Czech Republic
Czech Insurance Market
In the 1st to 3rd quarter of 2024 the insurance market in the Czech Republic was dominated by the top 5 insurance groups, which together held a share of approximately 84% of the total gross written premiums. The two largest insurance groups contributed around 56%.
Market development 1st to 3rd quarter 2024 compared to the previous year
9M 2024 figures
According to the market share analysis of the Czech insurance association ČAP, the Czech insurance market recorded gross written premiums in the amount of CZK 139.8 billion in the 1st to 3rd quarter of 2024 and thus an increase of 7.6% year-on-year. Both life insurance (+4.3%) and non-life insurance (+8.7%) contributed to this growth.
In the motor lines of business the motor own damage insurance had a remarkable increase of 11.8% year-on-year. The motor third party liability insurance also developed positively with an increase of 5.8%. Both lines of business benefited in 2024 from the dynamic price development as well as from the increased number of newly insured vehicles (+2.8% in motor third party liability insurance; +10.2% in motor own damage insurance). In non-motor insurance there was an increase of 10.4% in the 1st to 3rd quarter 2024 largely influenced by the double-digit growth rate in the property insurance.
The growth in life insurance is mainly due to the good performance of single-premium life insurance, which recorded an increase of 15.3%. Private health insurance also recorded a strong increase of 25.7%. Index-linked life insurance achieved growth of 10.2%.
According to internal calculations based on the data of the International Monetary Fund (IMF) and the Czech Insurance Association, the Czech population spent an average of EUR 786 per capita for insurance premiums in 2023. This amount was divided into EUR 543 for non-life insurance and EUR 243 for life insurance.
Market share of the largest insurance groups
Per cent of total premium volume
VIG Companies in the Czech Republic
VIG Insurance Group is represented by two companies in the Czech Republic, Kooperativa and ČPP. With a market share of 32.4%, it was the largest insurance group in the Czech Republic in the 1st to 3rd quarter 2024. It was in first place in the market for both life insurance and non-life insurance. The Group’s own reinsurance VIG Re, which has its headquarters in Prague, is assigned to the segment Group Functions.
Financial performance indicators in the reportable segment Czech Republic
Insurance service revenue
The insurance service revenue was EUR 2,078.2 million in 2024 (2023: EUR 2,040.1 million). This represents a slight increase of 1.9%, which is due to the positive development of both motor insurance and other property and casualty insurance.
Insurance service revenue by line of business
Result before taxes
The result before taxes in the segment Czech Republic amounted to EUR 211.1 million in 2024 (2023: EUR 218.0 million). This decrease of 3.1% is primarily due to the deterioration in the net combined ratio.
Net combined ratio
The net combined ratio increased in 2024 mainly due to higher claims in the retail business and an increase in weather-related claims, including storm “Boris”, to 94.8% (2023: 91.3%).