This week, Pillow Insurance is publishing its annual report for 2024, revealing the current number of clients, insurance policies, and changes driven by the company’s growth.
Pillow Insurance launched its first policy in 2020 and, over the next five years, became the fastest-growing insurance company in the Czech Republic. For example, in mandatory car insurance, Pillow increased its market share by 2.4% over this period—the highest growth among all insurers. A similar expansion is now taking place in Slovakia, where Pillow entered the market at the end of 2023 and gained a 0.5% share within a year, despite no advertising campaign. In March, the total number of insurance policies in the Czech Republic and Slovakia surpassed 300,000, with the client base reaching a quarter of a million.
Jakub Strnad, visionary, founder, and CEO of Pillow Insurance, explains the reasons behind this success: “Our strategy is built on the SMART SIMPLE principle. Everything we design and create for our clients must be simple—but not simplistic. Complexity is a mistake, just as excessive simplification is. Over the past five years, we’ve seen that people in the Czech Republic and Slovakia appreciate this approach, and it’s exactly what they expect from a modern and fair insurance company.”
2024 Results
The newly released annual report unveils the company’s financial performance for 2024. Total written premiums (i.e., the money clients pay for their insurance policies) reached 1.2 billion CZK over the past year, surpassing the billion mark for the first time in the company’s history. For the second consecutive year, Pillow Insurance closed the fiscal year with a profit, confirming its financial stability.
“Last year was exceptionally challenging in terms of risk management. The floods caused by the Boris low-pressure system put Pillow’s reinsurance program to the test—and it passed with flying colors. Pillow handled a total of 1,098 flood-related claims, the vast majority involving property damage, with 35 claims related to vehicles,” says Jakub Strnad, describing the impact of the floods.
The company’s success also means the need for more space to accommodate Pillow’s growing team. At the end of April, the company will relocate to a new building, just 2.3 kilometers from its current location. The new address will provide not only more space but also enhanced security, faster internet connectivity, and premium backup infrastructure, thanks to its placement in a critical state infrastructure building. In other words, exactly what a digital insurance company needs to operate smoothly.