Approximately 60%, the ratio of non-life insurance to total premiums is relatively high in Austria compared to other Western European insurance markets. This means that the life insurance sector still offers considerable growth potential.
Apart from the catch-up potential in the life insurance sector, the Austrian insurance market is a stable, mature market that is currently recording moderate growth in premiums. Premiums written increased a total of 2.0% on the whole Austrian market in 2013. After two years of decreases of more than 5%, the life insurance segment recovered slowly, with premium volume only falling a small amount, 0.2%, in the first four quarters of 2013. In addition, new statutory rules have been in effect since 1 March 2014 that reduce the minimum lock-in period for single-premium life insurance policies again from 15 to ten years for people 50 years of age and older. Property and casualty insurance performed very well in the in 2013, with a 3.4% increase in premiums. The property and casualty segment without motor vehicle insurance recorded premium growth of 3.7%, thereby outperforming the motor vehicle segment, which only rose by 2.8%. Health insurance also grew in 2013, rising by 3.8%.
Insurance density was EUR 1,921 in Austria in 2012, of which EUR 1,153 was for non-life insurance and EUR 768 for life insurance.
Market growth in 2013 compared to the previous year
Source: Austrian Insurance Association
Market shares of the major insurance groups
VIG companies in Austria
Vienna Insurance Group is represented in Austria by Wiener Städtische, Donau Versicherung and s Versicherung. Although VIG Holding operates out of Austria as an international reinsurer and an insurer in the cross-border corporate business, it is assigned to the “Central Functions” segment.
Wiener Städtische is also represented by branches in Italy and Slovenia, and Donau Versicherung is represented by a branch in Italy.
Vienna Insurance Group's total market share in 2013 was 23.9%, making it the largest insurance group in Austria. It holds first place in both property and casualty insurance with a market share of 21.4%, and life insurance with a market share of 28.4%. VIG holds second place in the area of health insurance.