Czech Republic General Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2027

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Published: July 14, 2023 Report Code: GDIS2708MR-ST

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Czech Republic General Insurance Market Overview

The gross written premium of the Czech Republic general insurance market was CZK145.8 billion ($6.2 billion) in 2022 and is expected to achieve a CAGR of more than 7% during 2023-2027. The Czech economy is expected to slow down in 2023, which will be mainly due to high inflation and tight monetary conditions. To tackle inflation, the government has introduced various support measures that are expected to increase public expenditure.

The Czech Republic general insurance market research report provides in-depth market analysis, information, insights, and a detailed outlook by product category for the Czech Republic general insurance segment. It also provides values for key performance indicators such as gross written premium, penetration, and premium ceded and cession rates during the review period and forecast period.

Czech Republic General Insurance Market Outlook, 2022-2027 (CZK Billion)

Czech Republic General Insurance Market Outlook, 2022-2027 (CZK Billion)

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The report analyzes distribution channels operating in the segment, gives a comprehensive overview of the Czech Republic’s economy and demographics, and provides detailed information on the competitive landscape in the country. The report also gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.

Market Size (2022) CZK145.8 billion ($6.2 billion)
CAGR (2023-2027) >7%
Forecast Period 2023-2027
Historical Period 2018-2022
Key Lines of Business ·       Property

·       Motor

·       Liability

·       Financial Lines

·       MAT

·       PA&H

·       Miscellaneous
Key Distribution Channels ·       Direct from Insurer

·       Financial Advisor

·       Insurance Broker

·       Bank

·       Online Aggregator

·       Others
Leading Companies ·       Generali Pojistovna

·       Kooperativa Pojistovna

·       Allianz Pojistovna

·       CSOB Pojistovna

·       CPP
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Czech Republic General Insurance Market Trends

Rising usage of EVs, Digitalization initiatives by vendors, Teleconsultation, and corporate sustainability initiatives are some of the market trends impacting the general insurance industry in the Czech Republic.

Insurtech developments have enabled insurers to adopt digitalization across their different processes. In May 2023, Kooperativa Pojistovna launched a mobile app to track drivers’ skills and behaviors while driving. The app monitors basic driving skills (such as acceleration, braking, and turning) as well as whether they exceed the speed limit or use their phone while driving. After each journey, the app evaluates the driver’s behavior and shows them their score. Based on this score, customers can receive part of their insurance premium back once per quarter, paid in the form of cashback ranging from 10−40%.

Czech Republic General Insurance Market Segmentation by Line of Business

The key lines of business in the Czech Republic general insurance market are property, motor, liability, financial lines, MAT, non-life PA&H, and miscellaneous. Motor insurance was the largest general insurance line in the country in 2022. In 2022, more than 400 people were killed in traffic accidents in the Czech Republic. The increase in road accidents will have a positive impact on motor third-party insurance premium growth.

Czech Republic General Insurance Market Analysis by Lines of Business, 2022 (%)

Czech Republic General Insurance Market Analysis by Lines of Business, 2022 (%)

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Czech Republic General Insurance Market Segmentation by Distribution Channel

The Czech Republic general insurance distribution channels comprise direct from insurers, financial advisors, insurance brokers, banks, online aggregators, and others. GlobalData’s 2022 survey noted that most customers in the Czech Republic preferred purchasing home buildings and contents insurance and motor insurance from insurers. This highlights the strong preference for the direct channel.

Czech Republic General Insurance Market Analysis by Distribution Channel, 2022 (%)

Czech Republic General Insurance Market Analysis by Distribution Channel, 2022 (%)

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Czech Republic General Insurance Market - Competitive Landscape

Some of the leading insurers in the Czech Republic are Generali Pojistovna, Kooperativa Pojistovna, Allianz Pojistovna, CSOB Pojistovna, and CPP among others. Generali Pojistovna led the Czech Republic general insurance sector in 2022.

Kooperativa Pojistovna implemented Microsoft 365 support to improve communication and create a modern environment for document exchange, which plays an important role in interacting with clients and partners. This helped the company to improve its relationship with its customers and the way employees work. Additionally, it also helped to improve processes and production, as well as help in the creation of new products and services, which further helped it to improve its market share in 2022.

Czech Republic General Insurance Market Analysis, by Companies, 2022 (%)

Czech Republic General Insurance Market Analysis, by Companies, 2022 (%)

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Segments Covered in the Report

Czech Republic General Insurance Market Lines of Business Outlook (Value, CZK Billion, 2018-2027)

  • Property
  • Motor
  • Liability
  • Financial Lines
  • MAT
  • Non-Life PA&H
  • Miscellaneous
  • Others

Czech Republic General Insurance Market Distribution Channel Outlook (Value, CZK Billion, 2018-2027)

  • Direct from Insurer
  • Financial Advisor
  • Insurance Broker
  • Bank
  • Online Aggregator
  • Others

Scope

This report provides a comprehensive analysis of the general insurance segment in the Czech Republic –

  • It provides historical values for the Czech Republic general insurance segment for the report’s 2018–22 review period, and projected figures for the 2023–27 forecast period.

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

Key Highlights

  • Key insights and dynamics of the Czech Republic general insurance segment.

  • A comprehensive overview of the Indian economy, government initiatives, and investment opportunities.

  • The Czech Republic insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.

  • The Czech Republic general insurance industry’s market structure gives details of lines of business.

  • The Czech Republic general reinsurance business’ market structure gives details of premium ceded along with cession rates.

  • Distribution channels deployed by the Czech Republic general insurers.

  • Details of the competitive landscape and competitors’ profiles

Reasons to Buy

  • Make strategic business decisions using in-depth historic and forecast market data related to the Czech Republic’s general insurance segment.

  • Understand the demand-side dynamics, key market trends, and growth opportunities in the Czech Republic’s general insurance segment.

  • Assess the competitive dynamics in the general insurance segment.

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

Generali Pojistovna
Kooperativa Pojistovna, Vienna Insurance Group
Allianz Pojistovna
Allianz Pojistovna
CSOB Pojistovna
CPP
UNIQA Pojistovna
BNP Paribas Cardif Pojistovna
Direct Pojistovna

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Trends and KPIs

Key Trends by Line of Business

Distribution Channels

Competitive Landscape

Competitor Profiles

Reinsurance

Appendix

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