. Progressively increased premium rates in new and renewed contracts led to an overall rise of 8.3% in GWP.
CESKA Pojistovna remained the market leader, although with a slightly shrinking market share, of 23.9% (from 25.2% in 1H2013). The company controlled by the Italian group GENERALI leads both the life and non-life insurance sectors, with market shares of 21% and over 25% respectively.
KOOPERATIVA Pojistovna , member of Vienna Insurance Group, holds the second position in the overall market ranking (20.3% market share) and ranks second also in both the market life (14%) and non-life (24%) segments.
The third position in the market belongs to ALLIANZ Pojistovna (9.47% market share), the German company also ranking third on the non-life segment (11.36%). On the life insurance market, the third position is held by Pojistovna CESKE sporitelny (13.16% market share), a company of the Czech Savings Bank.
An extended analysis of the Czech insurance market evolution in 1H2014 will be available in the forthcoming issue of XPRIMM Insurance Report 1H2014, to be released on October, 19th, on the occasion of the Baden-Baden XPRIMM Reception (Kurhaus Casino, Runder Saal, 18:30 - 20:30 hours - register here).
Access www.xprimm.com and download the 1H2014 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 insurance ranking
- Motor hull insurance ranking