STATISTICS: Czech Rep. insurers: The number of property claims more than doubled in 2020

25 February 2021 — Andrei Victor
According to preliminary data released by CAP - the Czech Insurance Association, at the end of 2020, the GWP generated by the CAP members totaled CZK 141.21 billion (EUR 5.38 billion), up by 3.61% y-o-y.

"According to the CAP methodology, the market grew year-on-year, albeit at a slower pace than in 2019, by a still significant CZK 4.91 billion in premiums written," comments Jaroslav URBAN, insurance analyst of the Czech Insurance Association - CAP.

Life insurance GWP reached CZK 46.54 billion in 2020 increasing by CZK 1.39 billion, or 3.1%, compared to 2019. In 2020, premiums decreased by 20% for single-payment life insurance, while life insurance with regular paid premiums increased by 3.7%, from last year's CZK 43.91 billion to CZK 45.54 billion in 2020. However, the number of life insurance contracts continues to decline. As of 31 December 2020, there were 5.05 million active contracts, 87,000 less than a year earlier.

CAP mentioned in a statement, that the number of new concluded contracts with regular paid premiums declined: In 2020, 425,000 new contracts totaling GWP of CZK 5.2 billion were concluded , while in 2019 there were 467,000 contracts in the amount of CZK 5.3 billion. "Compared to 2019, the number of new business contracts decreased by 9% and the number of terminated contracts by about 6%," said Jaroslav URBAN.

Regarding the development in the non-life insurance segment, Jaroslav URBAN stated : "Non-life insurance also confirmed the FY2020 growth trend, the non-life GWP increasing by 3.9% y-o-y. Compared to 2019, it increased by 3%. Or by CZK 3.52, reaching CZK 94.67 billion".

In 2020, insurance companies settled almost 83,000 property claims caused by floods, storms or hail, in the total amount of approximately CZK 2.96 billion, CAP announced. In stable years, when there are no individual extraordinary CAT events, CAP insurers deal with an annual average of 38,000 property claim files in an average amount of CZK 1.6 billion. In 2020, the number of damages exceeded the average by 117% (a total of almost 83,000 cases) and by 82% in case of the amount per claim file." The main reason is the Hurricane Sabine and also a whole series of flood damage", as CAP informed.

In GWP terms, the largest insurer in the country was GENERALI CESKA Pojistovna (26.72% market share), followed by KOOPERATIVA VIG Pojistovna (23.31%) and ALLIANZ pojistovna (10.93%), according to the CAP figures.

Access and download the FY 2020 Czech insurance market statistics.

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