STATISTICS: CZECH REP., CAP: Insurance market growth rate increases by 2% y-o-y in H1
The following statement was released by the Czech Insurance Association (CAP):
Compared to the 1st quarter of 2016 non-life insurance experienced the growth by CZK 1.7 billion and reached the level of CZK 38.8 billion. Namely the 9.6% growth of accident insurance has contributed to the achieved results. Jan MATOUSEK, the Czech Insurance Association Director, comments on the results: "The growing insurance rate in the area of accident insurance is good news. People are becoming more aware that it is better to cover damages caused to their vehicles most often by accidents but often by natural disasters, vandalism, theft or collision with an animal, from a suitable insurance than to considerably burden the family budget" and adds: "Also entrepreneurs protect their property more. The 3% year-on-year growth in the number of contracts and also the total volume of business risk insurance provides a proof of their greater responsibility and a favorable development of Czech economy."
Also the mandatory damage liability insurance has experienced a year-on-year growth by 2.5%, which, compared to the increase by 1.9% in the 1st quarter, demonstrates a slight acceleration, which however depends namely on the growing number of insured vehicles.
Life insurance is still on a decline; however the decline tempo is slowing down (from 3.4% in the 1st quarter) to 2.2%. Higher decline continues for products with lump-sum premiums, in particular by 30%, however, this represents only a fractional correction compared to the decline by 43% in the 1st quarter of 2016. Products with regular premiums show the current decline by only 0.8%.
Access www.xprimm.com and download the 1H2016 Czech Republic insurance market statistics.
Market rankings in EUR and CZK (GWP/Market shares/Growth rates) according to the Czech Insurance Association (CAP):
- Overall market ranking
- Life insurance ranking
- Non-life insurance ranking
- MTPL insurance ranking
- Motor hull insurance ranking