STATISTICS:

STATISTICS: Czech Rep., FY2017: 18.4% increase in the claims paid for property insurance after Hewart

According to statistical data published by the Czech National Bank (CNB), the local insurance market totaled CZK 150.83 billion (EUR 5.9 billion) in GWP terms, 2.5% up y-o-y (nominal, in local currency).

Note: In comparing the Czech market's results with other countries, one should consider that data provided by the CNB includes information on all Czech insurers, branches of insurers from other EU or EEA member states and branches of insurers from other countries in the Czech Republic as of the given date. Also included are data on the branches of these insurers operating abroad.

Out of the previously mentioned total, Czech insurers members of CAP - the local insurers' association -, accounted for a total of CZK 122.94 billion (EUR 4.98 billion).

Back to the official CNB data, some slight changes in the market portfolio are noticeable:

  • Life insurance has recorded a negative growth rate, with GWP decreasing by 3.3%, to CZK 57.58 billion (Life and health insurance, incl. reinsurance, total); its share in the market portfolio decreased y almost 2pp, to 38.17%;
  • Most non-life insurance lines saw a positive evolution, recording on average a 6.4% increase in GWP terms; thus, the non-life portfolio recorded only marginal changes.
Paid claims totaled CZK 96.8 billion, 1.15% up y-o-y. Yet, while on the life segment indemnities paid decreased y-o-y by about 5.4%, the non-life life side saw 7% increase, mostly because of the losses produced by the extreme weather events that hit Czechia in the second half of 2017 (18.4% increase in the claims paid for property insurance). Total insured losses from the Herwart storm that hit the country at the end of October amounted, according the CAP estimations, to CZK 1.45 billion.

Exchange rate: 1 EUR = 25.540 Kroon - CZK (December 31st, 2017)

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

Share |

Related articles

VIG Group's Czech companies won multiple awards

Vienna Insurance Group's (VIG) companies Kooperativa and Ceska podnikatelska pojistovna (CPP) led the way in the Association of Czech Insurance Brokers' "Insurer of the Year" survey, taking the top two spots in all four of the main categories.

2018-06-13

ON THE MOVE

TOP EVENT

photodune-3834701-laughing-girl-xs

LIVE: 1st National Reinsurers Summit in Moscow: focus on global cooperation

Today has started in Moscow the 1st National Reinsurers Summit "National Reinsurers: Focus on global cooperation". Organized by the Russian National Reinsurance Company (RNRC) with the support of the Central Bank of the Russian Federation, the conference has the xprimm.com insurance portal as Media Partner.

20.09.2018

photodune-3834701-laughing-girl-xs

LIVE from Monte Carlo: The 62nd edition of the "Rendez-Vous de Septembre"

The 62nd edition of the "Rendez-Vous de Septembre", the annual traditional meeting of reinsurers starts Sunday in Monte Carlo. XPRIMM Publications covering the CEE, SEE and CIS insurance markets are available at the XPRIMM stand in Fairmont Hotel, as well as at the most important venues in Monte Carlo.

13.09.2018

Willis Re - Market still soft, but functional

Despite the high losses from 2017 the reinsurance market is still soft, James KENT, Global Chief Executive Officer (CEO) of Willis Re stated at a press briefing in Monte Carlo.

10.09.2018

See all