Life Insurance in the Czech Republic, Key Trends and Opportunities to 2020

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Date: 18-Sep-2016
No. of pages: 101
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Synopsis

Timetric's 'Life Insurance in the Czech Republic Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Czech life insurance segment, and a comparison of the Czech insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011-2015) and forecast period (2015-2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Czech economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary

Timetric's 'Life Insurance in the Czech Republic Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Czech life insurance segment, including:


  • An overview of the Czech life insurance segment

  • The Czech life insurance segment's growth prospects by category

  • A comprehensive overview of the Czech economy and demographics

  • A comparison of the Czech life insurance segment with its regional counterparts

  • The various distribution channels in the Czech life insurance segment

  • Details of the competitive landscape in the life insurance segment in the Czech Republic

  • Details of regulatory policy applicable to the Czech insurance industry


Scope

This report provides a comprehensive analysis of the life insurance segment in the Czech Republic:


  • It provides historical values for the Czech life insurance segment for the report's 2011-2015 review period, and projected figures for the 2015-2020 forecast period.

  • It offers a detailed analysis of the key categories in the Czech life insurance segment, and market forecasts to 2020.

  • It provides a comparison of the Czech life insurance segment with its regional counterparts

  • It analyzes the various distribution channels for life insurance products in the Czech Republic.

  • It profiles the top life insurance companies in the Czech Republic and outlines the key regulations affecting them.


Reasons To Buy


  • Make strategic business decisions using in-depth historic and forecast market data related to the Czech life insurance segment, and each category within it.

  • Understand the demand-side dynamics, key market trends and growth opportunities in the Czech life insurance segment.

  • Assess the competitive dynamics in the life insurance segment.

  • Identify growth opportunities and market dynamics in key product categories.

  • Gain insights into key regulations governing the Czech insurance industry, and their impact on companies and the industry's future.


Key Highlights


  • In 2015, the life segment accounted for 33.4% of the industry's overall gross written premium.

  • •In January 2015, an amended income tax act came into force that restricted the tax benefits of private life insurance products.

  • The segment's penetration stood at 1.1% in 2015.

  • Despite difficult operating conditions, life insurers registered an increase in their total assets.

  • The extremely low interest rate prohibited life insurers from offering value added products at affordable premium prices.

Life Insurance in the Czech Republic, Key Trends and Opportunities to 2020

Table of Contents

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Policies sold
4.2.3 Claims
4.2.4 Assets and investments

5 Outlook by Sub-Segment
5.1 Individual Life Insurance
5.1.1 Premium
5.1.2 Policies sold
5.1.3 Penetration

6 Distribution Channel Outlook

7 Competitive Landscape
7.1 Company Profiles
7.1.1 Pojišsovna Ceske sporitelny, as - company overview
7.1.2 Ceska pojisovna as - company overview
7.1.3 Kooperativa pojisovna, as - company overview
7.1.4 Komercni pojisovna, as - company overview
7.1.5 ING Zivotni pojisovna NV, pobocka pro Ceskou republiku - company overview
7.1.6 CSOB Pojisovna, as, clen holdingu CSOB - company overview
7.1.7 Allianz pojisovna - company overview
7.1.8 Axa Zivotni pojisovna, AS - company overview
7.1.9 Generali Pojisovna, as - company overview
7.1.10 MetLife Europe Ltd, pobocka pro Ceskou republiku - company overview

8 Governance, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulation
8.3 Legislation and Market Practice by Type of Insurance
8.3.1 Life Insurance
8.3.2 Property Insurance
8.3.3 Motor Insurance
8.3.4 Liability insurance
8.3.5 Marine, aviation and transit insurance
8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
8.4.1 Motor third-party liability insurance
8.4.2 Workers' Compensation Insurance
8.4.3 Air carriers and aircraft operators insurance
8.4.4 Professional indemnity insurance for alternative investment fund managers
8.4.5 Clinical trials liability insurance
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors
8.5.2 European Insurance and Occupational Pensions Authority
8.5.3 Czech National Bank
8.5.4 Czech Insurance Association
8.5.5 Federation of European Risk Management Associations (Ferma)
8.6 Non-Admitted Insurance Regulations
8.6.1 Overview
8.6.2 Intermediaries
8.6.3 Market practices
8.6.4 Fines and Penalties
8.7 Company Registration and Operations
8.7.1 Type of insurance organization
8.7.2 Establishing a local company
8.7.3 Foreign ownership
8.7.4 Types of license
8.7.5 Capital requirements
8.7.6 Solvency margin
8.7.7 Reserve requirements
8.7.8 Investment regulations
8.7.9 Statutory return requirements
8.7.10 Fee structure
8.8 Taxation
8.8.1 Insurance premium or policy taxation
8.8.2 Withholding taxes on premium paid overseas
8.8.3 Corporate tax
8.8.4 VAT
8.8.5 Captives
8.9 Legal System
8.9.1 Introduction
8.9.2 Access to court
8.9.3 Alternative dispute resolution (ADR)

9 Databook
9.1 Policies and Premium
9.2 Claims and Expenses
9.3 Assets and Investments
9.4 Individual Life Insurance
9.5 Individual Life Insurance by Product
9.6 Individual Life - Single vs. Non-Single Premium
9.7 Linked vs. Non-Linked Policies

10 Definitions and Methodology
10.1 Definitions
10.2 Methodology

11 About Timetric
11.1 Contact Timetric
11.2 About Timetric
11.3 Timetric's Services
11.4 Disclaimer

List of Tables

Table 1: Czech Life Insurance - Key Facts, 2015
Table 2: Czech Life Insurance - Segment Shares (%) of the Top Insurers, 2014
Table 3: Czech Government Credit Ratings
Table 4: Czech Life Insurance - Gross Written Premium (CZK Billion and US$ Billion), 2011-2015
Table 5: Czech Life Insurance - Penetration (%), 2011-2015
Table 6: Czech Life Insurance - Gross Written Premium (CZK Billion and US$ Billion), 2015-2020
Table 7: Czech Life Insurance - Penetration (%), 2015-2020
Table 8: Czech Life Insurance - Premium per Capita (CZK and US$), 2011-2015
Table 9: Czech Life Insurance - Premium per Capita (CZK and US$), 2015-2020
Table 10: Czech Life Insurance - Number of Policies Sold (Million), 2011-2015
Table 11: Czech Life Insurance - Number of Policies Sold (Million), 2015-2020
Table 12: Czech Life Insurance - Paid Claims (CZK Billion and US$ Billion), 2011-2015
Table 13: Czech Life Insurance - Paid Claims (CZK Billion and US$ Billion), 2015-2020
Table 14: Czech Life Insurance - Total Assets (CZK Billion and US$ Billion), 2011-2015
Table 15: Czech Life Insurance - Total Assets (CZK Billion and US$ Billion), 2015-2020
Table 16: Czech Life Insurance - Total Investment Income (CZK Billion and US$ Billion), 2011-2015
Table 17: Czech Life Insurance - Total Investment Income (CZK Billion and US$ Billion), 2015-2020
Table 18: Czech Life Insurance - Investment Portfolio (CZK Billion), 2011-2015
Table 19: Czech Life Insurance - Investment Portfolio (CZK Billion), 2015-2020
Table 20: Czech Individual Life Insurance - Direct Written Premium by Category (CZK Billion), 2011-2015
Table 21: Czech Individual Life Insurance - Direct Written Premium by Category (CZK Billion), 2015-2020
Table 22: Czech Individual Life Insurance - Number of Policies Sold by Category (Million), 2011-2015
Table 23: Czech Individual Life Insurance - Number of Policies Sold by Category (Million), 2015-2020
Table 24: Czech Insurance Industry - Market Shares of Leading Insurers (%), 2014
Table 25: Pojisovna Ceske sporitelny - Key Facts
Table 26: Pojisovna Ceske sporitelny - Key Financials (CZK Million), 2011-2014
Table 27: Ceska Pojisovna - Key Facts
Table 28: Ceska Pojisovna - Key Financials (CZK Million), 2011-2014
Table 29: Kooperativa Pojisovna - Key Facts
Table 30: Kooperativa Pojisovna - Key Financials (CZK Million), 2011-2014
Table 31: Komercni Pojisovna - Key Facts
Table 32: Komercni Pojisovna - Key Financials (CZK Million), 2011-2014
Table 33: ING Zivotni Pojisovna - Key Facts
Table 34: ING Zivotni Pojisovna - Key Financials (CZK Million), 2011-2014
Table 35: CSOB Pojisovna - Key Facts
Table 36: CSOB Pojisovna - Key Financials (CZK Million), 2011-2014
Table 37: Allianz Pojisovna - Key Facts
Table 38: Allianz Pojisovna - Key Financials (CZK Million), 2011-2014
Table 39: Axa Zivotni Pojisovna - Key Facts
Table 40: Axa Zivotni Pojisovna - Key Financials (CZK Million), 2011-2014
Table 41: Generali Pojisovna - Key Facts
Table 42: Generali Pojisovna - Key Financials (CZK Million), 2011-2014
Table 43: MetLife - Key Facts
Table 44: MetLife - Key Financials (CZK Million), 2012-2014
Table 45: Czech Republic - Insurance Regulatory Framework Key Features
Table 46: Czech Republic - Life Insurance Regulatory Framework
Table 47: Czech Republic - Property Insurance Regulatory Framework
Table 48: Czech Republic - Motor Insurance Regulatory Framework
Table 49: Czech Republic - Liability Insurance Regulatory Framework
Table 50: Czech Republic - Minimum Cover for Aircraft Third-Party Liability Per Accident Per Aircraft
Table 51: Czech Republic Corporate Tax Rates for the Financial Year 2016
Table 52: Czech Life Insurance - Policies and Premium, 2011-2015
Table 53: Czech Life Insurance - Policies and Premium, 2015-2020
Table 54: Czech Life Insurance - Claims and Expenses, 2011-2015
Table 55: Czech Life Insurance - Claims and Expenses, 2015-2020
Table 56: Czech Life Insurance - Assets and Investments, 2011-2015
Table 57: Czech Life Insurance - Assets and Investments, 2015-2020
Table 58: Czech Life Insurance - Individual Life Insurance, 2011-2015
Table 59: Czech Life Insurance - Individual Life Insurance, 2015-2020
Table 60: Czech Life Insurance - Individual Life Insurance by Product, 2011-2015
Table 61: Czech Life Insurance - Individual Life Insurance by Product, 2015-2020
Table 62: Czech Life Insurance - Individual Life Insurance by Premium, 2011-2015
Table 63: Czech Life Insurance - Individual Life Insurance by Premium, 2015-2020
Table 64: Czech Life Insurance - Linked vs. Non-Linked Policies, 2011-2015
Table 65: Czech Life Insurance - Linked vs. Non-Linked Policies, 2015-2020
Table 66: Insurance Industry Definitions

List of Figures

Figure 1: Czech Real GDP (CZK Trillion), 2011-2020
Figure 2: Czech Consumer Price Inflation (%), 2011-2020
Figure 3: Czech Current Account Balance as Percentage of GDP (%), 2011-2015
Figure 4: CZK-US$ Exchange Rate, 2011-2020
Figure 5: Czech Unemployment Rate (%), 2011-2020
Figure 6: Czech Population by Age Group, 1990-2025
Figure 7: Czech Life Insurance Penetration - Regional Comparison (%), 2015
Figure 8: Czech Insurance Segment Direct Written Premium Shares - Regional Comparison (%), 2015
Figure 9: Czech Life Insurance - Gross Written Premium (CZK Billion), 2011-2020
Figure 10: Czech Life Insurance - Penetration (%), 2011-2020
Figure 11: Czech Life Insurance - Premium per Capita (CZK), 2011-2020
Figure 12: Czech Life Insurance - Number of Policies Sold (Million), 2011-2020
Figure 13: Czech Life Insurance - Paid Claims (CZK Billion), 2011-2020
Figure 14: Czech Life Insurance - Total Assets (CZK Billion), 2011-2020
Figure 15: Czech Life Insurance - Total Investment Income (CZK Billion), 2011-2020
Figure 16: Czech Life Insurance - Investment Portfolio (CZK Billion), 2011-2020
Figure 17: Czech Life Insurance - Investment Portfolio Dynamics by Category, 2011-2020
Figure 18: Czech Individual Life Insurance - Direct Written Premium by Category (CZK Billion), 2011-2020
Figure 19: Czech Individual Life Insurance - Direct Written Premium Share by Category, 2011-2020
Figure 20: Czech Individual Life Insurance - Direct Written Premium Dynamics by Category, 2011-2020
Figure 21: Czech Individual Life Insurance - Number of Policies Sold by Category (Million), 2011-2020
Figure 22: Czech Individual Life Insurance - Penetration (%), 2011-2015
Figure 23: Czech Individual Life Insurance - Penetration (%), 2015-2020
Figure 24: Czech Insurance Industry - Market Shares of Leading Insurers (%), 2014
Figure 25: Czech Republic - The Three Pillars of Solvency II
Figure 26: Czech Republic - Insurance Supervision and Control at Various Levels
Figure 27: Czech Republic - Insurance Regulatory Frameworks for Company Registration and Operation

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