STATISTICS: CZECHIA, 1H2019: 9.14% more premiums wrote y-o-y for the first six months
The slightly y-o-y appreciation of the Czech currency against Euro leads to improved growth rates for the market data denominated in European currency. Of the total GWP amount, the 27 members of the Czech Insurance Association (CAP) have written premiums worth EUR 2.7 billion.
The life insurance segment (Life and health insurance, incl. reinsurance, total) totaled GWP of EUR 1.2 billion, 10.25% up y-o-y, recording a better dynamic than in 2018. One of the most significant changes in the sector's evolution was the positive growth rate recorded by the single payment products, which according to CAP data saw an almost 32% y-o-y increase in premiums, after the double digit negative rate of 2018.
On the non-life side, among the lines with a significant share in the portfolio, motor insurance classes have recorded the best growth rates, mostly supported by the increasing cars sales.
The property insurance line saw a 3.4% increase in GWP, to EUR 525.5 million. On the other side, claims paid went by about 21%, to EUR 204.8 million, driven by the extreme weather events that have affected the country. Thus, only the CAP member insurance companies dealt with almost 138,000 claims with a corresponding loss exceeding CZK 4.5 billion (EUR 184 million), i.e. 14% more year-on-year.
Weather events alone - storms and hail - account for 25% of claims paid for property insurance and this year's amount is a historic peak since 2011 when gathering statistical data on this topic started. Another 20% is represented by the fire damages, while the tap water damages ranks third, with a share of about 11%.