We believe the Czech Republic insurance sector will continue to be supported by the presence of major international players, with almost all subsidiaries of major multi-national insurers adding gravitas and sophistication to the national market. 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.
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We expect total premiums will increase in 2015, from USD6bn to USD 7bn underpinned by promising macro-economic fundamentals, with total premiums returning to growth of 1.4%, compared to a contraction of 2.3% in 2014. Despite both the life and non-life sectors sharing roughly equal weight in terms of total premiums, we expect the life sector will exhibit quicker growth in 2015, of an estimated 2.1%, compared to the 0.6% in the non-life segment. This is due in principal to favourable changes to the tax code for life premiums, major competition in the non-life segments and an overall greater value proposition of the life insurance sector, as well as lower base effects. In the non-life segment, although insurers have been able to increase prices for compulsory motorists' third party liability (CMTPL) covers, 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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The Czech Republic Insurance Report has been researched at source and features BMI Research'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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