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Czech Republic (Czechia)

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Czech Republic

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Czechia Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Czechia includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

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Information for the Czech Republic (Czechia) can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Employee Benefits Reports Global Statistics Regulatory Alerts Market Profiles Insight Compliance Insight EB Compliance Point Clinical Trials Axco API Insight Risk Manager

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
latest GWP
Insurance Penetration (%)
GMT+1
Prague
CZK
10.69 mn
2.21%
2.24%
6,892.12
2.75

The Czech Republic is a central European country comprising the three historical areas of Bohemia, Moravia and Silesia. It has a strong export manufacturing base, balanced by growing financial services and tourism sectors.

The country is a member of the EU, and its insurance legislation is based on EU insurance directives. Most of its insurers are branches or subsidiaries of EU-based groups, which cede their reinsurance to group captive reinsurers. Many of the Czech Republic's industries are either owned by EU multinationals or closely integrated into EU supply chains. The process of EU integration is so advanced that there are few distinctive features of the market environment other than the high flood exposure and insurers' limited appetite for flood risk.

There has been quite strong organic growth of non-life premiums since 2015. Because of the number of large programmes which previously ran out of Prague, the city had developed into something of a regional reinsurance centre. However, the amount of business placed through Prague has diminished over the last few years. Issues faced by the life market in recent years have been high distribution costs in the form of commissions paid to intermediaries, miss-selling, and high surrender and lapse rates caused by churning

In 2020, there were 26 companies writing non-life and 21 writing life business, 13 of these being composites, writing both non-life and life business, eight writing life only. Several companies are part of wider European and international insurance groups.

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