Czech Republic non-life insurance market: Decline of almost -1% CAGR witnessed between 2008-12
Non-Life Insurance in the Czech Republic, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-04-04 15:43:03
The Czech Republic´s economy remained under pressure during the review period due to the global financial and Eurozone crises. GDP at constant prices fell slightly during the review period, at a CAGR of -0.4%. However, GDP is expected to recover and post a CAGR of 2.8% over the forecast period.
This is expected to increase consumer disposable incomes, which will have a positive impact on the non-life segment. The value of the Czech non-life insurance segment declined at a review-period CAGR of -0.9%. This decline was due to the country´s falling economic growth impacted by the global financial and Eurozone debt crises, and the falling penetration of non-life insurance products. Non-life insurance was the largest segment, accounting for 47.7% of the industry´s written premiums in 2012.
Floods in May and June 2013 prompted the evacuation of almost 20,000 people and cost billions of Czech Koruna. These incidents are expected to encourage the country´s property and casualty insurers to develop their insurance schemes, making them more effective and less expensive. The Czech government is also playing an active role in increasing the cover of insurance schemes.
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