Pension company of CESKA Pojistovna (PSCP) is going to take over the
client portfolio of Raiffeisen pension company (RPS) in 2nd and also in
3rd pillar of retirement savings. This acquisition confirms the
long-term strategic cooperation between financial groups of CESKA
Pojistovna and Raiffeisenbank in the field of pensions. PSCP will gain
about 12,200 customers from second pillar and 1000 clients in 3rd
pillar. The whole transaction should be completed after complying with
all regulatory steps at the beginning of the second half of this year.
Insurance companies in the Czech Republic uncovered frauds for over
Kc1bn last year, 2 percent higher than in 2012, and the number of
suspicious cases that they checked grew by 73 percent to 10,600, the
Czech Insurers Association (CAP) informed CTK Tuesday.
Vienna Insurance Group continued on its successful path in the Czech Republic also in 2013. Strengthening its number one position by increasing its market share to excellent 33.1 percent, the Group further widened the gap to its competitors.
Czech insurers' results in 3Q2013 are in line with the previous reporting periods. As compared with the previous year, figures are showing an almost unchanged GWP volume denominated in local currency (CZK) while denominated in euro, the market turnover recorded an almost 4% y-o-y decrease, to EUR 4.55 billion. It is interesting to observe though that, unlike other major CEE markets, the Czech market's decrease was mainly caused by the negative trend recorded on the life insurance side.
For the second time in a row, Komercni pojistovna has received the highest award in the prestigious World Finance economic magazine's rating. Following its last year's primacy as The Insurance Company of the Year in the Czech Republic, this year it can again boast of a top rating, now as The Life Insurance Company of the Year in the Czech Republic, a new life category.
Czech Group companies of Vienna Insurance Group have earned first place
in three out of four categories in the "Insurance" sector in this year's
industry competition run by financial advisory service provider
Fincentrum. Ceska podnikatelska pojistovna (CPP) dominated the category
of "Motor Insurance", taking first place, while second place went to
Kooperativa. Pojistovna Ceske sporitelny (PCS), which distributes its
products through the Czech subsidiary of Erste Group and is also part of
the Group, climbed to top spot in the "Life Insurance" category.
Ostensibly, the insurance market in the Czech Republic hasn't changed
much over the last 10 years. But a closer look at the figures suggests
things may not be so straightforward.
Investigators of Czech insurance companies discovered frauds for several
hundreds of millions of crowns in the January-September period, which
represented an annual hike from 10 to 25 percent, a CTK poll among
domestic insurers has revealed.
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.