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Now Available: Czech Republic Insurance Report Q1 2015

New Financial Services research report from Business Monitor International is now available from Fast Market Research


Boston, MA -- (SBWIRE) -- 01/19/2015 -- In spite of its many strengths and a number of essentially positive developments through H214, the Czech insurance sector remains on a trajectory of low growth.

We have long held the view that the Czech insurance sector has been greatly strengthened by the identities of the major players, which are almost all subsidiaries of major multi-national groups. These companies compete through brand, multi-channel distribution strategies, product innovation and price. Traditionally, price competition has limited the growth of premiums, with the result that penetration and density - across both segments - are low relatively to income levels.

As of late 2014, the latest data from the trade association confirms that premiums have been growing slowly in both major segments. In the life segment, volumes have been falling slowly, although increases in premiums per policy have ensured that, in CZK terms, premiums have risen very slightly. In the non-life segment, insurers have been able to increase prices for compulsory motorists' third party liability (CMTPL) covers. However the additional premiums have not been sufficient to cover additional payments of health insurance damages and contributions to the Loss Prevention Fund that are required by law.

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Overall, though, underwriting remains disciplined and most of the insurers are keeping a tight control over costs. VIG's businesses in the Czech Republic, for instance, had a combined operating ratio of below 90% over 9Q2014. The impact of tax changes on sales of life insurance products from the beginning of 2015 onwards is an upside risk to our forecast.

Recent Developments

- Non-life insurers have looked to combat insurance fraud through H214.
- On September 23 2014, insurers identified four new initiatives that they will undertake to boost transparency and clarity in the description of products.
- In October 2014, Kooperativa introduced a new product which covers bicycles, skis and other sporting equipment.
- In...

The Czech Republic Insurance Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's Czech Republic Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Czech insurance industry.

Key Benefits

- Benchmark BMI's independent insurance industry forecasts for Czech Republic to test other views - a key input for successful budgeting and strategic business planning in Czech Republic's insurance market.
- Target business opportunities and risks in Czech Republic through our reviews of latest industry trends, regulatory changes and major deals, investments and macroeconomic developments.
- Exploit latest competitive intelligence on your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity).


BMI Industry View

Summary of BMI's key industry forecasts and views, covering the Life and Non-Life segments, the evolving competitive landscape and business operational risks.

Industry SWOT Analysis

Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the insurance sector and within the broader political, economic and business environment.

Regional Outlook

Individual analysis of both Life and Non-Life insurance sector developments and prospects across developed states and emerging markets - supported by BMI's global industry growth forecasts. This is followed by an in-depth evaluation of region- and country-specific trends, focusing on BMI's country-by-country market growth data.

Business Environment Rankings

BMI's Insurance Business Environment Rankings provide a country-comparative Risk-Reward Rankings index aimed at investors (Life and Non-Life) in the insurance market.

The rankings methodology makes sophisticated use of over 40 industry, economic and demographic data points and is part of BMI's integrated Country Risk-Industry Rankings products.

BMI Industry Forecasts

Historic data series (2008-2012) and forecasts to end-2018 for key industry and economic indicators (see list below) supported by explicit assumptions, plus analysis of key risks to the main forecasts. Indicators include:

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