Czech Republic Insurance Report Q3 2012

Published : May 2012
No. of Pages : 69

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The Czech Republic Insurance Report considers the prospects for both life and non-life insurers in that country. The latest statistics from the regulator and comments from leading companies that are active in the Czech Republic indicate that, in both of the main segments, premiums tracked sideways during 2011.
Total non-life premiums were suppressed by ongoing price competition in both compulsory motorists third-party liability (CMTPL) and voluntary auto (CASCO) insurance. However, life insurance continues to grow.
The Czech Republic is a rare example of a (moderately) high income country where life insurance is clearly emerging as an important channel for organised savings. Customers value life insurance, can afford it, and have relatively few alternatives (particularly given the current environment of low interest rates). The market is dominated by large and sophisticated multinationals that are well capitalised, can derive economies of scale from their European (if not global) operations, have strong brands and work through multiple distribution channels. Premiums for single paid life insurance policies that are linked with existing policies have been surging.
Thanks to past deal making, VIG and Generali, through their various subsidiaries, dominate the non-life and the life segments. However, the rankings of the other insurers are far from static. It is quite possible that we will see new arrivals to, mergers within or departures from both of the two major segments. The comments from the majors in relation to their performance through 2011 indicate that they have been competing significantly (and successfully) through the development of new products and services.
Over the last quarter, BMI has made the following changes: 􀂃 The trade association’s statistics for 2011, which were published in Q112, have been incorporated into the analysis.
􀂃 There is a discussion of the results for last year that were released by the major insurance companies during Q112.
􀂃 The analysis takes into account BMI’s latest assessment an economic environment that remains moderately challenging.

Executive Summary . 5
Table: Total Premiums, 2009-2016 5
Key Insights And Key Risks . 5
SWOT Analysis 7
Czech Republic Insurance Industry SWOT 7
Czech Republic Political SWOT . 8
Czech Republic Economic SWOT .. 8
Czech Republic Business Environment SWOT ... 9
Life Sector .. 10
Central And Eastern Europe Life Sector Overview ... 10
Table: Central And Eastern Europe Life Premiums, 2009-2016 .. 10
Czech Republic Life Sector Update .. 13
Life Industry Forecast Scenario 14
Table: Life Premiums, 2009-2016 14
Growth Drivers And Risk Management Projections . 15
Population ... 15
Table: Insurance Key Drivers, Demographics 2009-2016 ... 15
Non-Life Sector .. 17
Central And Eastern Europe Non-Life Sector Overview ... 17
Table: Central And Eastern Europe Non-Life Premiums, 2009-2016 .. 17
Czech Republic Non-Life Sector Update ... 20
Non-Life Industry Forecast Scenario 21
Table: Non-Life Premiums, 2009-2016 21
Growth Drivers And Risk Management Projections . 22
Macroeconomic Outlook .. 22
Table: Czech Republic - Economic Activity, 2011-2016 .. 24
Political Stability Outlook 24
Table: Europe Security Risk Ratings 26
Healthcare ... 27
Health Insurance.. 27
Epidemiology ... 28
Table: Insurance Key Drivers, Disability-Adjusted Life Years,2009-2016... 29
Motor ... 30
Insurance Risk/Reward Ratings ... 32
Table: Czech Republic’s Insurance Risk/Reward Rating . 32
Table: Europe Risk/Reward Ratings 33
Competitive Landscape 34
Major Players In The Czech Insurance Sector .. 35
Table: Ranking Of Non-Life Companies By Gross Written Premiums, Q111 .. 37
Table: Ranking Of Life Companies By Gross Written Premiums, Q111 .. 38
Company Profiles .. 39
Local Company Profiles 39
?eská pojišt’ovna . 39
Regional Company Profiles .. 40
AEGON 40
Allianz .. 41
Aviva 43
AXA .. 44
BNP Paribas Cardif . 45
ERGO .. 46
Achmea 48
Generali ... 49
GRAWE 50
Groupama 51
HDI-Gerling/Talanx 52
ING .. 54
KBC Group .. 55
MetLife ALICO 56
Prudential Financial 58
QBE . 59
RSA .. 60
UNIQA . 61
Vienna Insurance Group .. 62
Zurich .. 64
BMI Methodology ... 65
Insurance Risk/Reward Ratings 66
Table: Insurance Business Environment Indicators And Rationale . 67
Table: Weighting Of Indicators 68Table: Total Premiums, 2009-2016. 5

Table: Central And Eastern Europe Life Premiums, 2009-2016 . 10

Table: Life Premiums, 2009-2016 . 14

Table: Insurance Key Drivers, Demographics 2009-2016 . 15

Table: Central And Eastern Europe Non-Life Premiums, 2009-2016 . 17

Table: Non-Life Premiums, 2009-2016 . 21

Table: Czech Republic - Economic Activity, 2011-2016 . 24

Table: Europe Security Risk Ratings . 26

Table: Insurance Key Drivers, Disability-Adjusted Life Years,2009-2016. 29

Table: Czech Republic's Insurance Risk/Reward Rating . 32

Table: Europe Risk/Reward Ratings . 33

Table: Ranking Of Non-Life Companies By Gross Written Premiums, Q111 . 37

Table: Ranking Of Life Companies By Gross Written Premiums, Q111 . 38

Table: Insurance Business Environment Indicators And Rationale . 67

Table: Weighting Of Indicators. 68

Czech Republic Insurance Report Q3 2012

Published By: Business Monitor International

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