At a slow pace, the Czech insurance market in 1H2013 also recorded the descending trend established in late 2011. The life insurance sector, accounting for more than 40% of the overall premium production, was responsible for the negative change recorded by the market turnover in the first half of the year. Thus GWP for the life insurance lines fell by 5.8%, to CZK 35 billion (EUR 1.35 billion). According to the representatives of CAP - the Czech insurers' association, the main reason of this trend is a significant drop in premiums for single premium life insurance, by 17%, mainly due to lower revenues of financial markets in the second quarter of this year.
The Czech General Health Insurance Company (VZP) will save 67 million
crowns a year by buying the controversial IZIP server via which it
communicates with patients and for whose operation it has annually paid
72 million crowns to the IZIP company, VZP director Zdenek Kabatek said
CESKA Pojistovna succeeded in the Best insurance company competition
organized by Czech economic daily Hospodarske noviny in 2013 and became
the "Clients friendliest non-life insurance company" for this year. It
has been the fifth year of this competition already. The awards come to
insurance companies that can offer the best products and services for
their clients, have good and proper communication with them, have good
economic results while are accessible to their clients too.
The Czech insurance market showed in 1Q2013 its traditional quiet evolution, recording a 3.30% growth of the GWP volume, to CZK 41 billion, a positive evolution common to both life and non-life insurance lines. However, denominated in euro, the figures look somehow different, due to the 4% Croon's exchange rate depreciation y-o-y. Thus, the total GWP volume calculated in euro amounted to EUR 1.59 billion, 0.7% less than in 1Q2012.
Members of the Association of Czech Insurance Brokers mediated insurance
worth Kc20.04bn for insurance companies last year, up by 4 percent
year-on-year, the association told CTK yesterday.
Insured damage from floods in the Czech Republic could cost CZK 7.5
billion (EUR 293 million), according to the country's insurers.
Jaroslav MLYNAR will become the new Chief Executive Officer of CESKA Pojistovna (CP), as GENERALI PPF Group (GPH) recently announced. He is replacing Pavel REHAK, who is leaving by his own decision on 31st May 2013, having resigned from all positions and offices.
Ceska pojistovna again confirmed its strong position in the Czech insurance market.
financial results last year, according to IFRS, showed a profit of CZK
3.9 billion after tax (+9% year-on-year) and total premiums written
exceeded CZK 32 billion. The extremely stable position of Ceska
pojistovna is evidenced by the A- rating recently affirmed by S&P,
with a stable outlook.
The management of the Czech General Health Insurance Company (VZP) wants
to achieve a balanced budget by the end of the year, VZP director
Zdenek Kabatek told Czech Television (CT) Sunday.
The Czech insurers ended 2012 with a EUR 603.6 million aggregated profit before taxes, a 36.3% higher figure than in 2011, despite the stagnant trend of the underwriting activity. In terms of gross written premium, last year's results are fairly comparable with 2011 figures, with a total premium production of EUR 6.1 billion, 1.6% higher y-o-y considering the values of the main market indicators denominated in Euro. In national currency, GWP amounted to CZK 153.6 billion, almost 1% less than in 2011.
Clients of GENERALI CZ reported 258 thefts of their cars in amount of
CZK 39 million in 2012. The average loss which is around CZK 150
thousand indicates that burglars are not interested only in new,
The Czech Finance Ministry is considering an introduction of a special
sector tax for insurers if the state fails to meet budget targets,
Deputy Finance Minister Radek Urban said Sunday in a discussion
programme on the Czech Television.
CESKA Pojistovna (CP) solved totally 1200 cases of stolen cars of its
clients last year. Statistics show that structure of these cases was not
changing during last years. European car brands are the most in danger
and almost the half of all stolen cars was not older than 5 years. While
burglars were focusing on new and luxurious cars in past, the number of
thefts of older cars (for reserve parts) increased last year
Finance Minister Miroslav KALOUSEK will propose to the government on
Wednesday to raise the insurance capacity of export guarantee and
insurance company EGAP by CZK 10 billion to CZK 280 billion, KALOUSEK
said in discussion programme Questions of Vaclav MORAVEC on Czech TV
CESKA Pojistovna (CP), the largest insurance company in the Czech Republic, reported insurance frauds amounting to almost CZK 422 million (close to EUR 17 million) last year.
Insurers in the Czech Republic checked 6,000 suspicious cases of
insurance claims last year, a drop of 8 percent compared with 2011, and
proved frauds worth over Kc1bn, a year-on-year growth of 27 percent, the
Czech Insurers' Association (CAP) told CTK yesterday.
Vseobecna zdravotni pojistovna (VZP), state-owned health insurance
company, faces suspicion of uneconomical management of money for
prevention in previous four years.
In 3Q2012, the Czech Republic insurance market increased slightly, to almost CZK 118 billion or EUR 4.7 billion (0.3% more compared to January-September 2011), as the financial indicators published by the Czech National Bank (CNB) showed, confirming the market trend resulting from data collected by the insurers' association. At the same time, during the reporting period, the insurers paid claims in the amount of CZK 65.5 billion (EUR 2.6 billion), 3.2% up y-o-y.
All Czech health insurance companies made losses and spent their
financial reserves in 2012, which showed that the planned health
insurance bill, a crucial part of the reform of the Czech healthcare
system, is badly needed.
CESKA Pojistovna (CP), the largest insurance company in the Czech Republic, reported for January-September 2012, according to the international accounting standards, a net profit of CZK 2.80 billion (EUR 110 million), CZK 200 million less compared with the same period previous year.