Insurance

The Czech insurance market reports consistent growth in written premiums. Although still lagging behind EU average levels, insurance penetration has been constantly growing in the Czech Republic. Now Czech insurers are exposed to unstable financial markets as well as to various regulatory requirements. The new Insurance Act that took effect on 1 January 2010, and related decrees, represent a complex regulatory framework at a level comparable with the banking industry.

Our market share of 62% in insurance audits reflects our knowledge of the Czech insurance marketplace. With more than 40 local specialists and more than 90 specialists in the CEE region, PwC is pleased to assist Czech insurers with the current industry issues:

• Solvency 2
• Decrease in volumes of new business due to the financial crisis
• Decrease in yield of assets backing the technical provisions
• Increasing competition
• Identification of new business opportunities

Industry specific services

• Actuarial audit
• Audit and accounting advisory
• Out-sourcing of internal audit
• Capital and solvency requirements
• Financial regulatory advice and compliance
• Optimisation of regulatory reporting
• Technical audit of claims department settlement procedures
• Review of internal controls and procedures and development of an enterprise risk management system (including insurance claims management)
• Investigation of fraudulent claims
• Anti money-laundering advice
• Advice on tax-efficient systems
• Quantification of direct and indirect losses