Non-life insurances - Czechia

Czechia

The Non-life insurance market in Czechia is expected to reach a market size of US$5.81bn by 2024.
The average spending per capita in the Non-life insurance market is projected to be US$553.40 in 2024.
With an annual growth rate (CAGR 2024-2029) of 4.64%, the gross written premium is forecasted to reach US$7.29bn by 2029.
In comparison to other countries, the United States is expected to generate the highest gross written premium of US$2,500.0bn in 2024.
Czechia's non-life insurances market is experiencing a surge in demand due to increased awareness and adoption of insurance products among the population.

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Analyst Opinion

In recent years, the Non-life insurances market in Czechia has been experiencing notable growth and development. Customer preferences in the Czech Non-life insurances market are shifting towards more personalized and customizable insurance products, reflecting a global trend in the insurance industry. Customers are increasingly seeking tailored solutions that meet their specific needs and provide greater flexibility in coverage options. Trends in the Czech Non-life insurances market indicate a rising demand for digital insurance services and online platforms. Insurers are investing in technology to enhance customer experience, streamline processes, and offer more efficient services. This trend is driven by the growing digitalization of the economy and the increasing comfort of customers with online transactions. Local special circumstances in Czechia, such as the strong regulatory framework and emphasis on consumer protection, play a significant role in shaping the Non-life insurances market. The regulatory environment in the country ensures fair competition, transparency, and adherence to high standards of service quality, which in turn fosters trust among customers and promotes market stability. Underlying macroeconomic factors, including the country's stable economic growth, low unemployment rate, and increasing disposable income levels, are contributing to the positive trajectory of the Non-life insurances market in Czechia. As the economy continues to expand and consumer confidence remains high, the demand for insurance products is likely to grow further, driving competition and innovation in the market.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.