Czech Republic Insurance Report 2012
Business Monitor International, December 2011, Pages: 68
One of the major changes that is clearly visible from the latest figures published by the CAP, the insurers’ trade association, in relation to the first three quarters of 2011 is that the rate of growth in the Czech life segment has slowed. Premiums rose by just over 20% in calendar 2010. In the first nine months of 2011, by contrast, life premiums were 5.6% higher than they had been in the previous corresponding period.
Nevertheless, BMI remains of the view that the Czech Republic is at a reasonably early stage of a major transition, the result of which will be that life insurance becomes a very important for organised savings. Thanks in part to the overall income levels in the country, and the comparative scarcity of attractive alternatives (particularly given that interest rates will likely remain low for an extended period), Czechs who use and value life insurance are on average paying higher premiums than they were in 2010. The growth of the segment continues to be driven a surge (of 35% in the first nine months of 2011) in demand for single premium products that are linked to existing policies.
All in all, this means that the Czech Republic is the only country in Central and Eastern Europe where the life segment is both reasonably large and growing. Sadly, the same is not true of the non-life segment. The CAP’s latest numbers confirm that the long-term trend of a declining non-life penetration remains intact. For the time being, BMI is assuming that penetration will rise – if slightly – in 2012: however, the projections of premiums may have to be revised downwards once BMI has hard numbers for the first half of the year. The main problem remains downwards pressure on pricing in motor-related lines – a challenged remarked upon by most of the major insurers who have commented on their results for the first three quarters of 2011.
Commercial premiums continue to grow (if at single digit rates) in the nonlife segment: however, the effect of this is insufficient to offset the impact of the contraction in compulsory motorists third party liability (CMTPL) cover and voluntary motor (CASCO) insurance. The non-life companies have generally benefited from a fall in their combined ratios for the first nine months of the year (relative to the previous corresponding period) – however, the drop has been less than in other countries in Central and Eastern Europe which, like the Czech Republic, suffered substantial catastropherelated losses in H110.
Thanks to past deal-making, VIG and Generali, through their various subsidiaries, dominate the non-life and the life segments. However, the rankings of the other insurers is far from static. It is quite possible that we will see new arrivals to, mergers within or departures from both of the two major segments.
Executive Summary
Table: Total Premiums, 2008-2016
Key Insights And Key Risks
SWOT Analysis
Czech Republic Insurance Industry SWOT
Czech Republic Political SWOT
Czech Republic Economic SWOT
Czech Republic Business Environment SWOT
Life
Central And Eastern Europe Life Sector Overview
Table: Central And Eastern European Life Premiums, 2009-2016 (US$mn)
Czech Republic Life Sector Update
Table: Breakdown Of Life Premiums, 2010 (CZKmn)
Life Industry Forecast Scenario
Table: Czech Republic Life Premiums, 2008-2016
Growth Drivers And Risk Management Projections
Population
Table: Insurance Sector Key Drivers – Demographics 2008-2016
Non-Life
Central And Eastern Europe Non-Life Sector Overview
Table: Central And Eastern European Non-Life Premiums, 2008-2016 (US$mn)
Czech Republic Non-Life Sector Update
Table: Breakdown Of Non-Life Premiums, 2010 (CZKmn)
Non-Life Industry Forecast Scenario
Table: Non-Life Premiums, 2008-2016
Growth Drivers And Risk Management Projections
Macroeconomic Outlook
Table: Czech Republic Economic Activity, 2011-2016
Political Stability Outlook
Table: Europe Security Risk Ratings
Healthcare
Healthcare Insurance
Epidemiology
Table: Insurance Key Drivers, Disability-Adjusted Life Years, 2008-2016
Motor
Table: Insurance Key Drivers, Autos 2008-2015
Tourism
Table: Insurance Key Drivers, Tourism 2008-2015
Insurance Risk/Reward Ratings
Table: Czech Republic’s Insurance Risk/Reward Rating
Table: Central And Eastern Europe Insurance Risk/Reward Ratings
Competitive Landscape
Competitive Landscape Analysis
Major Players In The Czech Insurance Sector
Table: Ranking Of Non-Life Companies By Gross Written Premiums, Q111
Table: Ranking Of Life Companies By Gross Written Premiums, Q111
Company Profiles
Local Company Profiles
Èeská pojišt’ovna
Regional Company Profiles
AEGON
Allianz
Aviva
AXA
BNP Paribas Cardif
ERGO
Eureko
Generali
GRAWE
Groupama
HDI-Gerling/ Talanx
ING
KBC Group
MetLife ALICO
Prudential Financial
QBE
RSA
Uniqa
Vienna Insurance Group
Zurich
BMI Methodology
Insurance Risk/Reward Ratings
Table: Insurance Risk/Reward Indicators And Rationale
Table: Weighting Of Indicators
- AEGON
- Allianz
- Aviva
- AXA
- BNP Paribas Cardif
- ERGO
- Èeská pojišt’ovna
- Eureko
- Generali
- GRAWE
- Groupama
- HDI-Gerling/ Talanx
- ING
- KBC Group
- MetLife ALICO
- Prudential Financial
- QBE
- RSA
- Uniqa
- Vienna Insurance Group
- Zurich
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