Talent in Insurance 2015 Czech Republic in Focus
Talent in Insurance 2015 Czech Republic in Focus UK Financial Services Insight Report contents Czech Republic in Focus • Macroeconomic and industry context • Survey findings 2 © 2015 Deloitte LLP. All rights reserved. Macroeconomic and industry context 3 © 2015 Deloitte LLP. All rights reserved. Youth unemployment almost doubled in the Czech Republic, to reach a post-crisis peak of 19.5 per cent in 2012, but fell to 15.8 per cent in 2014 Overall and youth unemployment, Czech Republic, 2008-2014 25% 20% 15% 10% 5% 0% 2008 2009 2010 2011 2012 2013 2014 Overall Youth (Aged 15-24) 4 Source: OECD © 2015 Deloitte LLP. All rights reserved. Average wages in the Czech Republic have fallen every year since 2011, and were almost 10 per cent lower than 2008 levels as late as 2014 Growth in average real wages (US$), Czech Republic, 2008-2014 $1,600 30.0% $1,400 25.0% 20.0% $1,200 15.0% $1,000 10.0% $800 5.0% $600 0.0% $400 -5.0% $200 -10.0% $0 -15.0% 2008 2009 2010 2011 2012 2013 2014 Average wages (monthly, US$) Growth in average wages (US$; % annual) Note: Average wages (monthly): average gross earnings per worker per month Growth in average wages (annual): percentage change in hourly wages in US$ over previous period Figures are converted to US$ using an average exchange rate 5 Source: Economist Intelligence Unit © 2015 Deloitte LLP. All rights reserved. The Czech total GWP remained broadly stable between 2008 and 2013; 2014 saw marginal growth in GWP in Czech koruna1 Total gross written premiums in millions US$ and as % of real GDP, Czech Republic, 2008-2013 $10,000 3.5% $9,000 3.0% $8,000 $7,000 2.5% $6,000 2.0% $5,000 1.5% $4,000 $3,000 1.0% $2,000 0.5% $1,000 $0 0.0% 2008 2009 2010 2011 2012 2013 Gross Written Premium (millions US$) Gross Written Premium as a % of real GDP Note: 2014 data is not available Source: OECD 6 © 2015 Deloitte LLP.
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