STATISTICS: CZECH REP., 1Q2018 (CAP): market increase equally supported by life, motor and corporate insurance lines

The Czech insurance market ended 1Q2018 with GWP worth EUR 1.32 billion, 10.8% up y-o-y. Non-life insurance lines had the largest contribution, reporting GWP of EUR 889.4 million, which is 12.7% more y-o-y.

In absolute terms, motor insurance lines (Motor Hull and MTPL) and the "business and industry" segment (property and liability insurance for corporate clients) were the growth drivers, each of them providing for about EUR 25 million of the additional premiums volume written in 1Q2018 as compared with the same period of 2017. A similar amount of the premiums increase came from the life insurance sector (EUR 28.3 million).

It is worth noting that cars sales provided for only for a limited support to the motor insurance market growth; while the first month of the year saw a 11.5% increase in passenger cars sales, the following two months recorded a weaker dynamic, so that at the end of 1Q, passenger cars sales figures showed a negative quarterly change of about 0.5%. A similar evolution was recorded also on the commercial vehicles segment. Briefly, such evolution indicates that at least in part the segment growth came from the continuation of the price increasing trend. Yet, as the Czech Insurers Association (CAP) underlines, despite this trend, premiums paid for motor insurance - especially for MTPL -, are still not sufficient to cover the visible increasing amounts paid for bodily injuries claims after the adoption, four years ago, of the new Civil Code. Previously, fixed amounts were set for each category of damage to health. The new Act introduced more individual compensation for victims based on the assessment of the specific situation of the survivors and the injured. In the end, the total compensation to be paid may exceed the MTPL limits. Insurers have expanded significantly their offer in this respect, so that currently customers can buy extended coverage choosing from various option. Still, on the customers' side, the demand for such products is still very limited.

Top 5 companies continue to account for about three quarters of the market premiums production. Ceska pojistovna and Kooperativa, pojistovna are leading the market, with fairly equal market shares (21.23% and 20.88% respectively), followed by Allianz (9.97%), Generali and CSOB (both with aprox. 7.3% market share).

Access www.xprimm.com and download the Q1/2018 Czech insurance market statistics.
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