The Insurance Industry in the development of the Czech Economy

The paper summarizes the basic features of (i) the development of the Czech insurance industry; and (ii) its preparations for E.U. accession. The insurance industry is a significant part of financial sector and plays an important role in market economies. Compared with the E.U., the Czech insurance...

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Bibliographic Details
Published in:Geneva papers on risk and insurance. Issues and practice 2001-04, Vol.26 (2), p.252-258
Main Author: Zeman, Karel
Format: Article
Language:English
Subjects:
Automobile liability insurance
Credit insurance
INSURANCE AND FINANCIAL SERVICES DEVELOPMENT
Insurance companies
Insurance industry
Insurance markets
Insurance providers
Insurance regulation
Liability insurance
Life insurance
Workers compensation insurance
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Summary:The paper summarizes the basic features of (i) the development of the Czech insurance industry; and (ii) its preparations for E.U. accession. The insurance industry is a significant part of financial sector and plays an important role in market economies. Compared with the E.U., the Czech insurance market is not well developed, despite some positive advances. Its share of GDP is still smaller than in E.U. member states. The structure and quantity of insurance products offered is qualitatively changing fast, but the supply is still much less than in developed countries, and so is the quality of certain services. In the medium term, the objective is to develop the Czech insurance industry to make it competitive in providing a broad range of insurance services. A prerequisite for this is an improved legal and institutional framework that will enable more efficient regulation of the insurance market. [PUBLICATION ABSTRACT]
ISSN:1018-5895
1468-0440
DOI:10.1111/1468-0440.00110