Personal Accident & Health Insurance in the Czech Republic Analysed by Timetric

25 Apr 2012 • by Natalie Aster

Despite the global financial crisis, the Czech Republic personal accident and health insurance segment continued to record strong levels of growth during the review period, recording a CAGR of 9.8% during the review period (2007–2011). This growth was driven by economic expansion, increased health insurance product penetration, rising levels of disposable income and an improved awareness of the benefits of private health insurance.

According to the report “Personal Accident and Health Insurance in the Czech Republic, Key Trends and Opportunities to 2016” by Timetric, the value of the Czech personal accident and health insurance segment is expected to record a CAGR of 9.2% over the forecast period (2012–2016). The number of personal accident and health insurance policies sold is expected to record a CAGR of 4.2% over the same timeframe. This growth will be mainly driven by the availability of an expanding range of insurance products, the increased penetration of distribution channels and rising levels of disposable income due to the country’s strong economic growth.

Report Details:

Personal Accident and Health Insurance in the Czech Republic, Key Trends and Opportunities to 2016
Published: March, 2012
Pages: 187
Price: US$ 1.950,00

Over the forecast period, the health insurance category is expected to increase its share of the overall Czech personal accident and health insurance segment. In 2011, health insurance accounted for 70.2% of the segment, while the personal accident and travel insurance categories accounted for considerably lower respective shares of 16.8% and 13.0%. By 2016, the health insurance category is forecast to comprise a share of 75.4%, reflecting a rise in healthcare expenditure in the Czech Republic.

Changing lifestyle patterns and the increased profile of certain diseases have significantly impacted Czech healthcare expenditure. Consequently, a rising number of consumers have voluntarily chosen to purchase health insurance policies on top of the insurance provided by employers and the government. This is because the cover provided through the government is very basic and often not sufficient to cover expenses relating to critical diseases. The Czech Republic’s total healthcare expenditure valued approximately US$14.5 billion in 2011, after recording a CAGR of 5.9% during the review period. Healthcare expenditure is expected to increase at a CAGR of 7.5% over the forecast period, to reach a projected value of over US$21 billion by 2016.

The personal accident and health insurance segment comprises several distribution channels, including agent networks, bancassurance, direct marketing channels and financial brokers. In 2011, agencies accounted for approximately 50.0% of the total premiums generated in the segment. The primary reasons for this strong preference for the agencies channel include its large client base, brand trust and established, low-cost sales force.

More information can be found in the report “Personal Accident and Health Insurance in the Czech Republic, Key Trends and Opportunities to 2016” by Timetric.

To order the report or ask for sample pages contact ps@marketpublishers.com

Contacts

MarketPublishers, Ltd.
Tanya Rezler
Tel: +44 208 144 6009
Fax: +44 207 900 3970
ps@marketpublishers.com
MarketPublishers.com