According to the latest information provided by the Czech National Bank (CNB), the insurance market ended 1H2022 with GWP worth EUR 4.094 billion, up by 17.18% y-o-y. The strong upward trend was given by the non-life insurance sector, which non only dominated the portfolio (72.7% of total GWP), but also saw an almost 23% y-o-y increase in premiums.
According to XPRIMM, one should consider that rather significant difference between the data in the Czech Insurers Association reports and those provided by CNB is caused by the different cluster of reporting companies considered.
The CNB data include information on all Czech insurers, branches of insurers from other EU or EEA member states and branches of insurers from other countries in Czechia as of the given date. Also included are data on the branches of these insurers operating abroad.
Life insurance recorded a lower-than-average growth pace, GWP increasing by 4.34% y-o-y, to EUR 1.13 billion. Both classes of life insurance products that have an investment component (Insurance with profit participation, Index-linked and unit-linked) saw a negative trend.
On the non-life side all classes recorded double-digit positive growth rates. Overall, GWP for non-life insurance went up by 22.85% y-o-y, to EUR 2.98 billion. Motor insurance and property insurance have contributed the most, in absolute terms, to the market growth.