The latest data published by the CAP (the trade association) in relation to Q114 confirms our view that growth in premiums in both main segments of the Czech insurance sector will remain anaemic . The basic challenge remains competition. The majors are able to leverage scale, brand, access to capital markets, product development know-how and multi-channel distribution (including, in many cases, close relationships with major banking groups). The beneficiaries are the households and companies that use insurance. Most of the insurers are able to achieve adequate levels of profitability for much of the time. However, there is no obvious catalyst for growth in premium in the Czech insurance sector.
As of mid-2014, the overall picture of the Czech insurance sector is one that has far more in common with those of developed Western European countries than with its peers in the varied countries of Central and Eastern Europe (CEE). The obvious strengths include the general resilience of premiums in both major segments despite a challenging financial and economic environment through 2012 and early 2013. The competitive landscape is dominated by (often multiple) subsidiaries of major multinational groups such as Vienna Insurance Group (VIG), Generali PPF Holding, Allianz and KBC. These companies have the benefits of scale within the Czech Republic and across Europe. For these four groups, the country is a core element of their complex businesses across CEE. There is also plenty of room for smaller insurers, many of which focus on niches.
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However, the Czech Republic's insurance sector is not a cosy oligopoly. Competitive pressure remains intense, particularly in the motor-related lines that dominate the non-life segment. This caused overall non-life premiums to decrease (again) in 2013 Non-life penetration, which is not at a particularly high level (and certainly not by the standards of developed Western European countries) has continued to fall....
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.
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Czech Republic Insurance Report Q3 2014 - New Market Report
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Contact Name: Bill Thompson
Contact Email: press@fastmr.com
Contact Phone: 1-413-485-7001
Contact Name: Bill Thompson
Contact Email: press@fastmr.com
Contact Phone: 1-413-485-7001