Czechia
VIG Re starts 2025 with a renewed composition of the Board
VIG Re, announced organizational changes to its Board of Management, effective 1 January 2025. These changes are designed to further enhance the company's strategic direction and operational efficiency, the company’s press release stated.
8 January 2025STATISTICS: CZECHIA 3Q2024: under the impact of the September floods, claims paid for property insurance almost doubled y-o-y (CNB data)
The Czech insurance market ended the third quarter of 2024 with GWP worth CZK 173.64 billion (EUR 6.89 billion), up by 7.9% y-o-y, according to the end-September figures published by the Czech National Bank (CNB).
18 December 2024CZECHIA: Insurance companies expect higher claims due to claims inflation
Damages under compulsory liability insurance this year keep increasing – the average payment for property damage increased by 9.9% as of September 30, 2024. Growth continues to be influenced by higher prices for labor and spare parts in car repair shops and gradual modernization of the vehicle fleet, the Czech Office of Insurers wrote.
19 November 2024CZECHIA: from October further changes in liability insurance expected
From October 1, 2024, there will be significant digitization in liability insurance. Online insurance registration will allow drivers to no longer keep Green Card policies with them, even in electronic form, the Czech Office of Insurers wrote.
1 October 2024STATISTICS: CZECHIA, 1H 2024: Property claims up by 12.6% and expected to further increase after the recent extreme weather in the Central Europe
According to the Czech National Bank data, Czech insurers ended H1 2024 with GWP worth EUR 4.63 billion, a total slightly superior to the H1 2023 one (+2.6%). Paid claims have also remained quasi stable, increasing by 1.85%, to EUR 2.28 billion.
26 September 2024CZECHIA: Accident Portal: Truck accidents make up 18% of all collisions over the past fourteen years
Trucks make up a significant part of the cars that move on roads. However, this type of transport is also involved to a considerable extent in accidents on Czech roads.
11 September 2024Tobias SONNDORFER will take over VIG Re’s top position starting 1 January 2025
VIG Re announced that effective January 1, 2025, Tobias SONNDORFER will succeed Johannes Martin HARTMANN as Chief Executive Officer and Chairman of the Board of Directors in line with the established succession plan.
4 September 2024STATISTICS: CZECHIA 1Q2024: non-life claims expenses have increased at a higher pace than GWP
According to the Czech National Bank data, Czech insurers ended Q1 2024 with GWP worth EUR 2.35 billion, a total sum fairly equal to the Q1 2023 one. Paid claims have decreased by 1.6%, to EUR 1.07 billion.
4 September 2024Czechia: 10 insurance companies have already joined the "right to be forgotten" standard for oncology patients
Ten insurance companies have already voluntarily signed up to the self-regulatory standard set up by the Czech Association of Insurance Companies (CAP) in November 2023 regarding equal access to persons who have experienced cancer.
16 May 2024VIG Re publishes Annual Report and SFCR 2023, confirming preliminary figures communicated earlier and a positive outlook
VIG Re, the reinsurance arm of Vienna Insurance Group, has published its Annual Report confirming preliminary financial figures communicated on 20th March 2024.
30 April 2024STATISTICS: 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).
2 April 2024STATISTICS: Czech Insurance Association, 2023: Stable 7% growth, well below the level of inflation
According to the Q4 2023 market data published by the Czech Insurance Association – CAP, 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.
21 February 2024CZECHIA: Czechs’ priority when purchasing life insurance is protecting their loved ones, not themselves
51% of Czechs have taken out life insurance, with the primary reason of protecting their family in case they become unable to provide because injury or illness or death. Providing for their own needs in the event of illness or injury only comes second, a recent CAP survey shows.
31 January 2024STATISTICS: Czech National Bank: insurance sector expanded to EUR 6.6 billion at the end of Q3
The Czech insurance market ended the third quarter of 2023 with GWP worth CZK 160.9 billion (EUR 6.6 billion), up by 6.1% y-o-y, according to the end-September figures published by the Czech National Bank (CNB).
23 January 2024STATISTICS: Czechia: CAP insurers’ business totaled over EUR 5 billion at the end of September
According to the CAP (Czech Insurance Association) quarterly figures, at the end of September 2023 the aggregate GWP reported by member companies totaled CZK 127 billion (EUR 5.2 billion) up by 6.5% y-o-y.
13 December 2023Czechs lost CZK 550 million in insurance benefits in 2022 by not acquiring insurance coverage for their homes
Czechs lost CZK 550 million in insurance benefits in 2022 because the lack of insurance coverage. According to CAP – the insurers’ association’s estimations, out of the 116,000 unexpected property events in households last year, only an estimated two-thirds were insured. In 10 years, uninsured households in the Czech Republic cost CZK 6.8 billion.
29 November 2023CZECHIA: Improved risk maps available containing 50 additional layers
On the first of November, an updated version of the risk maps of river and flash floods was launched in Czechia through the cooperation of the Czech Association of Insurance Companies (CAP) with the Ministry of Agriculture, the Water Management Research Institute and other state institutions resulted in the expansion of flood hazard maps.
29 November 2023The insurance broker RENOMIA enters the Austrian market, adding the 13th European country to its footprint
The leading Czech insurance broker RENOMIA has bought a stake in the Austrian company Steinmayr & Co and is thus entering the Austrian market. With this acquisition, the insurance premiums that RENOMIA GROUP manages for its clients in the countries of Central Europe will exceed EUR 800 million.
15 November 2023STATISTICS: Czech insurance market ended H1 2023 with EUR 4.5 billion in GWP
The Czech insurance market ended the second quarter of 2023 with GWP worth CZK 107.8 billion (EUR 4.5 billion), up by 6.4% y-o-y, according to the end-June statistics published by the Czech National Bank (CNB).
3 October 2023Czechia: Long-term care in old age and unavailability of quality medical care are top concerns of Czechs.
Over 70% of the respondents to the 2023 edition of the annual survey undertaken by the Czech Insurance Association (CAP) are concerned about the inability to provide for themselves in old age. Also, availability unavailability of quality medical care is among the top concerns.
21 September 2023
