Thus, GWP for the life insurance segment decreased y-o-y by almost 5% in local currency or 8% in euro, to EUR 2.02 billion. Unit-linked products placed the worst dynamic, with an over 15% decrease in underwritings (in euro).
The non-life insurance segment also shows a trend contrary to those generally recorded in the region, with slightly positive results on the motor lines and a small decrease on the property lines and a strong growth on the credit insurance sector. MTPL premiums volume grew by about 2.37% y-o-y (in euro) succeeding to offset the 2.9% decrease in GWP recorded for the Motor Hull line. On the property lines yet, the slightly positive trend recorded on the damages to property line was not enough to counterbalance the 3.8% y-o-y decrease in the fire and allied perils line's underwriting volume.
According to the insurer's association representatives, the results show an increasing value of the average premium per contract for life insurance while the total number of active contracts of life insurance is lower. "This is contrary to the trend recorded in non-life insurance, where we have an increased number of contracts, but declining average premium," commented Tomas SIKORA, Managing Director CAP. He added: "Due to high competition rates are low, preventing the market growth despite the slightly growing number of policies sold."
Access www.xprimm.com and download the 3Q2013 Czech Republic insurance market statistics.
Market portfolio (in EUR and CZK) according to the Czech National Bank (CNB):
- Gross written premiums
- Growth rates
- Paid claims
- Overall market ranking
- Life insurance ranking
- Non-life insurance ranking
- MTPL insurance ranking
- Motor hull insurance ranking