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%




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Czech Rep 1H2023 Market Portfolio C N B

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Czech Rep 1H2023 Market Portfolio Rankings C A P

See all statistics

Latest news

STATISTICS: CZECH Rep, 1H2015: Record decline in single premium life insurance products

According data provided by the Czech National Bank, in the first half of 2015 the Czech insurance market saw a 5.7% decrease in GWP (or 4.99% decrease for the market results denominated in European currency), to CZK 78.2 billion (EUR 2.87 billion). The life insurance segment is entirely responsible for the negative trend, mostly because of the huge decrease in single premium insurance products sales.

STATISTICS: CZECH REPUBLIC, 1Q2015: Stagnation continues, sole trader insurance is growing

The results of the Czech Insurance Association (CAP) member companies for the first quarter of 2015 show an increase of 0.5% in total annual premiums. Market stagnation mainly results from an ongoing decline in life insurance reaching almost 3%. Non-life insurance is still experiencing a mild recovery, namely from 2.3% at the end of 2014 to 2.6%.

CZECH REPUBLIC: Pojistovna CS invests millions of Czech crowns in IT

Czech insurance company Pojistovna Ceske sporitelny, Vienna Insurance Group (Pojistovna CS) invests millions of Czech crowns in IT. Besides the biometric signature, it offers also applications to secure information about insurance, or model contracts (SmartClient), CIANEWS was told by company spokeswoman Jana Jiraskova. According to her words, the insurance company wants to allow insured event reports online, introduce a client portal with information about policies and it wants to focus on multi-channel communication in the future.

KOOPERATIVA- VIG: One third of homes and half of contents still uninsured in the Czech Republic

KOOPERATIVA pojistovna - VIG, the second largest insurer in the Czech market, paid CZK 1.5 billion (~EUR 54 million), for 21,000 claims arising from the natural disasters in 2014. By comparison, in the previous year 23,000 similar claims were reported, with a total value of CZK 2 billion, of which CZK 1.6 billion were paid only for the damages produced by the June floods which affected the territory of the Czech Republic in 2013.

STATISTICS: CZECH Rep., FY2014: Despite the positive trend in motor insurance, market doesn't take off yet

Hopes for a strong recovery of the insurance market were not confirmed as the full year figures of the CAP - the Czech Insurers Association show only a very small growth in terms of GWP (1.05%), to CZK 115.19 billion. In European currency, given the significant depreciation of the Czech koruna, the total GWP amounted to EUR 4.15 billion, a value close to the one from 2013.

Insurance prescribed by VIG decreased by 2.8% in nine months in the CZECH REPUBLIC

The profit of VIG insurance group, parent company of Kooperativa pojistovna and CPP, prior to taxation reached a total of EUR 127.6m for January to September of 2014. This represents a year-on-year decrease by 11.9%. Gross insurance prescribed by the group in the Czech Republic has decreased year on year by 2.8 % to EUR 1.28bn. Out of this, the segment of life insurance posted 2.7% growth to EUR 645.4m and non-life insurance posted a decrease by 7.9% to EUR 635.2m.

The TRIGLAV Group exits the Czech insurance market and focuses on strengthening its operations in the South-East Europe target markets

TRIGLAV Group exits the Czech market by selling its local subsidiary TRIGLAV pojistovna, Brno to VIGO Finance, part of VIGO Investments Group. The sale is expected to be completed by May 2015. The decision on the sale is in line with the TRIGLAV Group Strategy, focused on increasing the value of the Group and effectively managing the TRIGLAV Group's subsidiaries. Zavarovalnica TRIGLAV estimates that the sale of the subsidiary will have no major impact on the Group's performance.

CZECH REPUBLIC: The largest insurance broker RENOMIA continues to grow

RENOMIA GROUP, the largest group of insurance brokers on the market in the Czech Republic, closed out the 2013 fiscal year with a record amount of insurance premiums negotiated, reaching CZK 5.3 billion, an increase of 10%. It has thus confirmed its leading position on the Czech insurance market. In 2013 RENOMIA, a.s. achieved a consolidated pre-tax profit of CZK 94 million.

Czech Insurance Association, 1Q2014: Insurance market is experiencing a mild recovery

First-quarter figures of the Czech Insurance Association (CAP) member companies revealed a mild recovery after a long period of stagnation in the insurance market. Annual premiums grew by almost CZK 400 million to CZK 30.6 billion (Note: ~EUR 1.1 billion), which is a 1.3% increase. Non-life insurance played an important role in the recovery. Life insurance, a long-term stabilizing segment, went up by only 0.7%.

CZECH Rep. FY2013: steady evolution in premium, significant increase in paid claims after the summer floods

The Czech insurance market ended 2013 with a modest premium growth of 1.9% y-o-y, to GWP of CZK 156.5 billion, showing an already traditional picture of steadiness. However, in European currency, following the about 9% depreciation of the Czech kroon over the last 12 months, the overall market results show a negative change of 6.6% y-o-y, to a total amount of GWP of EUR 5.7 billion.

CZECH REPUBLIC: PSCP takes over the client portfolio of RPS

Pension company of CESKA Pojistovna (PSCP) is going to take over the client portfolio of Raiffeisen pension company (RPS) in 2nd and also in 3rd pillar of retirement savings. This acquisition confirms the long-term strategic cooperation between financial groups of CESKA Pojistovna and Raiffeisenbank in the field of pensions. PSCP will gain about 12,200 customers from second pillar and 1000 clients in 3rd pillar. The whole transaction should be completed after complying with all regulatory steps at the beginning of the second half of this year.

VIG shines in the CZECH REPUBLIC

Vienna Insurance Group continued on its successful path in the Czech Republic also in 2013. Strengthening its number one position by increasing its market share to excellent 33.1 percent, the Group further widened the gap to its competitors.

CZECH Rep., 3Q2013: High competition prevents market return on a positive trend

Czech insurers' results in 3Q2013 are in line with the previous reporting periods. As compared with the previous year, figures are showing an almost unchanged GWP volume denominated in local currency (CZK) while denominated in euro, the market turnover recorded an almost 4% y-o-y decrease, to EUR 4.55 billion. It is interesting to observe though that, unlike other major CEE markets, the Czech market's decrease was mainly caused by the negative trend recorded on the life insurance side.