Abstract
The insurance sector is in many ways unique, because insurance companies must use specific marketing tools to satisfy their customers and insurance companies have with customer's long-term relationships. Insurance companies must continuously monitor the insurance market, especially type of demand for insurance products and customer requirements. The number of registered vehicles in the Czech Republic is annually increasing, which causes an increase of total premiums written of the motor third party liability insurance and insurance companies must monitor this insurance product and analyse demand for it. The aim of this article is to analyse the seasonality of total premiums written of motor third party liability insurance in the Czech Republic in years 2000 - 2016.
Highlights
IntroductionThe insurance market is influenced by many factors that can be divided into external and internal factors
The insurance sector is a set of specialized financial activities, otherwise insurance sector has many specifics, for example selling invisible products, high degree of trust between the insurance company and the customer, active approach to the customer and customer relationship management, consulting services for customers and insurance intermediaries have an important role in the insurance sector [1, 2]
The problem of demand variability and seasonality is solved by many experts on the theoretical level, because demand seasonality affects some businesses and some sectors daily
Summary
The insurance market is influenced by many factors that can be divided into external and internal factors. Internal factors consist of demand for insurance products (the size and type of demand and its variability over time), activities of insurance companies and reinsurance undertakings, regulation of the insurance market, activities of the Czech Insurance Association, mediatory activities of insurance intermediaries etc. There is a number of studies that emphasize the need to analyse and monitor the demand for insurance products and its variability over time with respect to use of the marketing tools and campaigns [5, 6]. Some authors stated that seasonality of demand dictates business and marketing strategy in highly seasonal services such as accounting, tourism, advertising, construction, amusement parks, beauty salons, restaurants, car rentals, cinemas, communications, construction materials, education, public utilities, employment agencies, logistics services and financial services [8 - 11]
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