Life Insurance in the Czech Republic, Key Trends and Opportunities to 2018

Published: Jun, 2014 | Pages: 249 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


Synopsis
The report provides in-depth market analysis, information and insights into the Czech life insurance segment, including:
The Czech life insurance segment's growth prospects by life insurance categories 
Key trends and drivers for the life insurance segment 
The various distribution channels in the Czech life insurance segment
The detailed competitive landscape in the life insurance segment in the Czech Republic
Detailed regulatory policies of the Czech insurance industry
A description of the life reinsurance segment in the Czech Republic
Porter's Five Forces analysis of the life insurance segment 

Summary
In terms of gross written premium, the Czech Republic has the second-largest life insurance segment in the Central and Eastern European region, after Poland. The country's economy remained under pressure during the review period (2009-2013), as a result of the global, financial and eurozone debt crises, although there is suggested to be much stability taking place in the economy over the forecast period (2013-2018). During the review period, the Czech life insurance segment grew at a compound annual growth rate (CAGR) of 2.1%. The country's GDP, at current prices, declined at a CAGR of -3.3% during the review period, resulting in an increase in the penetration of life insurance, from 1.42% in 2009 to 1.59% in 2013. The Czech insurance industry is expected to grow over the forecast period (2013-2018), in the presence of factors such as product innovation by insurers and consumer demand towards individual whole life insurance. Individual whole life products are expected to lead the industry's growth over the forecast period, and the pension reform is expected to spur the demand in life segment.  
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 2009-2013 review period and forecast figures for the 2013-2018 forecast period.
It offers a detailed analysis of the key categories in the Czech life insurance segment, along with market forecasts until 2018.
It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions.
It analyses the various distribution channels for life insurance products in the Czech Republic.
Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in the Czech Republic for the life insurance business.
It provides a detailed analysis of the reinsurance segment in the Czech Republic and its growth prospects.
It profiles the top life insurance companies in the Czech Republic and outlines the key regulations affecting them. 
Reason 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 within the Czech  life insurance segment
Assess the competitive dynamics in the life insurance segment, along with the reinsurance segment
Identify the growth opportunities and market dynamics within key product categories
Gain insights into key regulations governing the Czech insurance industry and its impact on companies and the market's future 
Key Highlights
 This life insurance segment accounted for 39.6% of the insurance industry's written premium in 2013.
The country's large volume of internet users, which represented 74.7% of the total population in 2012, encouraged insurers to invest on online applications.
Due to the wider reach to the customer base, agencies are the most popular channel for distributing unit-linked products and other savings-type life insurance products.
The pension reform is expected to provide significant business opportunities to the existing life insurance companies, as well as new entrants.
The life insurance segment of Czech Republic is highly concentrated, with the top-10 companies accounting for 89.4% of its gross written premium in 2012.

 1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Czech Insurance Industry Attractiveness
3.1 Insurance Industry Size, 2009-2018
3.2 Key Industry Trends and Drivers
3.3 Challenges
3.4 Recent Market Developments
4 Life Insurance Outlook
4.1 Consumer Segmentation and Buying Behavior
4.2 Product and Marketing Strategies
4.2.1 Product Strategies
4.2.2 Marketing Strategies
4.3 Life Insurance Growth Prospects by Category
4.4 Individual Life Insurance
4.4.1 Individual whole life
4.4.2 Individual general annuity
4.4.3 Individual supplementary
4.4.4 Individual others
4.5 Life Insurance Growth Prospects by Product Type
4.5.1 Individual single-premium policies
4.5.2 Individual non-single-premium policies
4.6 Life Insurance Growth Prospects by Product Type
4.6.1 Total linked business
4.6.2 Total non-linked business
5 Alysis by Distribution Channel
5.1 Direct marketing
5.2 Bancassurance
5.3 Agencies
5.4 E-commerce
5.5 Brokers
5.6 Other channels
6 Porter's Five Forces Alysis - Czech Life Insurance
6.1 Bargaining Power of Supplier: Medium to High
6.2 Bargaining Power of Buyer: Low to Medium
6.3 Barriers to Entry: Medium
6.4 Intensity of Rivalry: Low to Medium
6.5 Threat of Substitutes: Low
7 Reinsurance Growth Dymics and Challenges
7.1 Reinsurance Segment Size, 2009-2018
7.2 Reinsurance Segment Size by Type of Insurance, 2009-2018
8 Governce, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Legislation and Market Practice by Type of Insurance
8.2.1 Life insurance
8.2.2 Property insurance
8.2.3 Motor insurance
8.2.4 Marine, aviation and transit insurance
8.2.5 Persol accident and health insurance
8.3 Compulsory Insurance
8.3.1 Motor third-party liability insurance
8.3.2 Workers' Compensation Insurance
8.3.3 Air carriers and aircraft operators insurance
8.4 Supervision and Control
8.4.1 Intertiol Association of Insurance Supervisors (IAIS)
8.4.2 European Insurance and Occupatiol Pensions Authority (EIOPA)
8.4.3 Czech tiol Bank
8.4.4 Czech Association of Insurers
8.5 Non-Admitted Insurance Regulations
8.5.1 Overview
8.5.2 Intermediaries
8.5.3 Market practices
8.5.4 Fines and pelties
8.6 Company Registration and Operations
8.6.1 Types of insurance organization
8.6.2 Establishing a local company
8.6.3 Foreign ownership
8.6.4 Types of license
8.6.5 Capital requirements
8.6.6 Solvency margins
8.6.7 Reserve requirements
8.6.8 Investment regulations
8.6.9 Statutory return requirements
8.6.10 Fee structure
8.7 Taxation
8.7.1 Insurance premium or policy taxation
8.7.2 Withholding taxes on premium paid overseas
8.7.3 Corporate tax
8.7.4 VAT
8.7.5 Captives
8.8 Legal System
8.8.1 Introduction
8.8.2 Access to court
8.8.3 Altertive dispute resolution (ADR)
9 Competitive Landscape and Strategic Insights
9.1 Overview
9.2 Leading Companies in the Czech Republic Life Insurance Segment
9.3 Comparison of the Top-Five Insurers
9.3.1 Net earned premium
9.3.2 Gross claims
9.3.3 Incurred loss
9.3.4 Total assets
9.4 Ceska Pojistov AS - Company Overview
9.4.1 Ceska Pojistov AS - key facts
9.4.2 Ceska Pojistov AS - key fincials
9.5 Kooperativa Pojistov AS - Company Overview
9.5.1 Kooperativa Pojistov AS - key facts
9.5.2 Kooperativa Pojistov AS - key fincials
9.6 Pojistov Ceske Sporitelny AS- Company Overview
9.6.1 Pojistov Ceske Sporitelny AS - key facts
9.6.2 Pojistov Ceske Sporitelny AS - key fincials
9.7 ING Pojistov - Company Overview
9.7.1 ING Pojistov - key facts
9.7.2 ING Pojistov - key fincials
9.8 CSOB Pojistov AS - Company Overview
9.8.1 CSOB Pojistov AS - key facts
9.8.2 CSOB Pojistov AS, key fincials
9.9 Axa Zivotni Pojistov - Company Overview
9.9.1 Axa Zivotni Pojistov - key facts
9.9.2 Axa Zivotni Pojistov - key fincials
9.1 Generali Pojistov AS - Company Overview
9.10.1 Generali Pojistov AS - key facts
9.10.2 Generali Pojistov AS - key fincials
9.11 Allianz Pojistov AS - Company Overview
9.11.1 Allianz Pojistov AS - key facts
9.11.2 Allianz Pojistov AS - key fincials
9.12 Metlife Amcico AS - Company Overview
9.12.1 Metlife Amcico AS - key facts
9.12.2 Metlife Amcico AS - key fincials
9.13 Komercni Pojistov AS - Company Overview
9.13.1 Komercni Pojistov AS - key facts
9.13.2 Komercni Pojistov AS - key fincials
10 Business Environment and Country Risk
10.1 Business Confidence
10.1.1 Market capitalization trend - Prague Stock Exchange, Czech Republic
10.2 Economic Performance
10.2.1 GDP at constant prices (US$)
10.2.2 GDP per capita at constant prices (US$)
10.2.3 GDP at current prices (US$)
10.2.4 GDP per capita at current prices (US$)
10.2.5 GDP by key segments
10.2.6 Agriculture, hunting, forestry and fishing net output at current prices (US$)
10.2.7 Agriculture, hunting, forestry and fishing net output at current prices as a percentage of GDP
10.2.8 Manufacturing net output at current prices (US$)
10.2.9 Manufacturing net output at current prices as a percentage of GDP
10.2.10 Mining, manufacturing and utilities at current prices (US$)
10.2.11 Mining, manufacturing and utilities at current prices, as percentage of GDP
10.2.12 Construction net output at current prices, (US$)
10.2.13 Construction net output at current prices as a percentage of GDP
10.2.14 Inflation rate
10.2.15 Exports as a percentage of GDP
10.2.16 Imports as a percentage of GDP
10.2.17 Merchandise Exports growth
10.2.18 Merchandise Imports growth
10.2.19 Annual average exchange rate CZK-US$
10.3 Infrastructure
10.3.1 Commercial vehicles exports - total value
10.3.2 Commercial vehicles imports - total value
10.3.3 Automotive exports - total value
10.3.4 Automotive imports - total value
10.3.5 Total internet subscribers
10.4 Labor Force
10.4.1 Labor force
10.4.2 Unemployment rate
10.5 Demographics
10.5.1 Gross tiol disposable income (US$)
10.5.2 Household consumption expenditure (US$)
10.5.3 Total population
10.5.4 Urban and rural population
10.5.5 Age distribution of the total population
11 Appendix
11.1 Methodology
11.2 Contact Timetric
11.3 About Timetric
11.4 Timetric's Services
11.5 Disclaimer


List of Tables
Table 1: Insurance Industry Definitions
Table 2: Czech Insurance - Gross Written Premium by Segment (CZK Billion), 2009-2013
Table 3: Czech Insurance - Gross Written Premium by Segment (US$ Billion), 2009-2013
Table 4: Czech Insurance - Gross Written Premium by Segment (CZK Billion), 2013-2018
Table 5: Czech Insurance - Gross Written Premium by Segment (US$ Billion), 2013-2018
Table 6: Czech Insurance - Segmentation (% Share), 2009-2018
Table 7: Czech Life Insurance - New Business Written Premium (CZK Billion), 2009-2013
Table 8: Czech Life Insurance - New Business Written Premium (CZK Billion), 2013-2018
Table 9: Czech Life Insurance - Gross Written Premium by Category (CZK Billion), 2009-2013
Table 10: Czech Life Insurance - Gross Written Premium by Category (US$ Billion), 2009-2013
Table 11: Czech Life Insurance - Gross Written Premium by Category (CZK Billion), 2013-2018
Table 12: Czech Life Insurance - Gross Written Premium by Category (US$ Million), 2013-2018
Table 13: Czech Life Insurance - Earned Premium (CZK Billion), 2009-2013
Table 14: Czech Life Insurance - Earned Premium (CZK Billion), 2013-2018
Table 15: Czech Life Insurance - Sum Assured (CZK Billion), 2009-2013
Table 16: Czech Life Insurance - Sum Assured (CZK Billion), 2013-2018
Table 17: Czech Life Insurance - Paid Claims (CZK Billion), 2009-2013
Table 18: Czech Life Insurance - Paid Claims (CZK Billion), 2013-2018
Table 19: Czech Life Insurance - Incurred Loss (CZK Billion), 2009-2013
Table 20: Czech Life Insurance - Incurred Loss (CZK Billion), 2013-2018
Table 21: Czech Life Insurance - Loss Ratio (%), 2009-2013
Table 22: Czech Life Insurance - Loss Ratio (%), 2013-2018
Table 23: Czech Life Insurance - Commissions and Expenses (CZK Billion), 2009-2013
Table 24: Czech Life Insurance - Commissions and Expenses (CZK Billion), 2013-2018
Table 25: Czech Life Insurance - Combined Ratio (%), 2009-2013
Table 26: Czech Life Insurance - Combined Ratio (%), 2013-2018
Table 27: Czech Life Insurance - Frauds and Crimes (CZK Billion), 2009-2013
Table 28: Czech Life Insurance - Frauds and Crimes (CZK Billion), 2013-2018
Table 29: Czech Life Insurance - Total Assets (CZK Billion), 2009-2013
Table 30: Czech Life Insurance - Total Assets (CZK Billion), 2013-2018
Table 31: Czech Life Insurance - Total Investment Income (CZK Billion), 2009-2013
Table 32: Czech Life Insurance - Total Investment Income (CZK Billion), 2013-2018
Table 33: Czech Life Insurance - Retentions (CZK Billion), 2009-2013
Table 34: Czech Life Insurance - Retentions (CZK Billion), 2013-2018
Table 35: Czech Individual Life Insurance - Gross Written Premium by Category (CZK Billion), 2009-2013
Table 36: Czech Individual Life Insurance - Gross Written Premium by Category (US$ Billion), 2009-2013
Table 37: Czech Individual Life Insurance - Gross Written Premium by Category (CZK Billion), 2013-2018
Table 38: Czech Individual Life Insurance - Gross Written Premium by Category (US$ Billion), 2013-2018
Table 39: Czech Individual Life Insurance - Policies by Category (Thousand), 2009-2013
Table 40: Czech Individual Life Insurance - Policies Category (Thousand), 2013-2018
Table 41: Czech Individual Whole Life - Number of Active Policies (Thousand), 2009-2013
Table 42: Czech Individual Whole Life - Number of Active Policies (Thousand), 2013-2018
Table 43: Czech Individual Whole Life - Gross Written Premium (CZK Billion), 2009-2013
Table 44: Czech Individual Whole Life - Gross Written Premium (CZK Billion), 2013-2018
Table 45: Czech Individual General annuity - Number of Active Policies (Thousand), 2009-2013
Table 46: Czech Individual General annuity - Number of Active Policies (Thousand), 2013-2018
Table 47: Czech Individual General annuity - Gross Written Premium (CZK Billion), 2009-2013
Table 48: Czech Individual General annuity - Gross Written Premium (CZK Billion), 2013-2018
Table 49: Czech Individual Supplementary  - Number of Active Policies (Thousand), 2009-2013
Table 50: Czech Individual Supplementary  - Number of Active Policies (Thousand), 2013-2018
Table 51: Czech Individual Supplementary  - Gross Written Premium (CZK Billion), 2009-2013
Table 52: Czech Individual Supplementary  - Gross Written Premium (CZK Billion), 2013-2018
Table 53: Czech Individual Others  - Number of Active Policies (Million), 2009-2013
Table 54: Czech Individual Others  - Number of Active Policies (Million), 2013-2018
Table 55: Czech Individual Others  - Gross Written Premium (CZK Billion), 2009-2013
Table 56: Czech Individual Others  - Gross Written Premium (CZK Billion), 2013-2018
Table 57: Czech Individual Single-Premium - Number of Active Policies (Million), 2009-2013
Table 58: Czech Individual Single-Premium  - Number of Active Policies (Million), 2013-2018
Table 59: Czech Individual Single-Premium  - Gross Written Premium (CZK Billion), 2009-2013
Table 60: Czech Individual Single-Premium  - Gross Written Premium (CZK Billion), 2013-2018
Table 61: Czech Individual Non-Single-Premium  - Number of Active Policies (Million), 2009-2013
Table 62: Czech Individual Non-Single-Premium  - Number of Active Policies (Million), 2013-2018
Table 63: Czech Individual Non-Single-Premium  - Gross Written Premium (CZK Billion), 2009-2013
Table 64: Czech Individual Non-Single-Premium  - Gross Written Premium  (CZK Billion), 2013-2018
Table 65: Czech Linked Business - Number of Active Policies (Thousand), 2009-2013
Table 66: Czech Linked Business  - Number of Active Policies (Thousand), 2013-2018
Table 67: Czech Linked Business  - Gross Written Premium (CZK Billion), 2009-2013
Table 68: Czech Linked Business  - Gross Written Premium (CZK Billion), 2013-2018
Table 69: Czech Non-Linked Business  - Number of Active Policies (Thousand), 2009-2013
Table 70: Czech Non-Linked Business  - Number of Active Policies (Thousand), 2013-2018
Table 71: Czech Non-Linked Business  - Gross Written Premium (CZK Billion), 2009-2013
Table 72: Czech Non-Linked Business  - Gross Written Premium  (CZK Billion), 2013-2018
Table 73: Czech Life Insurance - Direct Marketing Commission Paid (CZK Billion), 2009-2013
Table 74: Czech Life Insurance - Direct Marketing Commission Paid (CZK Billion), 2013-2018
Table 75: Czech Life Insurance -Gross Written Premium New Business Through Direct Marketing (CZK Billion), 2009-2013
Table 76: Czech Life Insurance - Gross Written Premium New Business Through Direct Marketing (CZK Billion), 2013-2018
Table 77: Czech Life Insurance - New Policies Sold Through Direct Marketing (Thousand), 2009-2013
Table 78: Czech Life Insurance - New Policies Sold Through Direct Marketing (Thousand), 2013-2018
Table 79: Czech Life Insurance - Number of Direct Marketing Distributors, 2009-2013
Table 80: Czech Life Insurance - Number of Direct Marketing Distributors, 2013-2018
Table 81: Czech Life Insurance - Bancassurance Commission Paid (CZK Billion), 2009-2013
Table 82: Czech Life Insurance - Bancassurance Commission Paid (CZK Billion), 2013-2018
Table 83: Czech Life Insurance - Gross Written Premium New Business Through Bancassurance (CZK Billion), 2009-2013
Table 84: Czech Life Insurance - Gross Written Premium New Business Bancassurance (CZK Billion), 2013-2018
Table 85: Czech Life Insurance - New Policies Sold Through Bancassurance (Thousand), 2009-2013
Table 86: Czech Life Insurance - New Policies Sold Through Bancassurance (Thousand), 2013-2018
Table 87: Czech Life Insurance - Number of Bancassurance Distributors, 2009-2013
Table 88: Czech Life Insurance - Number of Bancassurance Distributors, 2013-2018
Table 89: Czech Life Insurance - Commission Paid to Agencies (CZK Billion), 2009-2013
Table 90: Czech Life Insurance - Commission Paid to Agencies (CZK Billion), 2013-2018
Table 91: Czech Life Insurance - Gross Written Premium New Business Through Agencies (CZK Billion), 2009-2013
Table 92: Czech Life Insurance - Gross Written Premium New Business Through Agencies (CZK Billion), 2013-2018
Table 93: Czech Life Insurance - New Policies Sold Through Agencies (Thousand), 2009-2013
Table 94: Czech Life Insurance - New Policies Sold Through Agencies (Thousand), 2013-2018
Table 95: Czech Life Insurance - Number of Agencies, 2009-2013
Table 96: Czech Life Insurance - Number of Agencies, 2013-2018
Table 97: Czech Life Insurance - E-Commerce Commission Paid (CZK Billion), 2009-2013
Table 98: Czech Life Insurance - E-Commerce Commission Paid (CZK Billion), 2013-2018
Table 99: Czech Life Insurance - Gross Written Premium New Business Through E-Commerce (CZK Billion), 2009-2013
Table 100: Czech Life Insurance - Gross Written Premium New Business Through E-Commerce (CZK Billion), 2013-2018
Table 101: Czech Life Insurance - New Policies Sold Through E-Commerce (Thousand), 2009-2013
Table 102: Czech Life Insurance - New Policies Sold Through E-Commerce (Thousand), 2013-2018
Table 103: Czech Life Insurance - Number of E-Commerce Distributors, 2009-2013
Table 104: Czech Life Insurance - Number of E-Commerce Distributors, 2013-2018
Table 105: Czech Life Insurance - Commission Paid to Brokers (CZK Billion), 2009-2013
Table 106: Czech Life Insurance - Commission Paid to Brokers (CZK Billion), 2013-2018
Table 107: Czech Life Insurance - Gross Written Premium New Business Through Brokers (CZK Billion), 2009-2013
Table 108: Czech Life Insurance - Gross Written Premium New Business Through Brokers (CZK Billion), 2013-2018
Table 109: Czech Life Insurance - New Policies Sold Through Brokers (Thousand), 2009-2013
Table 110: Czech Life Insurance - New Policies Sold Through Brokers (Thousand), 2013-2018
Table 111: Czech Life Insurance - Number of Brokers, 2009-2013
Table 112: Czech Life Insurance - Number of Brokers, 2013-2018
Table 113: Czech Life Insurance - Commission Paid to Other Channels (CZK Billion), 2009-2013
Table 114: Czech Life Insurance - Commission Paid to Other Channels (CZK Billion), 2013-2018
Table 115: Czech Life Insurance - Gross Written Premium New Business Through Other Channels (CZK Billion), 2009-2013
Table 116: Czech Life Insurance - Gross Written Premium New Business Through Other Channels (CZK Billion), 2013-2018
Table 117: Czech Life Insurance - New Policies Sold Through Other Channels (Thousand), 2009-2013
Table 118: Czech Life Insurance - New Policies Sold Through Other Channels (Thousand), 2013-2018
Table 119: Czech Life Insurance - Number of Distributors in Other Channels, 2009-2013
Table 120: Czech Life Insurance - Number of Distributors in Other Channels, 2013-2018
Table 121: Czech Reinsurance by Category (CZK Billion), 2009-2013
Table 122: Czech Reinsurance by Category (US$ Million), 2009-2013
Table 123: Czech Reinsurance by Category (CZK Billion), 2013-2018
Table 124: Czech Reinsurance by Category (US$ Million), 2013-2018
Table 125: Czech Premium Ceded to Reinsurance by Type of Insurance (CZK Billion), 2009-2013
Table 126: Czech Premium Ceded to Reinsurance by Type of Insurance (US$ Million), 2009-2013
Table 127: Czech Premium Ceded to Reinsurance by Type of Insurance (CZK Billion), 2013-2018
Table 128: Czech Premium Ceded to Reinsurance by Type of Insurance (US$ Million), 2013-2018
Table 129: Czech Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 130: Czech Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 131: Czech Republic - Life Insurance Regulatory Framework
Table 132: Czech Republic - Property Insurance Regulatory Framework
Table 133: Czech Republic - Motor Insurance Regulatory Framework
Table 134: Czech Republic - Minimum Coverage for Aircraft Third-Party Liability Per Accident Per Aircraft
Table 135: Czech Republic - Corporate Tax Rates for the Financial Year 2013
Table 136: Shares of Key Insurers in the Czech Life Segment (%), 2012
Table 137: Ceska Pojistovna AS, Key Facts
Table 138: Ceska Pojistovna AS, Key Financials (CZK Million), 2008-2012
Table 139: Kooperativa Pojistovna AS, Key Facts
Table 140: Kooperativa Pojistovna AS, Key Financials (CZK Million), 2008-2012
Table 141: Pojistovna Ceske Sporitelny AS, Key Facts
Table 142: Pojistovna Ceske Sporitelny AS, Key Financials (CZK Million), 2008-2012
Table 143: ING Pojistovna, Key Facts
Table 144: ING Pojistovna, Key Financials (CZK Million), 2008-2012
Table 145: CSOB Pojistovna AS, Key Facts
Table 146: CSOB Pojistovna AS, Key Financials (CZK Million), 2008-2012
Table 147: Axa Zivotni Pojistovna, Key Facts
Table 148: Axa Zivotni Pojistovna, Key Financials (CZK Million), 2008-2012
Table 149: Generali Pojistovna AS, Key Facts
Table 150: Generali Pojistovna AS, Key Financials (CZK Million), 2008-2012
Table 151: Allianz Pojistovna AS, Key Facts
Table 152: Allianz Pojistovna AS, Key Financials (CZK Million), 2008-2012
Table 153: Metlife Amcico AS, Key Facts
Table 154: Metlife Amcico AS, Key Financials (CZK Million), 2008-2012
Table 155: Komercni Pojistovna AS, Key Facts
Table 156: Komercni Pojistovna AS, Key Financials (CZK Million), 2008-2012