Publication details
Milníky vývoje českého pojistného trhu
| Title in English | The Milestones of the Development of the Czech Insurance Market |
|---|---|
| Authors | |
| Year of publication | 2020 |
| Type | Article in Periodical |
| Magazine / Source | Pojistné rozpravy |
| MU Faculty or unit | |
| Citation | |
| Web | https://www.pojistnerozpravy.cz/archiv/55-2020-37 |
| Keywords | insurance market; commercial insurance company; market structure; supervisory authority; insurance association; unit-linked insurance; motor third party liability insurance |
| Description | In 2019, thirty years had lapsed from the beginning of the transformation from the centrally planned to market economy in the Czech Republic. Although the transformation of the insurance industry started two years later, it seems to be appropriate after a certain period of time to consider the level of the Czech insurance market, its strengths, weaknesses, opportunities and threats. The aim of this article was to recapitulate the recent development of the insurance market in the Czech Republic (since 1991), to highlight its milestones and the main events that accompanied the development, based on selected indicators specifically used to describe the insurance industry. Since it was not possible to mention all the important facts that affected the Czech insurance market, the article focused in more detail on the development of the legal aspect of the Czech insurance market and the process of its transformation (using indicators of the share of the market leader and the number of insurance companies). The EU accession of the Czech Republic and its impact on the number of entities providing insurance services in our territory were not omitted either. Product milestones were represented by the transformation of the motor third party liability insurance (using indicators of the share of the market leader and the number of insurance companies pursuing this insurance), the phenomenon of the unit-linked insurance and tax benefits of the life insurance. |