The Czech insurance market continues to be very concentrated (the top five Czech insurers account for more than 80% of total premiums written). It is dominated by a former state monopoly company now owned by local shareholders. The Czech insurance industry reports a consistent growth of gross written premium. Although still lagging behind EU average levels, insurance penetration has been constantly growing in the Czech Republic. The split between life and non-life premiums written in 2004 amounted to 40% and it is still growing.
Industry issues
- Solvency II
- Implementation of IFRS (IFRS 4 will have a dramatic impact on the financial reporting of insurance companies)
- Introduction of the Euro in the Czech Republic (expected in 2010)
- Further consolidation of the insurance market/increasing competition
Industry-specific services
- Insurance claims management: Identification and implementation of loss prevention and control measures
- Quantification of direct and indirect losses
- Investigations of fraudulent claims
- Development of tax-efficient insurance products
- Assistance in the creation of specialised insurance contracts
- Solvency II advisory and implementation services
- Financial regulatory advice and compliance (IFRS 4)
- Technical audit of claims department settlement procedures
- Review of internal controls and procedures and development of an enterprise risk management system
- Advice on cost-fee ratio issues – increasing profitability
- Internal audit outsourcing
- Anti money laundering advice
- PayWell compensation survey for the financial services sector
Online resources
