STATISTICS: Czech market expanded to EUR 8.6 billion according CNB data

2 April 2024 — Andrei VICTOR
STATISTICS: Czech market expanded to EUR 8.6 billion according CNB data

The Czech insurance market totaled CZK 213.15 billion (EUR 8.62 billion) at the end of 2023, up by 6.52% y-o-y, according to the year-end figures published by the Czech National Bank (CNB).

Claims paid by local insurers totaled CZK 108.38 billion (EUR 4.38 billion) down by 7.44 y-o-y, of which CZK 74.40 billion related to non-life insurance, the remaining CZK 33.97 billion being related to life insurance subclasses.

For the life segment, the GWP value (including reinsurance) remained at the 2022 level (-0.3% y-o-y to CZK 54.14 billion), while the non-life insurance market expanded by over 9% y-o-y to CZK 158.97 billion.

About a month ago, the year-end figures released by the local professional association - CAP (Czech Insurance Association), showed that total premiums of the members of the association reaches a value of CZK 168.5 billion (~EUR 6.8 billion) by the end of 2023, up by 7.1% y-o-y, or by CZK 11.1 billion. The volume of life premiums increased by 3.2% year-on-year and reached CZK 51.37 billion (EUR 2.08 billion), i.e. a value of CZK 1.6 billion higher than a year ago. On the non-life side, total premiums continue to accelerate. In total, CZK 9.52 billion more were written than last year, and the corresponding premiums amount to CZK 117.1 billion (~EUR 4.7 billion). Year-on-year premiums increased by 8.9% - similar with the YE 2022 status.

Access and download the FY2023 Czech insurance market statistics released by CNB and CAP.