STATISTICS: Czech Rep., FY2017: 18.4% increase in the claims paid for property insurance after Hewart

According to statistical data published by the Czech National Bank (CNB), the local insurance market totaled CZK 150.83 billion (EUR 5.9 billion) in GWP terms, 2.5% up y-o-y (nominal, in local currency).

Note: In comparing the Czech market's results with other countries, one should consider that data provided by the CNB includes information on all Czech insurers, branches of insurers from other EU or EEA member states and branches of insurers from other countries in the Czech Republic as of the given date. Also included are data on the branches of these insurers operating abroad.

Out of the previously mentioned total, Czech insurers members of CAP - the local insurers' association -, accounted for a total of CZK 122.94 billion (EUR 4.98 billion).

Back to the official CNB data, some slight changes in the market portfolio are noticeable:

  • Life insurance has recorded a negative growth rate, with GWP decreasing by 3.3%, to CZK 57.58 billion (Life and health insurance, incl. reinsurance, total); its share in the market portfolio decreased y almost 2pp, to 38.17%;
  • Most non-life insurance lines saw a positive evolution, recording on average a 6.4% increase in GWP terms; thus, the non-life portfolio recorded only marginal changes.
Paid claims totaled CZK 96.8 billion, 1.15% up y-o-y. Yet, while on the life segment indemnities paid decreased y-o-y by about 5.4%, the non-life life side saw 7% increase, mostly because of the losses produced by the extreme weather events that hit Czechia in the second half of 2017 (18.4% increase in the claims paid for property insurance). Total insured losses from the Herwart storm that hit the country at the end of October amounted, according the CAP estimations, to CZK 1.45 billion.

Exchange rate: 1 EUR = 25.540 Kroon - CZK (December 31st, 2017)

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

VIG Group's Czech companies won multiple awards

Vienna Insurance Group's (VIG) companies Kooperativa and Ceska podnikatelska pojistovna (CPP) led the way in the Association of Czech Insurance Brokers' "Insurer of the Year" survey, taking the top two spots in all four of the main categories.

2018-06-13

ON THE MOVE

AIG Life Limited (UK) announces the appointment of a new CEO

AIG Life Limited (UK) announced the appointment of Philip WILLCOCK - the former CEO of AVIVA's Indonesian and Italian ventures - as CEO, subject to regulatory approval, effective March 1, 2019. He will be based in London and will report to Adam WINSLOW, CEO, International, Life & Retirement.

13.12.2018

Sylva de FLUITER takes over as head of UNIQA Re AG

Sylva de FLUITER will take over as head of UNIQA Re AG in Zurich as of 1 January 2019, the Austrian group announced. Until year end she will work hand in hand with long-time Managing Director Hans Uwe MULLER, who will retire after 14 years at UNIQA Re.

12.12.2018

MERCER to name Bala VISWANATHAN Chief Operating Officer

MERCER, the consulting subsidiary of MMC - Marsh & McLennan Companies, announced that Bala VISWANATHAN, CEO of Jardine Lloyd Thompson Group plc (JLT) UK & Ireland Employee Benefits, will join MERCER as Chief Operating Officer.

12.12.2018

TOP EVENT

Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.

06.11.2018

IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.

05.11.2018

See all