STATISTICS: Czech Rep., FY 2015: CNB official statistical data published; market trends confirmed

Insurance market data for 2015 published by the Czech National Bank (CNB) confirm the GWP growth on the non-life insurance segment, at a pace of 4.9%, to CZK 90.98 billion (EUR 3.37 billion). Life insurance GWP went down by 12.3%, according to CNB data, while the entire market recorded an almost 3% decrease, to CZK 153.4 billion (EUR 5.67 billion).

The Czech Koruna's appreciation in 2015, from a currency exchange rate of CZK 27.725 / 1 EUR to CZK 27.025/EUR has significantly influenced the market growth rates calculated in different currencies, showing a better dynamic for the figures denominated in European currency.

Also, one should take into consideration the differences in the statistical methodologies used by the CNB and the Czech Insurers Association (CAP). Thus, while the CNB computes only the results of the companies domiciled in the Czech Republic and thus subject to its supervision, the CAP statistics are aggregating also the results of the foreign insurers' branches active on the market. In addition , in the CNB statistics, single premiums in life insurance are recalculated on the basis of 10 years (only one tenth of premiums written is included). The recalculation also applies for sums.

However despite the differences in methodology and, thus, in numbers, the CNB statistics confirm the trends described in our previous article about the Czech insurance market in 2015.

Access www.xprimm.com and download the FY2015 Czech Republic insurance market statistics.

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

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