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Czech Republic Insurance Market Intelligence
Koncept Analytics, Jan 2010, Pages: 22
The Czech insurance industry has been growing at a notable pace since the early nineties, mainly because of government reforms, increasing income, and household expenditure in non-food categories, demand for investment-linked products and improved sales channel (bancassurance). Despite the slowdown of domestic economy in 2008, the insurance sector recorded growth, particularly on account of the number of vehicles registered. Growth was also supported by increased demand for insurance resulting from changes in legislations which introduced effective penalization of those who fail to pay motor third party liability insurance, which is compulsory under the law. Increased available income, investment in non-food items, such as automobiles and property, and demand for health and retirement-savings product, compulsory motor third-party liability insurance and aging population are some of the important growth drivers of the industry.
In terms of segment wise market share, the non-life businesses have dominated the domestic insurance market. However, with the rising popularity of unit-linked and assurance on death, survival, etc. products, the life insurance market has also been exhibiting higher growth and expansion. The key reason to fuel the demand for non-life insurance products is the frequent occurrence of natural disasters in the region, such as the massive floods of August 2002 and the Kyrill storm which affected the region in 2007. Fro the coming years, the insurance market in Czech Republic is expected to offer growth opportunities on account of low penetration of products and increasing interest of foreign players, which would lead to the introduction of new products as well as improved sales and promotional activities.
The present report gives an overview of Czech Republic’s insurance market along with an analysis of the country’s political structure and the economic growth. The report provides an insight into the market size and growth in insurance premiums as well as life and non-life premiums. Insurance premiums are discussed in terms of life and non-life segments and the density and penetration levels. The various developments and drivers are also discussed and finally the projections regarding premium growth are given.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the insurance industry in the country. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry and its sub-segments life and non-life insurance. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
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