RT Journal Article
SR Electronic
A1 Čejková, Viktória
A1 Vávrová, Eva
T1 Evaluation of the harmonization process of the Czech insurance market with the single insurance market of the EU
JF Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
YR 2015
VO 52
IS 6
SP 239
OP 252
DO 10.11118/actaun200452060239
UL https://acta.mendelu.cz/artkey/acu-200406-0020.php
AB For the Czech insurance industry, it has been 13 years since the passage of the Insurance Act in 1991, which did away with the monopoly and allowed competition in this business sector. In our evaluation, we can state that the positives outweigh the negatives. A relatively high pace of growth in total premiums written was achieved and the ratio of premiums written to GDP increased, up to 4,0% in 2002. In comparison with EU countries, the Czech insurance market is behind in 2 global indicators: the ratio of premiums written to GDP and the share of life insurance in total premiums written. The Czech insurance market must count on greater competition from foreign insurance companies, as the Czech Republic was May 1, 2004, accepted as a member of the European Union.