STATISTICS: Czech Rep, Q3 2021: CAP members 9 months GWP rise 4.7% y-o-y

15 November 2021 — Andrei Victor
According to the quarterly market figures published by CAP (Czech Insurance Association), at the end of September 2021, total GWP from the members of the association totaled CZK 110.84 billion (~EUR 4.35 billion).

"It increased by 4.7% y-o-y, or by CZK 5 billion. Compared to the 3.6% growth recorded in the same period last year, this is an escalation of the market growth rate. This result supports the development in both main segments, i.e., life and non-life insurance", said Jaroslav Urban, Analyst, CAP.

Premiums written in life insurance rose by 2.7% y-o-y to CZK 36.19 billion, i.e., CZK 948 million more than a year ago, when it increased by only 2%. Despite this positive rate, the number of life insurance contracts "continue to decline. There are 2.3% fewer y-o-y, which corresponds to a decrease of about 116 thousand. Thus, 4,929 thousand active contracts were at the end of Q3 2021", said Jaroslav Urban.

In non-life segment, the CAP members posted GWP worth CZK 74.64 billion, representing an increase of CZK 4.05 billion than last year. "This corresponds to a year-on-year increase of 5.7%, which exceeds the 4.4% growth last year. However, the development differs in the main non-life insurance groups", as CAP representatives mentioned in a statement.

Motor insurance, which has a share of more than 50% in the total non-life GWP, continues to be dominant.

MTPL GWP reached almost CZK 21.4 billion, which is 5.7% more than in the same period of 2020. "However, the growth rate decreased by 1.7 pp, as last year".

A partial decrease in dynamics is also reflected in MoD, which grew by 6.7% and exceeded CZK 19.1 billion, but compared to 7% growth in 2020, this is a slight slowdown.

CAP representatives pointed out that the development in MTPL is "partly supported by the increasing number of insured vehicles, which is currently rising by 4.3%; the current rate exceeds the value of 2.6% reported a year earlier".

In industry & business insurance, the GWP grew by only 4.4%. Even so, it increased by CZK 716 million year-on-year and reached CZK 16.85 billion. For comparison, at the end of Q3 2020, the sector strengthened by 4.9%. The number of contracts did not change significantly. There was a slight increase, of 1.2%".

Retail property & liability insurance continued to thrive. Premiums written increased by almost CZK 837 million to CZK 10.49 billion. "The current year-on-year growth of 8.7% significantly exceeded last year's growth rate of 5.4%".

Access and download the Q32021 Czech insurance market statistics.

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