Market Guide: Life Insurance and Pensions in the Czech Republic 2006

The General Insurance Competitor Tracker provides expert analysis and opinion on the strategic moves of leading competitors in the general insurance market.


Report Highlights


In May, HSBC Bank and Aviva announced the creation of a joint venture. The partnership will see HSBC Bank and Norwich Union underwriting and distributing general insurance products to HSBC's 10.2 million customers in the UK. The joint venture aims to make HSBC Insurance a top ten player in the UK general insurance market.
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Overview 1
Catalyst 1
Summary 1
Executive Summary 2
Following compound annual growth of 10.5% in the last five years, between 2006 and 2010, growth in the Czech life and pensions market is set to increase to 11.7% 2
The Czech life and pensions market expanded by a compound annual rate of 10.5% between 2001 and 2005 2
Faster growth in pensions will produce higher compound annual growth in the total market between 2006 and 2010 2
The market will continue to be shaped by EU legislation 2
The market is led by domestic firms 2
The market leaders rely on distribution through bank networks and intermediaries 2
Table of figures 4
Table of tables 5
MARKET OVERVIEW 6
The Czech life and pensions market expanded by a compound annual rate of 10.5% between 2001 and 2005 6
The Czech life and pensions market experienced compound annual growth of 10.5% between 2001 and 2005 6
Since 2002, the proportion of premium income from unit-linked policies has been increasing steadily 8
MARKET FORECASTS 10
Faster growth in pensions will produce higher compound annual growth in the total market between 2006 and 2010 10
Over the next 5 years, premium income is set to grow at a compound annual rate of 11.7% 10
MARKET REGULATION 12
The market will continue to be shaped by EU legislation 12
The Czech National Bank regulates the life insurance and pensions sector 12
Insurance companies which belong to financial conglomerates face additional supervisory requirements 12
Recent legislation affects insurance intermediaries 13
Proposed anti-money laundering legislation implies an additional administrative burden for insurers 13
Upcoming laws will enhance consumer protection 13
Providers may be required to fund a new insurance guarantee 14
COMPETITIVE MARKET STRUCTURE 15
The market is led by domestic firms 15
The Czech life and pensions market is dominated by domestic providers 15
The top 5 life and pensions insurers control just under three-quarters of the market by gross premium income 17
MARKET LEADERS 19
The market leaders rely on distribution through bank networks and intermediaries 19
?eská pojiš?ovna is the life insurance market leader, based on premium income in 2005 19
Kooperativa trails the market leader in the life insurance sector 19
ING Nationale-Nederlanden ranks third among life insurance companies 19
?SOB Pojiš?ovna is the fourth highest ranked life insurer by premium income 20
Pojiš?ovna ?S rounds out the top 5 life insurers 20
APPENDIX 21
Definitions 21
Capital redemption policy / bond 21
Composite insurer 21
Defined contribution pension scheme 21
Defined benefits pension scheme 21
Group policy 21
Individual pension scheme 21
Individual policy 21
Life assurance 21
Occupational pension scheme 22
Pension insurance policy 22
Premium income 22
Regular premium 22
Single premium 22
Technical provisions 22
Traditional insurance 22
Unit-linked insurance 22
Further reading 22
Interactive Databases 22
Reports and Briefs 23
Ask the analyst 24
Datamonitor consulting 24
Disclaimer 24
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Table 1: Life and pensions insurance premium income, segmented by product, EURm, 2001-2005 7
Table 2: Life and pensions insurance premium income, segmented by product, in percentages, 2001-2005 7
Table 3: Life and pensions insurance premium income, segmented by investment risk, EURm, 2001-2005 8
Table 4: Life and pensions insurance premium income, segmented by investment risk, in percentages, 2001-2005 9
Table 5: Life and pensions insurance premium income, segmented by product, EURm, 2006-2010 11
Table 6: Life and pensions insurance premium income, segmented by product, in percentages, 2006-2010 11
Table 7: Number of life insurance providers segmented by type, as at Dec 2005 16
Table 8: Top 5 life insurers by gross premium income, as at Dec 2005 18


Figure 1: Life premiums accounted for 88% of total premium income in 2005 6
Figure 2: Between 2001 and 2005, the market for unit-linked insurance experienced compound annual growth of 32.8% 8
Figure 3: Life insurance will continue to account for the majority of life and pensions income 10
Figure 4: Domestic insurers represent 82% of the Czech life and pensions market by number 15
Figure 5: ?eská pojiš?ovna leads the Czech life and pensions sector 17
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