Life Insurance in the Czech Republic: New Challenges?

Do the life insurance products offered on the Czech insurance market provide adequate insurance protection? Life insurance over the last decade has changed greatly, not only in the offer of products. Originally this type of insurance resulted to cover the consequences of the risk of death and life expectancy risk. Products of life insurance covering the risk of death should provide family of in case of death of the breadwinner, products aimed at the risk of life expectancy were mainly-saving products which should primarily secure the individual in old age. It was also possible to arrange a product called endowment assurance. It is worth mentioning that there are various modern variations and possibilities of arranging the different kinds of insurance within the life insurance of people. The product development is escalated in investment life insurance product, which has its strengths, but also weaknesses. It is a question if the situation on the Czech life insurance market with regard to the development and importance of the products of the investment life insurance for the insurance or especially financial market the opportunity or the threat, The main objective of this paper is to capture the main trends of gross life insurance premium, focusing on changes in gross premiums written by individual types of life insurance products including the analysis of selected parameters (number of insurance contracts, insurance penetration and other selected indicators). The software STATGRAPHICS Centurion will be used for this analysis.