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

24 September 2015 — Daniela GHETU
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.

Premiums written in life insurance went down by over CZK 6 billion (16.3% y-o-y), to CZK 31.78 billion. The "assurance on death, survival etc." class saw an enormous decline, with premiums falling by almost 39% compared to the first half of 2014, as a result of the sharp decline in the single premium products' popularity.

On the non-life side, the total GWP volume went up by 3.25% y-o-y (4.02% in euro), to CZK 46.43 billion (EUR 1.7 billion). Both motor insurance and property insurance segments saw an overall evolution in line with the non-life market average. Still, for the motor insurance lines it is interesting considering the discrepancy between the GWP and number of contract growth rates recorded for the MTPL class.

Overall, the Top 3 insurers - CESKA Pojistovna, KOOPERATIVA - VIG and ALLIANZ Pojistovna -, are accounting for over 53% of the Czech market's GWP.

Access and download the 1H2015 Czech Republic insurance market statistics.

More about the Czech insurance market evolution in 1H2015 will be available in the forthcoming issue of XPRIMM Insurance Report 1H2015, to be released on October, 18th, on the occasion of the Baden-Baden XPRIMM Reception (Kurhaus Casino, Runder Saal, 18:30 - 20:30 hours).