Market Guide: Life Insurance And Pensions In The Czech Republic 2006

Publication Date	June 2007
Publisher	Datamonitor
Product Type	Report
Pages	24
ISBN Number	not applicable
Product Code	DAT06309

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Summary

Introduction

This report is most appropriate for companies looking for an overview of the life insurance and pensions markets in order to assess the level of market opportunity (using our market data and forecasts), regulatory barriers and opportunities, and level of competition in the market. For more detailed market data please refer to Datamonitor's European Life and Pensions Interactive Database 2006.

Scope

Presents competitor market data for life insurance and pensions companies;
Assesses regulatory barriers and opportunities;
5 years historic data from 2001-5 and 5 year forecast to 2010.

Highlights

Act No. 38/2004 Coll. established the conditions for the pursuit of the activities of insurance intermediaries and independent loss adjusters and the conditions for operating under the EU right of establishment and the freedom to provide services. It also created the register of insurance intermediaries and loss adjustors.

In recent years, the insurance market in the Czech Republic has attracted a growing number of foreign providers. As at December 2005, 328 insurance undertakings and branches of insurance undertakings from other EU or EEA Member States had given notification of an intention to offer services, an increase of 141 over the previous year.

During 2005, large domestic banks accounted for roughly 37% of the private pensions market and close to 6% of the life insurance market. The five largest life insurers controlled roughly 74% of their market.

Reasons to Purchase

Get an overview of the life and pensions market, including past growth and forecast growth;
Assess regulatory barriers and opportunities affecting life insurance and pensions in this country;
Analyze competition from life insurance companies.

Content

Overview
Catalyst
Summary
Executive Summary
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%
The Czech life and pensions market expanded by a compound annual rate of 10.5% between 2001 and 2005
Faster growth in pensions will produce higher compound annual growth in the total market between 2006 and 2010
The market will continue to be shaped by EU legislation
The market is led by domestic firms
The market leaders rely on distribution through bank networks and intermediaries
Market Overview
- The Czech life and pensions market expanded by a compound annual rate of 10.5% between 2001 and 2005
- The Czech life and pensions market experienced compound annual growth of 10.5% between 2001 and 2005
- Since 2002, the proportion of premium income from unit-linked policies has been increasing steadily
Market Forecasts
- Faster growth in pensions will produce higher compound annual growth in the total market between 2006 and 2010
- Over the next 5 years, premium income is set to grow at a compound annual rate of 11.7%
Market Regulation
- The market will continue to be shaped by EU legislation
- The Czech National Bank regulates the life insurance and pensions sector
- Insurance companies which belong to financial conglomerates face additional supervisory requirements
- Recent legislation affects insurance intermediaries
- Proposed anti-money laundering legislation implies an additional administrative burden for insurers
- Upcoming laws will enhance consumer protection
- Providers may be required to fund a new insurance guarantee
Competitive Market Structure
- The market is led by domestic firms
- The Czech life and pensions market is dominated by domestic providers
- The top 5 life and pensions insurers control just under three-quarters of the market by gross premium income
Market Leaders
- The market leaders rely on distribution through bank networks and intermediaries
- Ceska pojistovna is the life insurance market leader, based on premium income in 2005
- Kooperativa trails the market leader in the life insurance sector
- ING Nationale-Nederlanden ranks third among life insurance companies
- ?SOB Pojistovna is the fourth highest ranked life insurer by premium income
- Pojistovna ?S rounds out the top 5 life insurers
Appendix
- Definitions
- Capital redemption policy / bond
- Composite insurer
- Defined contribution pension scheme
- Defined benefits pension scheme
- Group policy
- Individual pension scheme
- Individual policy
- Life assurance
- Occupational pension scheme
- Pension insurance policy
- Premium income
- Regular premium
- Single premium
- Technical provisions
- Traditional insurance
- Unit-linked insurance
- Further reading
- Interactive Databases
- Reports and Briefs
- Ask the analyst
- Datamonitor consulting
- Disclaimer
List of Tables
- Table 1: Life and pensions insurance premium income, segmented by product, EURm, 2001-2005
- Table 2: Life and pensions insurance premium income, segmented by product, in percentages, 2001-2005
- Table 3: Life and pensions insurance premium income, segmented by investment risk, EURm, 2001-2005
- Table 4: Life and pensions insurance premium income, segmented by investment risk, in percentages, 2001-2005
- Table 5: Life and pensions insurance premium income, segmented by product, EURm, 2006-2010
- Table 6: Life and pensions insurance premium income, segmented by product, in percentages, 2006-2010
- Table 7: Number of life insurance providers segmented by type, as at Dec 2005
- Table 8: Top 5 life insurers by gross premium income, as at Dec 2005
List of Figures
- Figure 1: Life premiums accounted for 88% of total premium income in 2005
- Figure 2: Between 2001 and 2005, the market for unit-linked insurance experienced compound annual growth of 32.8%
- Figure 3: Life insurance will continue to account for the majority of life and pensions income
- Figure 4: Domestic insurers represent 82% of the Czech life and pensions market by number
- Figure 5: Ceska pojistovna leads the Czech life and pensions sector