location map
author: OCHA/ ReliefWeb

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

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

Natural hazards:
- flooding.

Macro indicators
* 2018 estimates
Pop. density*:134.3people/km2
GDP*:204.5EUR billion

European Union:
EU member, since 2004

Currency: Koruna
Code: CZK
Since: 1993

Insurance market portfolio
* 2018 CNB estimates
Overall Property*:16%
Overall Motor*:28%



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).

CAP: Every Czech has at least one insurance policy

Every Czech has at least one insurance policy according to a Survey published by Czech Insurance Association - CAP, about the perceptions of the insurance industry and conducted by the independent research agency SC&C.

UNILINK takes over the Czech broker INSIA

Czech insurance broker INSIA becomes part of the Polish UNILINK group, as INSIA informed here. According to the statement, UNILINK Group has acquired 80% of INSIA from Marsh.

ERGO pojistovna changed its name to SV pojistovna

On October 28, 2022, ERGO pojistovna changed its name to SV pojistovna, wrote here. Thus, the change of ownership of insurer to the German financial group SV Holding AG based in Dresden completed in November 2021, is publicly visible, informed.

STATISTICS: Czechia 1H2022, CNB: double digit growth supported by the non-life segment

According to the latest information provided by the Czech National Bank (CNB), the insurance market ended 1H2022 with GWP worth EUR 4.094 billion, up by 17.18% y-o-y. The strong upward trend was given by the non-life insurance sector, which non only dominated the portfolio (72.7% of total GWP), but also saw an almost 23% y-o-y increase in premiums.