2014-04-02 20:46:05 - Czech Republic Insurance Report Q1 2014 - a new market research report on companiesandmarkets.com
The size, sophistication and resilience of the Czech Republic´s insurance sector means that it has more in common with its peers in Western Europe than with its counterparts in other countries in Central and Eastern Europe. It is dominated by composite insurers who see the Czech Republic as a core part of their regional operations: these companies have scale within the country (along with other advantages such as strong and well-established brands) as well as across Central and Eastern Europe.
Nevertheless, competitive pressures in the non-life segment have caused penetration (ie, premiums as a percentage of GDP) to fall over recent years. In the life segment, it appears that every household that could potentially own policies is already doing so. Nevertheless,
particular companies achieved strong growth in 2012 through the introduction of unit-linked products.
As of late 2013, the overall picture of the Czech insurance sector is one that has far more in common with those of developed Western European countries than with its peers in the varied countries of Central and Eastern Europe (CEE). The obvious strengths include the general resilience of premiums in both major segments despite a challenging financial and economic environment through 2012. The competitive landscape is dominated by (often multiple) subsidiaries of major multinational groups such as Vienna Insurance Group (VIG), Generali PPF Holding, Allianz and KBC. These companies have the benefits of scale within the Czech Republic and across Europe. For these four groups, the country is a core element of their complex businesses across CEE. There is also plenty of room for smaller insurers, many of which focus on niches.
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