Czech Insurance Sector Sees Remarkable Growth in 2023

The Czech insurance market in 2023 has seen a significant acceleration in growth. Insurance companies collected 168.5 billion crowns in premiums, an increase of 7.1 percent compared to the previous year. This information was provided by the Czech Association of Insurers, which represents insurance companies with a 97 percent share in the market. In 2022, premium collection in the market grew by seven percent.

Both sectors, life and non-life insurance, continue to contribute to market growth. However, non-life insurance continues to strengthen more intensively. Prescribed insurance in life insurance increased yearly by 3.2 percent to 51.37 billion CZK.

The growth dynamics of the dominant group of regularly paid contracts, which represent more than 90 percent of all life insurance contracts, also did not change and remained at 3.5 percent. The volume of once-paid insurance fell by 16.4 percent year on year; however, its development fluctuates significantly and has a marginal impact on the overall result.

Prescribed insurance in non-life insurance rose 8.9 percent, just as in 2022, to 117.1 billion CZK. Dominant is still vehicle insurance, with over 50 percent of non-life insurance. In liability insurance from vehicle operation, the prescribed insurance reached 30.9 billion CZK, 5.2 percent more than in 2022. The dynamics of its growth increased by 1.1 percentage points.

Regarding compulsory liability, the number of insured vehicles is slightly increasing. In business insurance, prescribed insurance grew by 7.5 percent to 25.97 billion. CZK. In 2022, however, this sector strengthened by 10.4 percent. The number of contracts increased year on year by 1.4 percent last year.