"It increased by 4.7% y-o-y, or by CZK 5 billion. Compared to the 3.6% growth recorded in the same period last year, this is an escalation of the market growth rate. This result supports the development in both main segments, i.e., life and non-life insurance", said Jaroslav Urban, Analyst, CAP.
Premiums written in life insurance rose by 2.7% y-o-y to CZK 36.19 billion, i.e., CZK 948 million more than a year ago, when it increased by only 2%. Despite this positive rate, the number of life insurance contracts "continue to decline. There are 2.3% fewer y-o-y, which corresponds to a decrease of about 116 thousand. Thus, 4,929 thousand active contracts were at the end of Q3 2021", said Jaroslav Urban.
In non-life segment, the CAP members posted GWP worth CZK 74.64 billion, representing an increase of CZK 4.05 billion than last year. "This corresponds to a year-on-year increase of 5.7%, which exceeds the 4.4% growth last year. However, the development differs in the main non-life insurance groups", as CAP representatives mentioned in a statement.
Motor insurance, which has a share of more than 50% in the total non-life GWP, continues to be dominant.
MTPL GWP reached almost CZK 21.4 billion, which is 5.7% more than in the same period of 2020. "However, the growth rate decreased by 1.7 pp, as last year".
A partial decrease in dynamics is also reflected in MoD, which grew by 6.7% and exceeded CZK 19.1 billion, but compared to 7% growth in 2020, this is a slight slowdown.
CAP representatives pointed out that the development in MTPL is "partly supported by the increasing number of insured vehicles, which is currently rising by 4.3%; the current rate exceeds the value of 2.6% reported a year earlier".
In industry & business insurance, the GWP grew by only 4.4%. Even so, it increased by CZK 716 million year-on-year and reached CZK 16.85 billion. For comparison, at the end of Q3 2020, the sector strengthened by 4.9%. The number of contracts did not change significantly. There was a slight increase, of 1.2%".
Retail property & liability insurance continued to thrive. Premiums written increased by almost CZK 837 million to CZK 10.49 billion. "The current year-on-year growth of 8.7% significantly exceeded last year's growth rate of 5.4%".
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