"The local insurance market increased by 2.4% year-on-year, or by almost CZK 890 million. However, compared to the 6% growth recorded in the same period last year, this is a significant slowdown of the rate of growth", comments Jaroslav Urban, analyst at the Czech Insurance Association.
Q1 2021 life GWP rose by 1.8% year on year to CZK 11.93 billion (EUR 456.4 million), ie CZK 210 million more than a year ago, when they rose by 2.7%. "The number of new policies continues to decline. Year-on-year, it decreased by a total of 6.8 thousand, resp. by 5.9% y-o-y. In total, during the first quarter of 2021, there were concluded almost 109 thousand new insurance policies, and almost 105 thousand policies with regular payments. Despite the described development, the volume of production premiums increased", as the CAP representatives mentioned in a statement.
The growth-rate reported for non-life segment also slowed down y-o-y. Total non-life GWP totaled about CZK 25.75 billion (EUR 985 million), about CZK 679 million more as compared with Q1 2020. "This corresponds to a year-on-year increase of 2.7%, which contrasts with 7.1% growth last year. This tendency was reflected in all monitored branches and groups of insurance, with the sole exception of retail property and liability insurance, where, on the contrary, there were achieved better results than last year. Motor insurance dominates the market, but its growth has been slowing since the beginning of the year Vehicle insurance continues to be dominant, accounting for more than 50% of the total non-life GWP".
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