STATISTICS: Czech insurance market expanded to EUR 7.2 bn, CNB year-end 2021 figures show

30 March 2022 — Andrei Victor
The insurance market of Czech Republic totaled CZK 179.80 billion (EUR 7.22 billion) at the end of 2021, up by 6.92% y-o-y, according to the year-end figures published by the Czech National Bank (CNB).

Claims paid by local insurers totaled CZK 101.91 billion (EUR 4.09 billion) up by 10.78 y-o-y, of which 61% related to non-life insurance, the remaining 39% being related to life insurance subclasses.

For the life segment, the GWP value (including reinsurance) remained at the 2020 level (~CZK 51.70 billion), while the value of paid claims and indemnities - including the change in balance of technical provisions, totaled CZK 39.57 billion.

In the case of general insurance segment, the same indicators were as follows: GWP of CZK 127.90 billion (up by 10.13% y-o-y) and payments worth CZK 62.34 billion, 14.43% more y-o-y.

About a month ago, the year-end figures released by the local professional association - CAP (Czech Insurance Association), showed that at the end of 2021, the aggregate value of GWP from the insurers' members totaled CZK 147 billion (~EUR 5.92 billion), 4.4% more y-o-y or by CZK 6.1 billion. Premiums written in life insurance by CAP members rose by 1.5% y-o-y to CZK 48.24 billion (EUR 1.94 billion), i.e., CZK 691 million more than a year ago, while for the non-life segment, the total business-volume increased by CZK 5.45 billion to CZK 98.80 billion (EUR 3.97 billion).

Access and download the FY2021 Czech insurance market statistics.

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