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.

The life insurance sector was the one dragging behind the overall dynamics, as GWP decreased by 4.4%, to EUR 577.5 million. The class of line insurance with profit participation saw the biggest drop in GWP, of 19.36% y-o-y, or almost EUR 28 million. Indemnities and paid benefits dropped by 12%, mostly for the same LoB of insurance with profit participation.

On the non-life side, GWP went up by 1.9%, to EUR 1.77 billion. The largest part of this amount was provided by the motor insurance lines, for which GWP amounted to EUR 745.26 million. Property insurance is the second largest non-life segment, with GWP worth EUR 439.97 million, up by 3% y-o-y.

Paid claims for non-life insurance increased at a higher pace, of 4.2%, to EUR 734.8 million. However, while claims for motor insurance account for the largest share in this total, they remained almost unchanged y-o-y (1.8% growth y-o-y). At the same time, property insurance claims increased by almost 19%, to EUR 126 million.

Access xprimm.com and download the 1Q2024 Czech insurance market statistics released by CNB and CAP.