Milestones in the Development of the Modern Insurance Market in the Czech Republic
Milestones in the Development of the Modern Insurance Market in the Czech Republic

Author(s): Svatopluk Nečas, Eva Vávrová
Subject(s): Business Economy / Management, EU-Accession / EU-DEvelopment, Financial Markets
Published by: Masarykova univerzita nakladatelství
Keywords: insurance market; commercial insurance company; market structure ;market leader; demonopolization; transformation;
Summary/Abstract: The main goal of the paper is to define the fundamental milestones of the modern insurance market in the Czech Republic. The article will deeply analyze the transformation of the insurance market in the Czech Republic, launched in 1991. The accession of the Czech Republic to the European Union will not be forgotten either. These milestones will be supported by selected indicators specifically used to describe the insurance industry that can be used to document the event and learn more about it. The methods of description, analysis and comparison will be used in the paper. Regarding results, the number of commercial insurance companies stabilized over the time at around fifty, with the largest insurer’s share now reaching just over 20%, as measured by premiums written. The impact of the Czech Republic's accession to the EU is also traced in the paper. We can distinguish domestic insurance companies and branches of insurance companies from the EU and third countries. There is a significant increase in the number of branches after the Czech Republic's accession to the EU; in the first years after entry it roughly doubles, after ten years from entry it rises roughly three times compared to the number of branches before entry.

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