The Czech insurance market has a very high concentration of market players. Taken together, the top five insurance groups have a market share of around 80%.

Premiums written in the Czech Republic rose 0.9% year-on-year in local currency terms in 2013. In the non-life insurance segment, the excellent performance of 5.1% achieved by the non-motor vehicle lines of business was weakened by a drop of 1.0% recorded for motor vehicle premiums. The motor vehicle area continued to experience massive price pressure in 2013. As a result, the non-life insurance segment recorded an overall increase of 2.4%. Premiums written in the life insurance segment showed a year-on-year drop of 0.7% in 2013. Single-premium products were a driver of growth in the life insurance segment for many years, but have recorded decreases since 2012 – in 2013 the decrease was 4.2%. Products with regular premiums, on the other hand, recorded a premium increase of 0.7%.

Average per capita expenditures for insurance premiums were EUR 563 in the Czech Republic in 2012, of which EUR 291 was for non-life insurance and EUR 272 for life insurance.

Market growth in 2013 compared to the previous year

Market growth in 2013 compared to the previous year – Czech Republic (bar chart)

Source: Czech Insurance Association

Market shares of the major insurance groups

Market shares of the major insurance groups – Czech Republic (pie chart)

Source: Czech Insurance Association; as of 2013

VIG companies in the Czech Republic

The Czech Group companies of VIG include Kooperativa, ČPP and PČS. Although VIG RE, the Group's reinsurance company, is also based in the Czech Republic, it is assigned to the “Central Functions” segment.

VIG has a market share of 33.1% in the Czech Republic, making it the largest insurance group in the country in terms of total premiums. It is also number one in life insurance. The Group is in second place in the non-life segment.