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

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Published: September 13, 2016 Report Code: GD-IS1275MR-ST

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

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, 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, explains the various types of natural hazard and their impact on the Czech insurance industry, 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, as well as 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 non-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 non-life insurance products in the Czech Republic.

• It analyzes various natural and man-made hazards and their impact on the industry

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

Key Highlights

• The non-life segment also benefitted from growing demand for emerging classes such as cyber insurance and telematics, and numerous compulsory insurance classes.

• A stable economy, and rises in disposable income, automobile sales and exports are expected to drive the segment over the forecast period.

• An increase in foreign investment is expected to support industry growth.

• Demand for liability insurance grew in 2014, and insurers increased their D&O liability insurance premium prices by up to 10%.

• The Czech Republic is an export-driven economy, and the industrial, service and agriculture sectors all contribute to its GDP.

• The Czech Republic has a multi-channel distribution platform for non-life products, and the use of diverse channels aided the segment’s growth during the review period.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Czech non-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 segment.

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

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

Kooperativa pojišťovna
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Česká pojišťovna as
Allianz pojišťovna
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Česká podnikatelská pojišťovna
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Generali Pojišťovna as
ČSOB Pojišťovna
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člen holdingu ČSOB
Uniqa pojišťovna
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BNP Paribas Cardif Pojišťovna
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Axa pojišťovna as
Pojišťovna České spořitelny
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Table of Contents

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 Profitability

4.2.5 Assets and investments

5 Outlook by Category

5.1 Property Insurance

5.1.1 Product overview

5.1.2 Premium

5.1.3 Policies sold

5.1.4 Claims

5.1.5 Profitability

5.2 Motor Insurance

5.2.1 Product overview

5.2.2 Premium

5.2.3 Policies sold

5.2.4 Claims

5.2.5 Profitability

5.3 Liability Insurance

5.3.1 Product overview

5.3.2 Premium

5.3.3 Policies sold

5.3.4 Claims

5.3.5 Profitability

5.4 Marine, Aviation and Transit Insurance

5.4.1 Product overview

5.4.2 Premium

5.4.3 Policies sold

5.4.4 Claims

5.4.5 Profitability

6 Distribution Channel Outlook

6.1 Analysis by Distribution Channel

7 Natural Hazards

7.1 Flooding

7.2 Windstorms

7.3 Hailstorms

7.4 Exposure

8 Competitive Landscape

8.1 Company Profiles

8.1.1 Kooperativa pojišťovna as – company overview

8.1.2 Česká pojišťovna as – company overview

8.1.3 Allianz pojišťovna as – company overview

8.1.4 Generali Pojišťovna as – company overview

8.1.5 Česká podnikatelská pojišťovna as – company overview

9 Governance, Risk and Compliance

9.1 Legislation Overview and Historical Evolution

9.2 Latest Changes in Regulation

9.3 Legislation and Market Practice by Type of Insurance

9.3.1 Life Insurance

9.3.2 Property Insurance

9.3.3 Motor Insurance

9.3.4 Liability insurance

9.3.5 Marine, aviation and transit insurance

9.3.6 Personal accident and health insurance

9.4 Compulsory Insurance

9.4.1 Motor third-party liability insurance

9.4.2 Workers’ Compensation Insurance

9.4.3 Air carriers and aircraft operators insurance

9.4.4 Professional indemnity insurance for alternative investment fund managers

9.4.5 Clinical trials liability insurance

9.5 Supervision and Control

9.5.1 International Association of Insurance Supervisors

9.5.2 European Insurance and Occupational Pensions Authority

9.5.3 Czech National Bank

9.5.4 Czech Insurance Association

9.5.5 Federation of European Risk Management Associations (Ferma)

9.6 Non-Admitted Insurance Regulations

9.6.1 Overview

9.6.2 Intermediaries

9.6.3 Market practices

9.6.4 Fines and Penalties

9.7 Company Registration and Operations

9.7.1 Type of insurance organization

9.7.2 Establishing a local company

9.7.3 Foreign ownership

9.7.4 Types of license

9.7.5 Capital requirements

9.7.6 Solvency margin

9.7.7 Reserve requirements

9.7.8 Investment regulations

9.7.9 Statutory return requirements

9.7.10 Fee structure

9.8 Taxation

9.8.1 Insurance premium or policy taxation

9.8.2 Withholding taxes on premium paid overseas

9.8.3 Corporate tax

9.8.4 VAT

9.8.5 Captives

9.9 Legal System

9.9.1 Introduction

9.9.2 Access to court

9.9.3 Alternative dispute resolution (ADR)

10 Databook

10.1 Policies and Premium

10.2 Claims and Expenses

10.3 Assets and Investments

10.4 Property Insurance

10.5 Property Insurance by Product

10.6 Motor Insurance

10.7 Motor Insurance by Product

10.8 Liability Insurance

10.9 Marine, Aviation and Transit Insurance

11 Definitions and Methodology

11.1 Definitions

11.2 Methodology

12 About GlobalData

12.1 Contact GlobalData

12.2 About GlobalData

12.3 GlobalData’s Services

12.4 Disclaimer

Table

Table 1: Czech Non-Life Insurance – Key Facts, 2015

Table 2: Czech Non-Life Insurance – Segment Shares of the Top Insurers, 2015

Table 3: Czech Government Credit Ratings

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

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

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

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

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

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

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

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

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

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

Table 14: Czech Non-Life Insurance – Profitability Ratio (%), 2011–2015

Table 15: Czech Non-Life Insurance – Profitability Ratio (%), 2015–2020

Table 16: Czech Non-Life Insurance – Total Assets (CZK Billion and US$ Billion), 2011–2015

Table 17: Czech Non-Life Insurance – Total Assets (CZK Billion and US$ Billion), 2015–2020

Table 18: Czech Non-Life Insurance – Total Investment Income (CZK Billion and US$ Million), 2011–2015

Table 19: Czech Non-Life Insurance – Total Investment Income (CZK Billion and US$ Million), 2015–2020

Table 20: Czech Non-Life Insurance – Investment Portfolio (CZK Billion), 2011–2015

Table 21: Czech Non-Life Insurance – Investment Portfolio (CZK Billion), 2015–2020

Table 22: Czech Non-Life Insurance – Direct Written Premium by Category (CZK Billion), 2011–2015

Table 23: Czech Non-Life Insurance – Direct Written Premium by Category (CZK Billion), 2015–2020

Table 24: Czech Property Insurance – Damage from Fire, 2011–2015

Table 25: Czech Property Insurance – Direct Written Premium by Sub-Category (CZK Billion), 2011–2015

Table 26: Czech Property Insurance – Direct Written Premium by Sub-Category (CZK Billion), 2015–2020

Table 27: Czech Property Insurance – Number of Policies Sold by Sub-Category (Million), 2011–2015

Table 28: Czech Property Insurance – Number of Policies Sold by Sub-Category (Million), 2015–2020

Table 29: Czech Property Insurance – Paid Claims (CZK Billion and US$ Million), 2011–2015

Table 30: Czech Property Insurance – Paid Claims (CZK Billion and US$ Million), 2015–2020

Table 31: Czech Property Insurance – Loss Ratio (%), 2011–2015

Table 32: Czech Property Insurance – Loss Ratio (%), 2015–2020

Table 33: Czech Motor Insurance – Direct Written Premium by Sub-Category (CZK Billion), 2011–2015

Table 34: Czech Motor Insurance – Direct Written Premium by Sub-Category (CZK Billion), 2015–2020

Table 35: Czech Motor Insurance – Number of Policies Sold by Sub-Category (Million), 2011–2015

Table 36: Czech Motor Insurance – Number of Policies Sold by Sub-Category (Million), 2015–2020

Table 37: Czech Motor Insurance – Paid Claims (CZK Billion and US$ Million), 2011–2015

Table 38: Czech Motor Insurance – Paid Claims (CZK Billion and US$ Million), 2015–2020

Table 39: Czech Motor Insurance – Loss Ratio (%), 2011–2015

Table 40: Czech Motor Insurance – Loss Ratio (%), 2015–2020

Table 41: Czech Liability Insurance – Direct Written Premium by Sub-Category (CZK Billion), 2011–2015

Table 42: Czech Liability Insurance – Direct Written Premium by Sub-Category (CZK Billion), 2015–2020

Table 43: Czech Liability Insurance – Number of Policies Sold (Million), 2011–2015

Table 44: Czech Liability Insurance – Number of Policies Sold (Million), 2015–2020

Table 45: Czech Liability Insurance – Paid Claims (CZK Billion and US$ Million), 2011–2015

Table 46: Czech Liability Insurance – Paid Claims (CZK Billion and US$ Million), 2015–2020

Table 47: Czech Liability Insurance – Loss Ratio (%), 2011–2015

Table 48: Czech Liability Insurance – Loss Ratio (%), 2015–2020

Table 49: Czech Transport Network – Global Rankings

Table 50: Czech Marine, Aviation and Transit Insurance – Freight Carried (Thousand Ton), 2011–2015

Table 51: Czech Marine, Aviation and Transit Insurance – Passenger Traffic, 2011–2015

Table 52: Czech Marine, Aviation and Transit Insurance – Direct Written Premium by Sub-Category (CZK Million), 2011–2015

Table 53: Czech Marine, Aviation and Transit Insurance – Direct Written Premium by Sub-Category (CZK Million), 2015–2020

Table 54: Czech Marine, Aviation and Transit Insurance – Number of Policies Sold (Thousand), 2011–2015

Table 55: Czech Marine, Aviation and Transit Insurance – Number of Policies Sold (Thousand), 2015–2020

Table 56: Czech Marine, Aviation and Transit Insurance – Paid Claims (CZK Million and US$ Million), 2011–2015

Table 57: Czech Marine, Aviation and Transit Insurance – Paid Claims (CZK Million and US$ Million), 2015–2020

Table 58: Czech Marine, Aviation and Transit Insurance – Loss Ratio (%), 2011–2015

Table 59: Czech Marine, Aviation and Transit Insurance – Loss Ratio (%), 2015–2020

Table 60: Czech Non-Life Segment – Market Shares of Leading Insurers (%), 2014

Table 61: Kooperativa Pojišťovna as – Key Facts

Table 62: Kooperativa Pojišťovna as – Key Financials (CZK Million), 2011–2014

Table 63: Česká pojišťovna as – Key Facts

Table 64: Česká pojišťovna as – Key Financials (CZK Million), 2011–2015

Table 65: Allianz pojišťovna as – Key Facts

Table 66: Allianz pojišťovna as – Key Financials (CZK Million), 2011–2015

Table 67: Generali Pojišťovna as – Key Facts

Table 68: Generali Pojišťovna as – Key Financials (CZK Million), 2011–2015

Table 69: Česká podnikatelská pojišťovna as – Key Facts

Table 70: Česká podnikatelská pojišťovna as – Key Financials (CZK Million), 2011–2014

Table 71: Czech Republic – Insurance Regulatory Framework Key Features

Table 72: Czech Republic – Life Insurance Regulatory Framework

Table 73: Czech Republic – Property Insurance Regulatory Framework

Table 74: Czech Republic – Motor Insurance Regulatory Framework

Table 75: Czech Republic – Liability Insurance Regulatory Framework

Table 76: Czech Republic – Minimum Cover for Aircraft Third-Party Liability Per Accident Per Aircraft

Table 77: Czech Republic Corporate Tax Rates for the Financial Year 2016

Table 78: Czech Insurance Industry – Policies and Premium, 2011–2015

Table 79: Czech Insurance Industry – Policies and Premium, 2015–2020

Table 80: Czech Non-Life Insurance – Claims and Expenses, 2011–2015

Table 81: Czech Non-Life Insurance – Claims and Expenses, 2015–2020

Table 82: Czech Non-Life Insurance – Assets and Investments, 2011–2015

Table 83: Czech Non-Life Insurance – Assets and Investments, 2015–2020

Table 84: Czech Non-Life Insurance – Property Insurance, 2011–2015

Table 85: Czech Non-Life Insurance – Property Insurance, 2015–2020

Table 86: Czech Non-Life Insurance – Property Insurance by Product, 2011–2015

Table 87: Czech Non-Life Insurance – Property Insurance by Product, 2015–2020

Table 88: Czech Non-Life Insurance – Motor Insurance, 2011–2015

Table 89: Czech Non-Life Insurance – Motor Insurance, 2015–2020

Table 90: Czech Non-Life Insurance – Motor Insurance by Product, 2011–2015

Table 91: Czech Non-Life Insurance – Motor Insurance by Product, 2015–2020

Table 92: Czech Non-Life Insurance – Liability Insurance, 2011–2015

Table 93: Czech Non-Life Insurance – Liability Insurance, 2015–2020

Table 94: Czech Non-Life Insurance – Marine, Aviation and Transit Insurance, 2011–2015

Table 95: Czech Non-Life Insurance – Marine, Aviation and Transit Insurance, 2015–2020

Table 96: 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 Non-Life Insurance Penetration – Regional Comparison (%), 2015

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

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

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

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

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

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

Figure 14: Czech Non-Life Insurance – Profitability Ratio (%), 2011–2020

Figure 15: Czech Non-Life Insurance – Total Assets (CZK Billion), 2011–2020

Figure 16: Czech Non-Life Insurance – Total Investment Income (CZK Billion), 2011–2020

Figure 17: Czech Non-Life Insurance – Investment Portfolio (CZK Billion), 2011–2020

Figure 18: Czech Non-Life Insurance – Investment Portfolio Dynamics by Category, 2011–2020

Figure 19: Czech Non-Life Insurance – Direct Written Premium by Category (CZK Billion), 2011–2020

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

Figure 21: Czech Property Insurance – Construction Value Output by Category (CZK Billion), 2011–2015

Figure 22: Czech Property Insurance – Direct Written Premium by Sub-Category (CZK Billion), 2011–2020

Figure 23: Czech Property Insurance – Direct Written Premium Dynamics by Sub-Category, 2011–2020

Figure 24: Czech Property Insurance – Number of Policies Sold by Sub-Category (Million), 2011–2020

Figure 25: Czech Property Insurance – Paid Claims (CZK Billion), 2011–2020

Figure 26: Czech Property Insurance – Earned Premium, Incurred Loss and Loss Ratio (CZK Billion and %), 2011–2020

Figure 27: Czech Motor Insurance – First Registrations (New and Used Vehicles) (%), 2014 and 2015

Figure 28: Czech Motor Insurance – Fatal Accident, 2014–2015

Figure 29: Czech Motor Insurance – Direct Written Premium by Sub-Category (CZK Billion), 2011–2020

Figure 30: Czech Motor Insurance – Direct Written Premium Dynamics by Sub-Category, 2011–2020

Figure 31: Czech Motor Insurance – Number of Policies Sold by Sub-Category (Million), 2011–2020

Figure 32: Czech Motor Insurance – Paid Claims (CZK Billion), 2011–2020

Figure 33: Czech Motor Insurance – Earned Premium, Incurred Loss and Loss Ratio (CZK Billion and %), 2011–2020

Figure 34: Czech Liability Insurance – Direct Written Premium (CZK Billion), 2011–2020

Figure 35: Czech Liability Insurance – Number of Policies Sold (Million), 2011–2020

Figure 36: Czech Liability Insurance – Paid Claims (CZK Billion), 2011–2020

Figure 37: Czech Liability Insurance – Earned Premium, Incurred Loss and Loss Ratio (CZK Billion and %), 2011–2020

Figure 38: Czech Marine, Aviation and Transit Insurance – Imports and Exports (EUR Billion), 2010–2015

Figure 39: Czech Marine, Aviation and Transit Insurance – Direct Written Premium (CZK Million), 2011–2020

Figure 40: Czech Marine, Aviation and Transit Insurance – Number of Policies Sold (Thousand), 2011–2020

Figure 41: Czech Marine, Aviation and Transit Insurance – Paid Claims (CZK Million), 2011–2020

Figure 42: Czech Marine, Aviation and Transit Insurance – Earned Premium, Incurred Loss and Loss Ratio (CZK Million and %), 2011–2020

Figure 43: Czech – Frequency of Hazards by Type, 1990–2014

Figure 44: Czech Mortality by Hazards Type, 1990–2014

Figure 45: Czech Economic Loss by Hazards Type, 1990–2014

Figure 46: Czech Non-Life Segment – Market Shares of Leading Insurers (%), 2014

Figure 47: Czech Republic – The Three Pillars of Solvency II

Figure 48: Czech Republic – Insurance Supervision and Control at Various Levels

Figure 49: Czech Republic – Insurance Regulatory Frameworks for Company Registration and Operation

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