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Life Insurance in the Czech Republic, Key Trends and Opportunities to 2017

Czech Republic life insurance market: 6% CAGR growth witnessed between 2008-12


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2014-04-04 15:41:02 - Life Insurance in the Czech Republic, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com

The Czech Republic is the second-largest Central and Eastern European life insurance segment after Poland in terms of gross written premium. During the review period, the Czech life insurance segment grew at a CAGR of 5.8%.

The country´s GDP declined marginally by 0.9% during the review period, resulting in an increase in the proportion of life insurance written premium to GDP from 1.32% in 2008 to 1.65% in 2012. Over the forecast period, the Czech insurance industry is expected to grow with the help of product innovations by insurers; single-premium products are expected to lead the industry´s growth.

The life insurance segment growth was driven by both supply and demand factors during the review period. On the demand side, the economy recorded

 

 

an expanding middle-class population coupled with increasing consumer awareness of the benefits of life insurance products. On the supply side, the rising introduction of products such as unit-linked life insurance.

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