Czechia

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location map
author: OCHA/ ReliefWeb


Location:
- Central Europe;
- Neighbours: Austria, Germany, Poland, Slovakia.

Climate:
- temperate;
- cool summers;
- cold, cloudy, humid winters.

Natural hazards:
- flooding.

Macro indicators
* 2018 estimates
Surface:78,866km2
Population*:10.6million
Pop. density*:134.3people/km2
GDP*:204.5EUR billion
GDP/capita*:19,301.7EUR

European Union:
EU member, since 2004

Currency: Koruna
Code: CZK
Since: 1993


Insurance market portfolio
* 2018 CNB estimates
TOTAL LIFE*:36%
TOTAL NON-LIFE*:64%
Overall Property*:16%
Overall Motor*:28%


Sources:



 







CZECHIA: Improved risk maps available containing 50 additional layers

On the first of November, an updated version of the risk maps of river and flash floods was launched in Czechia through the cooperation of the Czech Association of Insurance Companies (CAP) with the Ministry of Agriculture, the Water Management Research Institute and other state institutions resulted in the expansion of flood hazard maps.




Czechs lost ~EUR 70 million last year due to uninsured fires

In 2022, firefighters went to almost 21 thousand fires with a total damage of almost CZK 5.3 billion (~EUR 220 million). But, according to an analysis conducted by the Czech Association of Insurance Companies, only a quarter of them were insured. As a result, more than CZK 1.7 billion (EUR 70 million) could have been paid out by insurers.


Czech insurers paid EUR 548 million for damages to properties in 2022; damages occur every 2 minutes

In 2022, Czech insurance companies handled over 270,000 property insurance claims for almost CZK 13 billion (EUR 548 million). In average, a damage to the property of Czechs or companies occurred every two minutes. The most expensive were the fires. Windstorms became the jump of the year, the number of which increased by a third, data of the Czech Association of Insurance Companies (CAP) show.

STATISTICS: Czech Insurance Association, Q1 2023: Compared to YE 2022, a slowdown in growth was recorded

The business of Czech insurers member of local professional association - CAP totaled at the end of March 2023 about CZK 42.9 billion (EUR 1.8 billion) up by 5.5% y-o-y, or by CZK 2.2 billion. According to the CAP representatives, "compared to the 8.5% growth rate recorded in the same period last year, or 7% growth achieved at the end of 2022, this is a slowdown in the growth rate of the entire insurance market".

RENOMIA has acquired a majority stake in a renewable energy insurance specialist

RENOMIA, a leading Central European risk management, insurance and claims management consultancy, has acquired a majority stake in Renewable Energy Insurance Broker (REIB), a Bulgarian company specialising in the insurance of renewable energy sources, particularly solar and wind power plants. RENOMIA, which celebrates its 30th anniversary this year, maintains dynamic growth through a combination of organic growth and M&A.


STATISTICS: CNB, YE 2022 figures: Czech market expanded to over EUR 8 billion

The Czech insurance market totaled CZK 200 billion (EUR 8.3 billion) at the end of 2022, up by 11.3% y-o-y, according to the year-end figures published by the Czech National Bank (CNB). For the life segment, the GWP value (including reinsurance) increased by 5% y-o-y CZK 54.3 billion, while the non-life insurance market was up by 13.9% y-o-y to CZK 145.8 billion.


Czech Insurance Association: Detected insurance fraud totaled almost EUR 59 million in 2022

The number of insurance frauds increased during 2022, according to the figures published by the Czech Insurance Association (CAP). The professional association of Czech insurers informed that during last year, it inspected a total of 13,820 suspected claim files, up by 21% y-o-y, the aggregate value of detected fraud totaling CZK 1.42 billion - or ~EUR 59 million (up by CZK 173 million, or by 14% y-o-y). The average amount of detected fraud / claim file reached CZK 231 thousand (vs CZK 249 thousand in 2021 or CZK 288 thousand in 2020).