The business of Czech insurers member of local professional association - CAP totaled at the end of March 2023 about CZK 42.9 billion (EUR 1.8 billion) up by 5.5% y-o-y, or by CZK 2.2 billion. According to the CAP representatives, "compared to the 8.5% growth rate recorded in the same period last year, or 7% growth achieved at the end of 2022, this is a slowdown in the growth rate of the entire insurance market".

Life premiums increased by 2.6% year-on-year to CZK 13 billion (EUR 553 million), i.e. by CZK 335 million more than a year ago, when it increased significantly, namely by 4.1%. The total number of life insurance contracts continues to decrease: "Year-on-year, there are 1.1% fewer of them, which corresponds to a decrease of approx. 52 thousand. There are currently 4,855,000 active contracts", as the CAP representatives pointed out in a statement.

In Non-life insurance, the value of premiums amounted to CZK 29.9 billion (EUR 1.3 billion), up by CZK 1.9 billion than in the 1st quarter of 2022, or by 6.8% y-o-y. "Growth in non-life insurance has slowed due to the lower share of corporate/business insurance segment, which always has a larger share in the first quarter of the year than in the remaining periods, and last year it strengthened above standard," explains Jaroslav Urban, insurance analyst of the Czech Insurance Association.

Motor insurance continues to be dominant, currently accounting for 51% of non-life insurance. In MTPL, the value of premiums reached CZK 7.7 billion, or 5.4% more y-o-y. At the same time, the value of premiums in MoD grew by 11.6% and exceeded the amount of CZK 7.5 billion. CAP representatives mentioned that the increases are "partially supported by the ever-increasing portfolio of insured vehicles".

Access xprimm.com and download the Q1 2023 Czech insurance market statistics.