Life Insurance in the Czech Republic, Key Trends and Opportunities to 2020

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Published: September 13, 2016 Report Code: GD-IS1274MR-ST

Report Overview
Key Players
Table of Contents
Table
Figures

GlobalData’s 'Life Insurance in the Czech Republic: Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Czech life insurance segment, and a comparison of the Czech insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review (2011–2015) and forecast periods (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Czech economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Scope

This report provides a comprehensive analysis of the life insurance segment in the Czech Republic:

• It provides historical values for the segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.

• It offers a detailed analysis of the key categories in the segment, and market forecasts to 2020.

• It provides a comparison of the segment with its regional counterparts

• It analyzes the various distribution channels for life insurance products in the Czech Republic.

• It profiles the top life insurance companies in the Czech Republic and outlines the key regulations affecting them.

Key Highlights

• In 2015, the life segment accounted for 33.4% of the industry’s overall gross written premium.

•In January 2015, an amended income tax act came into force that restricted the tax benefits of private life insurance products.

• The segment’s penetration stood at 1.1% in 2015.

• Despite difficult operating conditions, life insurers registered an increase in their total assets.

• The extremely low interest rate prohibited life insurers from offering value added products at affordable premium prices.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Czech life insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the segment.

• Assess the competitive dynamics in the life insurance segment.

• Identify growth opportunities and market dynamics in key product categories.

• Gain insights into key regulations governing the Czech insurance industry, and their impact on companies and the industry's future.

Pojišťovna České spořitelny
Česká pojišťovna
Kooperativa
pojišťovna
Komerční pojišťovna
NN Zivotni Pojistovna
ČSOB
Allianz pojišťovna
Axa životní pojišťovna.
Generali Pojišťovna
MetLife pojišťovna

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook

4.1 Regional Comparison

4.2 Segment Indicators

4.2.1 Gross written premium and penetration

4.2.2 Policies sold

4.2.3 Claims

4.2.4 Assets and investments

5 Outlook by Sub-Segment

5.1 Individual Life Insurance

5.1.1 Premium

5.1.2 Policies sold

5.1.3 Penetration

6 Distribution Channel Outlook

7 Competitive Landscape

7.1 Company Profiles

7.1.1 Pojišťovna České spořitelny, as – company overview

7.1.2 Česká pojišťovna as – company overview

7.1.3 Kooperativa pojišťovna, as – company overview

7.1.4 Komerční pojišťovna, as – company overview

7.1.5 ING Životní pojišťovna NV, pobočka pro Českou republiku – company overview

7.1.6 ČSOB Pojišťovna, as, člen holdingu ČSOB – company overview

7.1.7 Allianz pojišťovna – company overview

7.1.8 Axa životní pojišťovna, AS – company overview

7.1.9 Generali Pojišťovna, as – company overview

7.1.10 MetLife Europe Ltd, pobočka pro Českou republiku – company overview

8 Governance, Risk and Compliance

8.1 Legislation Overview and Historical Evolution

8.2 Latest Changes in Regulation

8.3 Legislation and Market Practice by Type of Insurance

8.3.1 Life Insurance

8.3.2 Property Insurance

8.3.3 Motor Insurance

8.3.4 Liability insurance

8.3.5 Marine, aviation and transit insurance

8.3.6 Personal accident and health insurance

8.4 Compulsory Insurance

8.4.1 Motor third-party liability insurance

8.4.2 Workers’ Compensation Insurance

8.4.3 Air carriers and aircraft operators insurance

8.4.4 Professional indemnity insurance for alternative investment fund managers

8.4.5 Clinical trials liability insurance

8.5 Supervision and Control

8.5.1 International Association of Insurance Supervisors

8.5.2 European Insurance and Occupational Pensions Authority

8.5.3 Czech National Bank

8.5.4 Czech Insurance Association

8.5.5 Federation of European Risk Management Associations (Ferma)

8.6 Non-Admitted Insurance Regulations

8.6.1 Overview

8.6.2 Intermediaries

8.6.3 Market practices

8.6.4 Fines and Penalties

8.7 Company Registration and Operations

8.7.1 Type of insurance organization

8.7.2 Establishing a local company

8.7.3 Foreign ownership

8.7.4 Types of license

8.7.5 Capital requirements

8.7.6 Solvency margin

8.7.7 Reserve requirements

8.7.8 Investment regulations

8.7.9 Statutory return requirements

8.7.10 Fee structure

8.8 Taxation

8.8.1 Insurance premium or policy taxation

8.8.2 Withholding taxes on premium paid overseas

8.8.3 Corporate tax

8.8.4 VAT

8.8.5 Captives

8.9 Legal System

8.9.1 Introduction

8.9.2 Access to court

8.9.3 Alternative dispute resolution (ADR)

9 Databook

9.1 Policies and Premium

9.2 Claims and Expenses

9.3 Assets and Investments

9.4 Individual Life Insurance

9.5 Individual Life Insurance by Product

9.6 Individual Life – Single vs. Non-Single Premium

9.7 Linked vs. Non-Linked Policies

10 Definitions and Methodology

10.1 Definitions

10.2 Methodology

11 About GlobalData

11.1 Contact GlobalData

11.2 About GlobalData

11.3 GlobalData’s Services

11.4 Disclaimer

Table

Table 1: Czech Life Insurance – Key Facts, 2015

Table 2: Czech Life Insurance – Segment Shares (%) of the Top Insurers, 2014

Table 3: Czech Government Credit Ratings

Table 4: Czech Life Insurance – Gross Written Premium (CZK Billion and US$ Billion), 2011–2015

Table 5: Czech Life Insurance – Penetration (%), 2011–2015

Table 6: Czech Life Insurance – Gross Written Premium (CZK Billion and US$ Billion), 2015–2020

Table 7: Czech Life Insurance – Penetration (%), 2015–2020

Table 8: Czech Life Insurance – Premium per Capita (CZK and US$), 2011–2015

Table 9: Czech Life Insurance – Premium per Capita (CZK and US$), 2015–2020

Table 10: Czech Life Insurance – Number of Policies Sold (Million), 2011–2015

Table 11: Czech Life Insurance – Number of Policies Sold (Million), 2015–2020

Table 12: Czech Life Insurance – Paid Claims (CZK Billion and US$ Billion), 2011–2015

Table 13: Czech Life Insurance – Paid Claims (CZK Billion and US$ Billion), 2015–2020

Table 14: Czech Life Insurance – Total Assets (CZK Billion and US$ Billion), 2011–2015

Table 15: Czech Life Insurance – Total Assets (CZK Billion and US$ Billion), 2015–2020

Table 16: Czech Life Insurance – Total Investment Income (CZK Billion and US$ Billion), 2011–2015

Table 17: Czech Life Insurance – Total Investment Income (CZK Billion and US$ Billion), 2015–2020

Table 18: Czech Life Insurance – Investment Portfolio (CZK Billion), 2011–2015

Table 19: Czech Life Insurance – Investment Portfolio (CZK Billion), 2015–2020

Table 20: Czech Individual Life Insurance – Direct Written Premium by Category (CZK Billion), 2011–2015

Table 21: Czech Individual Life Insurance – Direct Written Premium by Category (CZK Billion), 2015–2020

Table 22: Czech Individual Life Insurance – Number of Policies Sold by Category (Million), 2011–2015

Table 23: Czech Individual Life Insurance – Number of Policies Sold by Category (Million), 2015–2020

Table 24: Czech Insurance Industry – Market Shares of Leading Insurers (%), 2014

Table 25: Pojišťovna České spořitelny – Key Facts

Table 26: Pojišťovna České spořitelny – Key Financials (CZK Million), 2011–2014

Table 27: Česká pojišťovna – Key Facts

Table 28: Česká pojišťovna – Key Financials (CZK Million), 2011–2014

Table 29: Kooperativa pojišťovna – Key Facts

Table 30: Kooperativa pojišťovna – Key Financials (CZK Million), 2011–2014

Table 31: Komerční pojišťovna – Key Facts

Table 32: Komerční pojišťovna – Key Financials (CZK Million), 2011–2014

Table 33: ING Životní pojišťovna – Key Facts

Table 34: ING Životní pojišťovna – Key Financials (CZK Million), 2011–2014

Table 35: ČSOB Pojišťovna – Key Facts

Table 36: ČSOB Pojišťovna – Key Financials (CZK Million), 2011–2014

Table 37: Allianz pojišťovna – Key Facts

Table 38: Allianz pojišťovna – Key Financials (CZK Million), 2011–2014

Table 39: Axa životní pojišťovna – Key Facts

Table 40: Axa životní pojišťovna – Key Financials (CZK Million), 2011–2014

Table 41: Generali Pojišťovna – Key Facts

Table 42: Generali Pojišťovna – Key Financials (CZK Million), 2011–2014

Table 43: MetLife – Key Facts

Table 44: MetLife – Key Financials (CZK Million), 2012–2014

Table 45: Czech Republic – Insurance Regulatory Framework Key Features

Table 46: Czech Republic – Life Insurance Regulatory Framework

Table 47: Czech Republic – Property Insurance Regulatory Framework

Table 48: Czech Republic – Motor Insurance Regulatory Framework

Table 49: Czech Republic – Liability Insurance Regulatory Framework

Table 50: Czech Republic – Minimum Cover for Aircraft Third-Party Liability Per Accident Per Aircraft

Table 51: Czech Republic Corporate Tax Rates for the Financial Year 2016

Table 52: Czech Life Insurance – Policies and Premium, 2011–2015

Table 53: Czech Life Insurance – Policies and Premium, 2015–2020

Table 54: Czech Life Insurance – Claims and Expenses, 2011–2015

Table 55: Czech Life Insurance – Claims and Expenses, 2015–2020

Table 56: Czech Life Insurance – Assets and Investments, 2011–2015

Table 57: Czech Life Insurance – Assets and Investments, 2015–2020

Table 58: Czech Life Insurance – Individual Life Insurance, 2011–2015

Table 59: Czech Life Insurance – Individual Life Insurance, 2015–2020

Table 60: Czech Life Insurance – Individual Life Insurance by Product, 2011–2015

Table 61: Czech Life Insurance – Individual Life Insurance by Product, 2015–2020

Table 62: Czech Life Insurance – Individual Life Insurance by Premium, 2011–2015

Table 63: Czech Life Insurance – Individual Life Insurance by Premium, 2015–2020

Table 64: Czech Life Insurance – Linked vs. Non-Linked Policies, 2011–2015

Table 65: Czech Life Insurance – Linked vs. Non-Linked Policies, 2015–2020

Table 66: Insurance Industry Definitions

Figures

Figure 1: Czech Real GDP (CZK Trillion), 2011–2020

Figure 2: Czech Consumer Price Inflation (%), 2011–2020

Figure 3: Czech Current Account Balance as Percentage of GDP (%), 2011–2015

Figure 4: CZK–US$ Exchange Rate, 2011–2020

Figure 5: Czech Unemployment Rate (%), 2011–2020

Figure 6: Czech Population by Age Group, 1990–2025

Figure 7: Czech Life Insurance Penetration – Regional Comparison (%), 2015

Figure 8: Czech Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2015

Figure 9: Czech Life Insurance – Gross Written Premium (CZK Billion), 2011–2020

Figure 10: Czech Life Insurance – Penetration (%), 2011–2020

Figure 11: Czech Life Insurance – Premium per Capita (CZK), 2011–2020

Figure 12: Czech Life Insurance – Number of Policies Sold (Million), 2011–2020

Figure 13: Czech Life Insurance – Paid Claims (CZK Billion), 2011–2020

Figure 14: Czech Life Insurance – Total Assets (CZK Billion), 2011–2020

Figure 15: Czech Life Insurance – Total Investment Income (CZK Billion), 2011–2020

Figure 16: Czech Life Insurance – Investment Portfolio (CZK Billion), 2011–2020

Figure 17: Czech Life Insurance – Investment Portfolio Dynamics by Category, 2011–2020

Figure 18: Czech Individual Life Insurance – Direct Written Premium by Category (CZK Billion), 2011–2020

Figure 19: Czech Individual Life Insurance – Direct Written Premium Share by Category, 2011–2020

Figure 20: Czech Individual Life Insurance – Direct Written Premium Dynamics by Category, 2011–2020

Figure 21: Czech Individual Life Insurance – Number of Policies Sold by Category (Million), 2011–2020

Figure 22: Czech Individual Life Insurance – Penetration (%), 2011–2015

Figure 23: Czech Individual Life Insurance – Penetration (%), 2015–2020

Figure 24: Czech Insurance Industry – Market Shares of Leading Insurers (%), 2014

Figure 25: Czech Republic – The Three Pillars of Solvency II

Figure 26: Czech Republic – Insurance Supervision and Control at Various Levels

Figure 27: Czech Republic – Insurance Regulatory Frameworks for Company Registration and Operation

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