According to the CAP representatives, the year 2022 began with an optimistic outlook associated with the fading of the effects of the Covid-19 pandemic, which noticeably marked the development of the insurance market in the previous 2 years. "However, right from the start of 2022, the environment was disrupted by negative signals especially from the energy and other commodities markets by the increasing tariffs, which intensified in the second half of the year, and subsequently, due to the Russia's ongoing military aggression against Ukraine. The consequence is the continued sharp increase in consumer prices, which is currently represented by a double-digit inflation rate, and which reached a record value of 18% in September", said Jaroslav Urban, Insurance Analyst, CAP.
Life insurance segment increased by 3.17% year-on-year and reached CZK 49.77 billion (EUR 2.06 billion), i.e. a value of CZK 1,528 million higher than a year ago, when it increased by only 1.5%, due to the growth rate of 3.5% reported by the regular paid contracts, which represent more than 90% of all life insurance contracts. The volume of one-time paid insurance premiums is currently decreasing year-on-year, -15.1%, but it has only a marginal impact on the overall result. In terms of contracts, Life insurance contracts continue to decline. There are 1.4% fewer contracts as compared with 2021, which corresponds to a drop of over 67,000. There are therefore 4,865,000 active life insurance contracts at the end of 2022.
Non-life insurance GWP accelerated by 8.89% y-o-y, surpassing the 5.8% growth last year to CZK 107.59 billion (~EUR 4.46 billion). Motor insurance remains dominant, accounting for more than 50% of non-life insurance. Motor vehicle liability insurance GWP reached CZK 29.35 billion, which is 4.06% more than in 2021, while MoD increased by 9.41% to CZK 27.98 billion. Corporate insurance lines of business GWP grew by 10.36% y-o-y to CZK 24.15 billion, while retail property and liability insurance performed similarly to the previous year: +11.41% y-o-y to CZK 15.74 billion.
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