According to the Czech National Bank data, Czech insurers ended H1 2024 with GWP worth EUR 4.63 billion, a total slightly superior to the H1 2023 one (+2.6%). Paid claims have also remained quasi stable, increasing by 1.85%, to EUR 2.28 billion.

The life insurance sector was the one dragging behind the overall dynamics, as GWP decreased by 1.24%, to 1.13 billion. The class of line insurance with profit participation saw the biggest drop in GWP, of 5.8% y-o-y, or almost EUR 14.6 million. However, compared with the first quarter of the year, the drop in premiums for the LoB has slowed down (19.36% y-o-y drop in Q1). Indemnities and paid benefits dropped by almost 3%, mostly for the same LoB of insurance with profit participation.

On the non-life side, GWP went up by 3.2%, to EUR 3.5 billion. The largest part of this amount was provided by the motor insurance lines, for which GWP amounted to EUR 1.54 billion. Property insurance is the second largest non-life segment, with GWP worth EUR 843 million, up by 2.3% y-o-y.

Paid claims for non-life insurance increased at a higher pace, of 4.13%, to EUR 1.57 billion. However, claims for motor insurance account for the largest share in this total, amounting to EUR 805 million, 4.3% up y-o-y. At the same time, property insurance claims increased by almost 12.6%, to EUR 303 million. Given the recent violent floods that recently affected Central Europe, including Czechia, it is possible seeing significantly higher figures by the end of the year.

Access xprimm.com and download the 1H2024 Czech insurance market statistics released by CNB.