Life & Non-Life Insurance Market Size (2024 - 2029)

The life and non-life insurance market in the Czech Republic is experiencing growth, with the market size expanding steadily over the forecast period. Despite a relatively limited market, both segments are increasing in business volume, driven by factors such as motor insurance products in the non-life sector. The market's scope for expansion remains, particularly as insurance penetration has been declining, offering opportunities for growth. The profitability of the industry has shown a slight upward trend, indicating a positive outlook for the market's future development.

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Market Size of Life & Non-Life Insurance Industry

Czech Republic Life and Non-Life Insurance Market Size
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 5.00 %
Market Concentration High

Major Players

Czech Republic Life and Non-Life Insurance Market Major Players

*Disclaimer: Major Players sorted in no particular order

Czech Republic Life & Non-Life Insurance Market Analysis

  • Life and non-life insurance market in the Czech Republic is estimated to grow at a CAGR of approximately 5% during the forecast period.
  • Europe holds second place in the global insurance market in 2018, behind Asia-Pacific, while ahead of North America. The Czech Republic’s insurance premium was EUR 5.7 billion in 2018. The insurance industry totaled about CZK 41.8 billion (EUR 1.6 billion) at the end of March 2019, while the industry totaled about CZK 124.45 billion (EUR 4.82 billion) at the end of September 2019, up by 5.86% Y-o-Y. Total GWP increased by 6.2% from 2015 to 2018 with an annual 2.0% growth rate; the market remains relatively limited but is growing market size and scope.
  • Both main subsectors of the industry increased in business volume Y-o-Y in 2017. In 2018, the life segment’s gross written premium (GWP) dropped by 3.0%, while that of the non-life segment increased by 5.2%. The non-life growth rate was mainly driven by motor insurance products, despite declining premiums of the previous years. The profitability of the industry was slightly growing in the last four years.
  • In 2018, the life and non-life segments’ GWP accounted for 36.3% and 63.7% of total market GWP, respectively. Insurance penetration has been falling steadily since 2015, mainly due to the declining life insurance segment. In 2018, total penetration was 2.9%, down by 0.2% points from 2017, which is relatively strong in the CEE region, but there is still an opportunity for expansion in the industry. In 2018, GWP per capita was EUR 556, up by 2.2% points from 2017, which is above the CEE average of EUR 387. Paid claims per GWP was 59.5% in 2018, 7% down from 2017.

Czech Republic Life & Non-Life Insurance Industry Segmentation

This report aims to provide a detailed analysis of the life and non-life insurance market in the Czech Republic. It focuses on the market dynamics, emerging trends in the segments and regional markets, and insights on various product and application types. Also, it analyses the key players and the competitive landscape in the life and non-life insurance market in the Czech Republic.

By Insurance Type
Life Insurance
Individual
Group
Non-Life Insurance
Home
Motor
Insurance
By Channel of distribution
Direct
Agency
Banks
Others
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Life & Non-Life Insurance Market Size Summary

The life and non-life insurance market in the Czech Republic is experiencing a steady growth trajectory, with a notable expansion in both segments. The market is characterized by a high level of concentration, particularly in the non-life segment, where a few dominant players hold a significant share of the gross written premium. Despite the overall growth, the market faces challenges such as declining insurance penetration, especially in the life insurance segment. This decline presents a potential opportunity for market players to expand their offerings and capture a larger share of the market. The non-life segment, driven by motor insurance products, has shown resilience and growth, contrasting with the slight downturn in the life insurance segment's premium volumes.

The insurance industry in the Czech Republic plays a crucial role in the national economy, contributing to income formation and acting as a significant institutional investor. As the country's economy develops and disposable incomes rise, the demand for insurance is expected to increase, driven by higher consumption and wealth levels. This economic growth is likely to influence demographic trends, urbanization, and sociocultural dynamics, fostering a greater sense of risk aversion among the population. The market landscape is dominated by a few major players, but there remains room for smaller insurers to consolidate and expand their presence. The report highlights key players such as ČESKÁ pojišťovna, KOOPERATIVA, and ALLIANZ pojišťovna, underscoring the competitive nature of the market and the opportunities for growth and acquisition.

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Life & Non-Life Insurance Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Porters 5 Force Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Insurance Type

      1. 2.1.1 Life Insurance

        1. 2.1.1.1 Individual

        2. 2.1.1.2 Group

      2. 2.1.2 Non-Life Insurance

        1. 2.1.2.1 Home

        2. 2.1.2.2 Motor

        3. 2.1.2.3 Insurance

    2. 2.2 By Channel of distribution

      1. 2.2.1 Direct

      2. 2.2.2 Agency

      3. 2.2.3 Banks

      4. 2.2.4 Others

Life & Non-Life Insurance Market Size FAQs

The Life & Non-Life Insurance Market is projected to register a CAGR of less than 5% during the forecast period (2024-2029)

ČESKÁ pojišťovna, KOOPERATIVA, pojišťovna, NN Životní pojišťovna N.V., ČSOB Pojišťovna and ALLIANZ pojišťovna are the major companies operating in the Life & Non-Life Insurance Market.

Life & Non-Life Insurance Market in Czech Republic Report Snapshots

Life & Non-Life Insurance Market in Czech Republic Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)