VIG Re, the reinsurance arm of Vienna Insurance Group, has published its Annual Report confirming preliminary financial figures communicated on 20th March 2024.

The Czech insurance market totaled CZK 213.15 billion (EUR 8.62 billion) at the end of 2023, up by 6.52% y-o-y, according to the year-end figures published by the Czech National Bank (CNB).

According to the Q4 2023 market data published by the Czech Insurance Association – CAP, total premiums of the members of the association reaches a value of CZK 168.5 billion (~EUR 6.8 billion) by the end of 2023, up by 7.1% y-o-y, or by CZK 11.1 billion.

51% of Czechs have taken out life insurance, with the primary reason of protecting their family in case they become unable to provide because injury or illness or death. Providing for their own needs in the event of illness or injury only comes second, a recent CAP survey shows.

The Czech insurance market ended the third quarter of 2023 with GWP worth CZK 160.9 billion (EUR 6.6 billion), up by 6.1% y-o-y, according to the end-September figures published by the Czech National Bank (CNB).

According to the CAP (Czech Insurance Association) quarterly figures, at the end of September 2023 the aggregate GWP reported by member companies totaled CZK 127 billion (EUR 5.2 billion) up by 6.5% y-o-y.

Czechs lost CZK 550 million in insurance benefits in 2022 because the lack of insurance coverage. According to CAP – the insurers’ association’s estimations, out of the 116,000 unexpected property events in households last year, only an estimated two-thirds were insured. In 10 years, uninsured households in the Czech Republic cost CZK 6.8 billion.

On the first of November, an updated version of the risk maps of river and flash floods was launched in Czechia through the cooperation of the Czech Association of Insurance Companies (CAP) with the Ministry of Agriculture, the Water Management Research Institute and other state institutions resulted in the expansion of flood hazard maps.

The leading Czech insurance broker RENOMIA has bought a stake in the Austrian company Steinmayr & Co and is thus entering the Austrian market. With this acquisition, the insurance premiums that RENOMIA GROUP manages for its clients in the countries of Central Europe will exceed EUR 800 million.

The Czech insurance market ended the second quarter of 2023 with GWP worth CZK 107.8 billion (EUR 4.5 billion), up by 6.4% y-o-y, according to the end-June statistics published by the Czech National Bank (CNB).

Over 70% of the respondents to the 2023 edition of the annual survey undertaken by the Czech Insurance Association (CAP) are concerned about the inability to provide for themselves in old age. Also, availability unavailability of quality medical care is among the top concerns.

In 2022, firefighters went to almost 21 thousand fires with a total damage of almost CZK 5.3 billion (~EUR 220 million). But, according to an analysis conducted by the Czech Association of Insurance Companies, only a quarter of them were insured. As a result, more than CZK 1.7 billion (EUR 70 million) could have been paid out by insurers.

The Q1 2023 figures published by the Czech National Bank (CNB) show that the local insurance industry totaled about EUR 2.3 billion - CZK 54.8 billion, up by 6.6% y-o-y.

In 2022, Czech insurance companies handled over 270,000 property insurance claims for almost CZK 13 billion (EUR 548 million). In average, a damage to the property of Czechs or companies occurred every two minutes. The most expensive were the fires. Windstorms became the jump of the year, the number of which increased by a third, data of the Czech Association of Insurance Companies (CAP) show.

The business of Czech insurers member of local professional association - CAP totaled at the end of March 2023 about CZK 42.9 billion (EUR 1.8 billion) up by 5.5% y-o-y, or by CZK 2.2 billion. According to the CAP representatives, "compared to the 8.5% growth rate recorded in the same period last year, or 7% growth achieved at the end of 2022, this is a slowdown in the growth rate of the entire insurance market".

RENOMIA, a leading Central European risk management, insurance and claims management consultancy, has acquired a majority stake in Renewable Energy Insurance Broker (REIB), a Bulgarian company specialising in the insurance of renewable energy sources, particularly solar and wind power plants. RENOMIA, which celebrates its 30th anniversary this year, maintains dynamic growth through a combination of organic growth and M&A.

The Board of Directors of the Czech Bureau of Insurers (CKP) decided to end free coverage of damages caused by Ukrainian vehicles as of April 13, 2023.

The Czech insurance market totaled CZK 200 billion (EUR 8.3 billion) at the end of 2022, up by 11.3% y-o-y, according to the year-end figures published by the Czech National Bank (CNB). For the life segment, the GWP value (including reinsurance) increased by 5% y-o-y CZK 54.3 billion, while the non-life insurance market was up by 13.9% y-o-y to CZK 145.8 billion.

According to the Czech Insurance Association - CAP, at the end of 2022 the aggregate GWP reported by member companies totaled CZK 157.36 billion (EUR 6.52 billion) up by 7.01%, or by almost CZK 10.31 billion.

The number of insurance frauds increased during 2022, according to the figures published by the Czech Insurance Association (CAP). The professional association of Czech insurers informed that during last year, it inspected a total of 13,820 suspected claim files, up by 21% y-o-y, the aggregate value of detected fraud totaling CZK 1.42 billion - or ~EUR 59 million (up by CZK 173 million, or by 14% y-o-y). The average amount of detected fraud / claim file reached CZK 231 thousand (vs CZK 249 thousand in 2021 or CZK 288 thousand in 2020).