Although the Austrian insurance market is highly developed, unlike many other countries in Western Europe the non-life segment generates more premiums (approximately 60%) than the life insurance segment.
The performance of the insurance market was greatly affected by the sharp fall in single-premium life insurance business (-32.2%) in 2011, due to a change in the statutory minimum lock-in period from ten to 15 years. The market recorded a total decline of 7.5% in this segment, while property and casualty insurance (excl. health insurance) rose by 2.9%. The motor vehicle market in particular is showing a slight recovery. New vehicle sales rose again, and a trend can be seen toward higher performance and lower emission cars.
The average insurance density in Austria (average per capita premiums) was EUR 1,996.7 in 2010, of which EUR 1,096.4 was for non-life insurance and EUR 900.3 for life insurance.
Market growth in 2011 compared to the previous year |
Market shares of the major insurance groups
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