Czech Republic Insurance Report Q2 2016
- ID: 3608816
- January 2016
- Region: Czech Republic
- 59 pages
- Business Monitor International
Strong domestic economic growth underpins our expectations for steady growth in both life and non-life premiums over the course of our five year forecast period through to 2020. Rising rates of household spending and declining unemployment rates will drive demand for a range of insurable consumer products, while wider economic growth will support increases in corporate lines, particularly credit and financial guarantee insurance which is currently a minor line. While low interest rates continue to dampen demand for life insurance products, positive demographic trends and a growing middle class ensure some growth will be maintained.
Key Updates And Forecasts
- Following strong growth in autos sales in 2015, we expect to see a short-term contraction in the motor insurance segment which dominates the non-life market, primarily due to intense premium pricing competition as the Autos team does expect to see further growth in new vehicle sales over 2016.
Overall, non-life premiums are forecast to fall by 1.7% in 2016 before returning to growth over the remainder of the forecast period.
- Growth in the life sector will slow in 2016 compared to 2015, largely a result of tax revisions which have subdued demand but also due to lingering effects from low investment returns. We expect life premiums to grow by 2.0% over the year, with similar growth expected through to 2020.
Table: Headline Insurance Forecasts (Czech Republic 2013-2020)
Life Premiums Forecast
Table: Life Premiums (Czech Republic 2013-2020)
Table: Life Insurance Claims (Czech Republic 2007-2014)
Non-Life Premiums Forecast
Table: Non-Life Premiums (Czech Republic 2013-2020)
Table: Non-Life Insurance Claims (Czech Republic 2008-2014)
Non-Life Sub-Sector Forecast
Table: Non-Life Insurance Premiums by Product Line (Czech Republic 2013-2020)
Insurance Risk/Reward Index
Emerging Europe Risk/Reward Index
Table: Emerging Europe Insurance Risk/Reward Index - Q216
Life Market Overview
Table: Life Insurance Market Share (USDmn), 2008-2014
Non Life Market Overview
Table: Non-Life Market Share (USDmn), 2008-2014
Vienna Insurance Group (VIG)
Industry Forecast Methodology
Risk/Reward Index Methodology
Table: Weighting of Indicators