Personal Accident and Health Insurance in the Czech Republic, Key Trends and Opportunities to 2020

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Published: September 13, 2016 Report Code: GD-IS1276MR-ST

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GlobalData’s 'Personal Accident and Health 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, 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, 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 personal accident and health 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 provides an overview of the various distribution channels for personal accident and health insurance products in the Czech Republic.

• It profiles the top personal accident and health insurance companies in the Czech Republic, and outlines the key regulations affecting them.

Key Highlights

• High accident rates, rising healthcare expenditure, growth in tourism, an aging population and the rising awareness of the benefits of private health insurance all helped to drive the personal accident and health segment during the review period.

• Like most European countries, the Czech Republic is registering an increase in the proportion of the old-age population with respect to its total population.

• Personal accident insurance was the second-largest category in the segment, accounting for 14.6% of the segment’s gross written premiums in 2015.

• Over the forecast period (2015–2020), the segment’s growth is expected to benefit from increasing demand for critical illness cover, and insurance compensating for loss of income due to inability to work.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Czech personal accident and health 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 Czech insurance industry, and their impact on companies and the industry's future.

Česká pojišťovna as
Kooperativa pojišťovna
as
Pojišťovna České spořitelny
as
Allianz pojišťovna
as
Generali Pojišťovna as
Česká podnikatelská pojišťovna
as
ČSOB Pojišťovna
as
člen holdingu ČSOB
Uniqa pojišťovna
as

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 Personal Accident Insurance

5.1.1 Premium

5.1.2 Policies

5.1.3 Claims

5.1.4 Profitability

5.2 Health Insurance

5.2.1 Premium

5.2.2 Policies

5.2.3 Claims

5.2.4 Profitability

5.3 Travel Insurance

5.3.1 Premium

5.3.2 Policies

5.3.3 Claims

5.3.4 Profitability

6 Distribution Channel Outlook

7 Competitive Landscape

7.1 Company Profiles

7.1.1 Česká pojišťovna as – company overview

7.1.2 Kooperativa, pojišťovna – company overview

7.1.3 Pojišťovna České spořitelny – company overview

7.1.4 Allianz pojišťovna – company overview

7.1.5 Generali Pojišťovna – company overview

7.1.6 Česká podnikatelská pojišťovna, as – company overview

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

7.1.8 Uniqa pojišťovna, as – 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

9.1.1 Claims and expenses

9.1.2 Assets and investments

9.1.3 Personal accident insurance

9.1.4 Health insurance

9.1.5 Health insurance by product

9.1.6 Travel insurance

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 Personal Accident and Health Insurance – Key Facts, 2014

Table 2: Czech Personal Accident and Health Insurance –Top Insurers, 2014

Table 3: Czech Government Credit Ratings

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

Table 5: Czech Personal Accident and Health Insurance – Penetration (%), 2011–2015

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

Table 7: Czech Personal Accident and Health Insurance – Penetration (%), 2015–2020

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

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

Table 10: Czech Personal Accident and Health Insurance – Number of Policies Sold (Million), 2011–2015

Table 11: Czech Personal Accident and Health Insurance – Number of Policies Sold (Million), 2015–2020

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

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

Table 14: Czech Personal Accident and Health Insurance – Profitability Ratio (%), 2011–2015

Table 15: Czech Personal Accident and Health Insurance – Profitability Ratio (%), 2015–2020

Table 16: Czech Personal Accident and Health Insurance – Total Assets (CZK Billion and US$ Billion), 2011–2015

Table 17: Czech Personal Accident and Health Insurance – Total Assets (CZK Billion and US$ Billion), 2015–2020

Table 18: Czech Personal Accident and Health Insurance – Total Investment Income (CZK Billion and US$ Billion), 2011–2015

Table 19: Czech Personal Accident and Health Insurance – Total Investment Income (CZK Billion and US$ Billion), 2015–2020

Table 20: Czech Personal Accident and Health Insurance – Investment Portfolio (CZK Billion), 2011–2015

Table 21: Czech Personal Accident and Health Insurance – Investment Portfolio (CZK Billion), 2015–2020

Table 22: Czech Personal Accident and Health Insurance – Direct Written Premium by Category (CZK Billion), 2011–2015

Table 23: Czech Personal Accident and Health Insurance – Direct Written Premium by Category (CZK Billion), 2015–2020

Table 24: Czech Personal Accident Insurance – Direct Written Premium (CZK Billion and US$ Billion), 2011–2015

Table 25: Czech Personal Accident Insurance – Direct Written Premium (CZK Billion and US$ Billion), 2015–2020

Table 26: Czech Personal Accident Insurance – Number of Policies Sold (Thousand), 2011–2015

Table 27: Czech Personal Accident Insurance – Number of Policies Sold (Thousand), 2015–2020

Table 28: Czech Personal Accident Insurance – Paid Claims (CZK Million and US$ Million), 2011–2015

Table 29: Czech Personal Accident Insurance – Paid Claims (CZK Million and US$ Million), 2015–2020

Table 30: Czech Personal Accident Insurance – Loss Ratio (%), 2011–2015

Table 31: Czech Personal Accident Insurance – Loss Ratio (%), 2015–2020

Table 32: Czech Health Insurance – Direct Written Premium by Sub-Category (CZK Billion), 2011–2015

Table 33: Czech Health Insurance – Direct Written Premium by Sub-Category (CZK Billion), 2015–2020

Table 34: Czech Health Insurance – Number of Policies Sold by Sub-Category (Million), 2011–2015

Table 35: Czech Health Insurance – Number of Policies Sold by Sub-Category (Million), 2015–2020

Table 36: Czech Health Insurance – Paid Claims (CZK Billion and US$ Billion), 2011–2015

Table 37: Czech Health Insurance – Paid Claims (CZK Billion and US$ Billion), 2015–2020

Table 38: Czech Health Insurance – Loss Ratio (%), 2011–2015

Table 39: Czech Health Insurance – Loss Ratio (%), 2015–2020

Table 40: Czech Travel Insurance – Direct Written Premium (CZK Billion), 2011–2015

Table 41: Czech Travel Insurance – Direct Written Premium (CZK Billion), 2015–2020

Table 42: Czech Travel Insurance – Number of Policies Sold (Million), 2011–2015

Table 43: Czech Travel Insurance – Number of Policies Sold (Million), 2015–2020

Table 44: Czech Travel Insurance – Paid Claims (CZK Million and US$ Million), 2011–2015

Table 45: Czech Travel Insurance – Paid Claims (CZK Billion and US$ Million), 2015–2020

Table 46: Czech Travel Insurance – Loss Ratio (%), 2011–2015

Table 47: Czech Travel Insurance – Loss Ratio (%), 2015–2020

Table 48: Czech Personal Accident and Health Insurance Industry – Top Insurers, 2014

Table 49: Česká pojišťovna – Key Facts

Table 50: Kooperativa, pojišťovna – Key Facts

Table 51: Pojišťovna České spořitelny – Key Facts

Table 52: Allianz pojišťovna – Key Facts

Table 53: Generali Pojišťovna – Key Facts

Table 54: Česká podnikatelská pojišťovna as – Key Facts

Table 55: ČSOB Pojišťovna – Key Facts

Table 56: Uniqa pojišťovna, as – Key Facts

Table 57: Czech Republic – Insurance Regulatory Framework Key Features

Table 58: Czech Republic – Life Insurance Regulatory Framework

Table 59: Czech Republic – Property Insurance Regulatory Framework

Table 60: Czech Republic – Motor Insurance Regulatory Framework

Table 61: Czech Republic – Liability Insurance Regulatory Framework

Table 62: Czech Republic – Minimum Cover for Aircraft Third-Party Liability Per Accident Per Aircraft

Table 63: Czech Republic Corporate Tax Rates for the Financial Year 2016

Table 64: Czech Personal Accident and Health Insurance Industry – Policies and Premium, 2011–2015

Table 65: Czech Personal Accident and Health Insurance Industry – Policies and Premium, 2015–2020

Table 66: Czech Personal Accident and Health Insurance – Claims and Expenses, 2011–2015

Table 67: Czech Personal Accident and Health Insurance – Claims and Expenses, 2015–2020

Table 68: Czech Personal Accident and Health Insurance – Assets and Investments, 2011–2015

Table 69: Czech Personal Accident and Health Insurance – Assets and Investments, 2015–2020

Table 70: Czech Personal Accident and Health Insurance – Personal Accident Insurance, 2011–2015

Table 71: Czech Personal Accident and Health Insurance – Personal Accident Insurance, 2015–2020

Table 72: Czech Personal Accident and Health Insurance – Health Insurance, 2011–2015

Table 73: Czech Personal Accident and Health Insurance – Health Insurance, 2015–2020

Table 74: Czech Personal Accident and Health Insurance – Health by Product, 2011–2015

Table 75: Czech Personal Accident and Health Insurance – Health by Product, 2015–2020

Table 76: Czech Personal Accident and Health Insurance – Travel Insurance, 2011–2015

Table 77: Czech Personal Accident and Health Insurance – Travel Insurance, 2015–2020

Table 78: 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 Personal Accident and Health Insurance – Fatal Accident, 2014–2015

Figure 8: Czech Personal Accident and Health Insurance Penetration – Regional Comparison (%), 2015

Figure 9: Czech Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2015

Figure 10: Czech Personal Accident and Health Insurance – Gross Written Premium (CZK Billion), 2011–2020

Figure 11: Czech Personal Accident and Health Insurance – Penetration (%), 2011–2020

Figure 12: Czech Personal Accident and Health Insurance – Premium per Capita (CZK), 2011–2020

Figure 13: Czech Personal Accident and Health Insurance – Number of Policies Sold (Million), 2011–2020

Figure 14: Czech Personal Accident and Health Insurance – Paid Claims (CZK Billion), 2011–2020

Figure 15: Czech Personal Accident and Health Insurance – Profitability Ratio (%), 2011–2020

Figure 16: Czech Personal Accident and Health Insurance – Total Assets (CZK Billion), 2011–2020

Figure 17: Czech Personal Accident and Health Insurance – Total Investment Income (CZK Billion), 2011–2020

Figure 18: Czech Personal Accident and Health Insurance – Investment Portfolio (CZK Billion), 2011–2020

Figure 19: Czech Personal Accident and Health Insurance – Investment Portfolio Dynamics by Category, 2011–2020

Figure 20: Czech Personal Accident and Health Insurance – Direct Written Premium by Category (CZK Billion), 2011–2020

Figure 21: Czech Personal Accident and Health Insurance – Direct Written Premium Dynamics by Category, 2011–2020

Figure 22: Czech Personal Accident Insurance – Direct Written Premium (CZK Billion), 2011–2020

Figure 23: Czech Personal Accident Insurance – Number of Policies Sold (Thousand), 2011–2020

Figure 24: Czech Personal Accident Insurance – Paid Claims (CZK Million), 2011–2020

Figure 25: Czech Personal Accident Insurance – Earned Premium, Incurred Loss and Loss Ratio (CZK Billion and %), 2011–2020

Figure 26: Czech Health Insurance – Direct Written Premium by Sub-Category (CZK Billion), 2011–2020

Figure 27: Czech Health Insurance – Direct Written Premium Dynamics by Sub-Category, 2011–2020

Figure 28: Czech Health Insurance – Number of Policies Sold by Sub-Category (Million), 2011–2020

Figure 29: Czech Health Insurance – Paid Claims (CZK Billion), 2011–2020

Figure 30: Czech Health Insurance – Earned Premium, Incurred Loss and Loss Ratio (CZK Billion and %), 2011–2020

Figure 31: Czech Travel Insurance – Direct Written Premium (CZK Billion), 2011–2020

Figure 32: Czech Travel Insurance – Number of Policies Sold (Million), 2011–2020

Figure 33: Czech Travel Insurance – Paid Claims (CZK Billion), 2011–2020

Figure 34: Czech Travel Insurance – Earned Premium, Incurred Loss and Loss Ratio (CZK Billion and %), 2011–2020

Figure 35: Czech Republic – The Three Pillars of Solvency II

Figure 36: Czech Republic – Insurance Supervision and Control at Various Levels

Figure 37: Czech Republic – Insurance Regulatory Frameworks for Company Registration and Operation

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