STATISTICS: CZECH Rep., 3Q2015: Traditional life contracts pushed down the market's aggregate result

The Czech insurance market totaled at the end of the first three quarters of 2015 about CZK 116 billion (EUR 4.3 billion), 3.6% less y-o-y, according to data provided by the Czech National Bank (CNB). Non-life segment reported a positive dynamic in GWP (+4.8% y-o-y to CZK 69.2 billion), while the life insurance segment contracted by 13.7% to CZK 46.8 billion.

In terms of GWP rates, in case of life sub-classes, unit-linked products decreased by almost 7%, while the traditional policies declined by more than one third (-34.6% y-o-y).

On non-life segment, almost all sub-classes recorded positive dynamics of gross written premiums: property (+4.3%), motor hull (+4.9%), mtpl (+4.1%), gtpl (+5.3%), credit (+7.7%), financial loss (+4.7%), accidents (+3.3%), sickness (+1.3%). The mentioned non-life segments generated together GWP of CZK 65.6 billion - about 95% of general insurance sector.

Previously, the figures published by the Czech Insurance Association (CAP) showed a 2.6% decrease in life GWP, while the non-life segment reported a 4.8% growth rate. Overall, the negative market trend of life segment is mostly as a consequence of the changes introduced in the taxation system, while the positive rate of non-life business sector is driven in part by the motor insurance lines. However, according to CAP representatives, the premium growth recorded for the motor lines was not so much determined by the tariffs' increase, but by the recovering cars sales.

At the end of September 2015, the aggregate value of paid claims by Czech insurers was CZK 76.1 billion (EUR 2.8 billion), of which CZK 40.5 billion - life indemnities, and CZK 35.6 billion - non-life claims

Access www.xprimm.com and download the 3Q2015 Czech Republic insurance market statistics (in EUR and CZK), according to the Czech National Bank (CNB).

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

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