With headquarters in Prague and branches in Brno and Pardubice, GrECo Czech Republic specialises in Financial Institutions, Transport and Logistics, Energy, and Real Estate.
Nestled in the heart of Central Europe, GrECo Czech Republic consistently provides exceptional risk and insurance services to local and international clients. The skilled team, led by a new management board, combines experience with innovation to drive growth, uphold excellence and deliver value.
With headquarters in Prague and branches in Brno and Pardubice, GrECo Czech Republic specialises in Financial Institutions, Transport and Logistics, Energy, and Real Estate.
A Steadfast Partner
GrECo Czech Republic is proud to have established itself as a strong, reliable partner, dedicated to standing by its clients through any challenge, offering unwavering support and strategic guidance to foster success and resilience. This commitment to client service was especially evident during 2024, when the Czech market grappled with the impact of ruinous floods, high inflation, and the ongoing war in Ukraine. Throughout these turbulent times, GrECo Czech Republic provided steadfast support and tailored solutions to navigate these complexities, demonstrating exceptional service. The team went above and beyond, not only settling insurance claims promptly and efficiently but also hosting client events to foster closer relationships and share expertise in relaxed and informal settings, helping clients thrive despite the challenges they faced.
Preparing Clients for Challenges
Specialisation served as a key differentiator in 2024. Local experts provided tailored, high-quality solutions designed to support business success and competitiveness, which attracted a number of leading Czech companies. Throughout the year, emphasis was, and continues to be, placed on preparing clients for future challenges, ensuring they remain ahead of the curve, particularly in crucial areas such as ESG.
In 2024, the company showed its commitment to social responsibility through volunteer work and supporting sustainable development, reinforcing its role as a responsible partner.
Market Trends and Growth
The Czech insurance market experienced a 10.1% growth in the first half of 2024 compared to the same period in 2023. This increase was primarily driven by the retail insurance sector, including motor insurance, as well as by life insurance which grew by 11.4%. A significant portion of this growth can be attributed to the country’s inflation rate, which reached 3.5% as of September 2024.
The insurance market is concentrated, with the six largest insurers generating 84.1% of the underwritten premium. Despite this concentration, the market remains competitive due to high price sensitivity among customers. This has led to a reduced premium growth of 6.6% for new non-life insurance policies. Additionally, claims have increased by 14.8% year-on-year for non-life insurance products, with paid indemnifications up by 12.1%.
Client-Centric Solutions
In 2024 the Czech Republic team was dedicated to delivering bespoke solutions tailored to the unique needs of each client. Their collaboration with Česká spořitelna, a member of Erste Group, exemplifies this commitment. This invaluable partnership seamlessly provides unparallelled support to mutual clients with Erste Bank offering financial services such as credit and investment and GrECo CZ complementing this with insurance, risk analysis, and advisory services. Together, efforts have been made to create value and ensure that expertise contributes to the success of all stakeholders whilst guaranteeing clients receive the best holistic support for all aspects of their business.
Looking Ahead: A Vision for the Future
Founded in 1994 as the third country in the GrECo portfolio outside of Austria, GrECo Czech Republic celebrated its thirtieth anniversary in 2024 with fresh leadership and a renewed vision for the future. Focused on innovation and tailored solutions, the company aims to expand its expertise and become more than just an insurance broker. They strive to be a trusted risk advisory partner which is instrumental in its clients’ successes. While challenges lie ahead, GrECo Czech Republic’s commitment to excellence, adaptability, and client-centricity paves the way for a bright future. Together with its clients, the company is poised to redefine success and achieve new heights in the Czech market.
What Our Clients Say
Avant
Czech investment company Avant has specialised in the establishment, management and administration of qualified investor funds since its founding in 2007.
“An indisputable advantage of working with GrECo is their active communication with international insurance markets, which has provided us with a special product that is not yet available in the Czech Republic“.
Vladimír Bezděk
Chairman of the Board
Avant
Hödlmayr
A specialist in global vehicle logistics, Hödlmayr offers customised solutions along the entire vehicle distribution chain and provides a range of specialised services for vehicle refurbishment to its automotive customers.
“We are especially satisfied with GrECo’s management and consultation concerning the insurance of risks to our fleet. Thanks to GrECo’s professional approach and reliability, we feel assured that our needs always come first”.
Libor Šádek
Member of the Board of Directors
Hödlmayr.
Natália Derďáková
Executive Assistant & HR Generalist
GrECo Czech Republic
T +420 778 707 390
