Czech Republic Life Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2027
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Czech Republic Life Insurance Market Overview
The gross written premium of the Czech Republic life insurance market was CZK54.3 billion ($2.3 billion) in 2022 and is expected to achieve a CAGR of more than 6% during 2023-2027. The Czech Republic life insurance market research report provides in-depth market analysis, information, insights, and a detailed outlook by product category for Czech Republic’s life 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 Life 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 economy and demographics, and provides detailed information on the competitive landscape in the country. It 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) | CZK54.3 billion ($2.3 billion) |
CAGR (2023-2027) | >6% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Segments | · By Lines of Business
· By Distribution Channels
|
Leading Companies | · Kooperativa Pojistovna
· Generali Pojistovna · NN Zivotni Pojistovna · Allianz Pojistovna · UNIQA Pojistovna |
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Czech Republic Life Insurance Market Trends
A sharp increase in consumer prices, digitalization developments, corporate sustainability initiatives, and rising teleconsultation are some of the key trends in the Czech Republic life insurance industry.
- Insurtech developments have helped insurers adopt digitalization across a range of different processes.
- In May 2023, the myUNIQA client portal was optimized for viewing on computers as well as phones and tablets.
- UNIQA also optimized the design of the portal to make the displayed information clearer. Clients can manage their financial contracts via this portal on a 24/7 basis.
Lines of Business | Distribution Channels |
· Endowment
· Life PA&H · Other Life Insurance |
· Financial Advisor
· Insurance Brokers · Direct from Insurer · Bank · Online Aggregator · Others |
Czech Republic Life Insurance Market Segmentation by Lines of Business
The endowment was the largest insurance line in 2022.
The key lines of business in the Czech Republic life insurance industry are endowment, life PA&H, and other life. Endowment insurance accounted for more than 31% of total DWP in 2022. However, This LOB declined in 2022. Restricted access to advisory services due to lockdowns, inflation, and the cost-of-living crisis have adversely impacted growth since 2020.
Czech Republic Life Insurance Market Analysis by Lines of Business, 2022 (%)
PA&H was the fastest-growing LOB.
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Czech Republic Life Insurance Market Segmentation by Distribution Channel
The financial advisor was the most preferred channel for purchasing life insurance policies in 2022.
The key distribution channels in the Czech Republic life insurance industry are financial advisor, insurance brokers, direct from insurer, bank, online aggregator, and others. Financial advisor was followed by direct channel for life insurance among individuals aged 18–24 and 75–80.
Czech Republic Life Insurance Market Analysis by Distribution Channels, 2022 (%)
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Czech Republic Life Insurance Market - Competitive Landscape
The Czech Republic’s life insurance sector was concentrated. The top 10 insurers accounted for most of the CP in 2022.
Some of the leading life insurance companies in Czech Republic are Kooperativa Pojistovna, Generali Pojistovna, NN Zivotni Pojistovna, Allianz Pojistovna, and UNIQA Pojistovna among others. Kooperativa Pojistovna was the largest insurer in 2022.
Czech Republic Life Insurance Market Analysis by Companies, 2022 (%)
Generali Pojistovna recorded the highest CAGR in terms of contractual premiums in 2022.
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Czech Republic Life Insurance Market – Latest Developments
- Kooperativa Pojistovna: It implemented Microsoft 365 support to improve communication and create a modern environment for document exchange. This plays an important role in interacting with clients and partners.
- Royal Blue and Trupanion Deal: On November 3, 2022, Trupanion (a provider of medical insurance for cats and dogs) signed a definitive agreement to acquire Royal Blue, the parent company of PetExpert, a veterinary-centric pet insurance provider with tens of thousands of policies and operations in the Czech Republic and Slovakia.
Scope
This report provides a comprehensive analysis of the life insurance segment in the Czech Republic –
- It provides historical values for the Czech Republic life insurance segment for the report’s 2018–22 review period, and projected figures for the 2023–27 forecast period.
- It profiles the top life insurance companies in the Czech Republic and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of the Czech Republic life insurance segment.
- A comprehensive overview of the Czech Republic 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 life insurance segment’s market structure gives details of lines of business.
- The Czech Republic life reinsurance business’ market structure gives details of premium ceded along with cession rates.
- Distribution channels deployed by the Czech Republic life 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 life insurance segment.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Czech Republic life insurance segment.
- Assess the competitive dynamics in the life insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
Generali Pojistovna
NN Zivotni Pojistovna
Allianz Pojistovna
UNIQA Pojistovna
CSOB Pojistovna
CPP
MetLife Europe
Table of Contents
Frequently asked questions
-
What was the Czech Republic life insurance market gross written premium in 2022?
The gross written premium of the Czech Republic life insurance market was CZK54.3 billion ($2.3 billion) in 2022.
-
What is the growth rate of the Czech Republic life insurance market?
The life insurance market in Czech Republic is expected to achieve a CAGR of more than 6% during 2023-2027.
-
Which line of business held the largest share of the Czech Republic life insurance market?
Endowment was the leading life insurance line of business in the Czech Republic life insurance market in 2022.
-
Which distribution channel held the highest share in the Czech Republic life insurance market?
Financial advisor was the leading channel in 2022 in the Czech Republic life insurance market.
-
Which are the key companies operating in the Czech Republic life insurance market?
Some of the leading life insurance companies in Czech Republic are Kooperativa Pojistovna, Generali Pojistovna, NN Zivotni Pojistovna, Allianz Pojistovna, and UNIQA Pojistovna among others.
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