History of VVO
Here you will find the major milestones in our Association's history
VVO: Schwarzenbergplatz 7, 1030 Vienna
The Austro-Hungarian Single Market (up to 1918)
1899
The Austro-Hungarian Association of Private Insurance Institutions [Oesterreichisch-Ungarischer Verband der Privat-Versicherungs-Anstalten] was established in Vienna (with an office in Budapest). Like many of its member companies, the Association operated in both parts of the empire (Conciliation of 1867 [Ausgleich]; “k. u. k.”), which had different market structures. The “countries belonging to the Hungarian crown” (k. u.) had a comparatively liberal market regime, which followed a modified disclosure system instead of actually supervising the insurance industry. In the Austrian part of the empire (“k. k.” – “the kingdoms and lands represented in the Reichsrat”) insurance companies were subject to direct state supervision.
Republic of Austria ("First Republic", 1918 to 1934)
After the Austro-Hungarian dual monarchy and its common market collapsed, national insurance markets with national insurance associations were established in the successor states. The Austro-Hungarian Association continued to exist in its basic form, but with reduced membership. The insurance companies that remained in Austria have had a large share of their business in the new foreign countries. Hyperinflation in the twenties and the great economic depression of the thirties hit hard the performance of Austria’s insurance industry.
1920
Reform of the Association’s charter. The name was changed to "Verband der Versicherungs-Anstalten" (Association of Insurance Institutions).
Federal State of Austria ("Corporative State" [Ständestaat], 1934 to 1938)
Transition to a corporatist authoritarian economic and social order. The Association became an instrument of the state’s economic policy.
1935
The Trade Association of Insurance Institutions [Fachverband der Versicherungsanstalten] was set up as a sub-organization of the public-law authority representing the associated financial enterprises [Finanzbund].
1936
The Austrian Association of Insurance Institutions was dissolved, and the task of representing the interest of the industry was transferred to the Trade Association.
Annexation (Anschluss) to the Greater Economic Area of the German Reich (1938 to 1945)
The National-Socialist economic system was characterized by governmental four-year plans, by the implementation of the “Führer” principle at all decision-making levels, imposed uniformity of employer and employees interests, undermining of the powers of disposition regarding private property in production means, autarkism, and the exploitation and annihilation of racial and political minorities. The Reich Group “Insurance” was organized as a compulsory cartel. At the beginning of the 1940ies: wartime economy and later major war damage.
1939
The Vienna district office of the Reich Group “Insurance” was set up, and the Trade Association was integrated into the Reich Group. The “Association of Insurance Institutions Operating in the Ostmark” was set up as an association, which was identical with the Vienna district office in organizational term.
1942
After the district office was closed down, the Association changed its name to “Association of Insurance Companies Operating in the Alpine and Danube Districts”.
Restoration of the Republic of Austria ("Second Republic", after 1945)
After April 1945 (period of allied occupation), the wartime economy gradually became a market economy supported by a social partnership (so-called “gradualism”). The welfare state was further developed. After 1955 (State Treaty) the economy of the small country was carefully prepared for European integration (EFTA, EEA, EU).
1945
The “Association of Insurance Companies Operating in the Alpine and Danube Districts” was re-constituted as the “Association of Austrian Insurance Institutions”. Transformation of the legal acquis of the German Reich into Austrian law. In insurance industry state supervision was accompanied by ad hoc control measures of the insurance officers of the four allied forces.
1946
Agreement on delegation of powers: the “Association of Austrian Insurance Institutions”, an independent trade association, assumes the responsibilities of the public-law “Trade Association of the Austrian Insurance Companies” (a sub-organization of the Austrian Federal Economic Chamber).
1990
The name was changed to "Verband der Versicherungsunternehmen Österreichs" (Austrian Insurance Association).
The European Single Market (initiated in 1985)
Austria, a small country, joined the European Union (1995), and later the European Monetary Union and the “Schengen” Agreement. The country re-oriented itself towards the greater European economic area. Foreign business with Central and Eastern Europe was expanded.
1997
The Association’s charter was revised in order to meet the European challenge as a lean, flexible and transparent organization representing members’ interests and acting as a forward-looking lobbying institution.
2002
The Association’s “Law and International Affairs” unit was re-positioned in order to strengthen cooperation with the EU Commission in Brussels, the European Federation of National Insurance Associations (CEA), and the Insurance Committee of the OECD, as well as its sister association in the countries of Central and Eastern Europe (NMS).
2005
Presentation of the new logo and the new corporate design, relaunch of VVO's website.
2010
Due to the restructuring of the Austrian Federal Economic Chamber the former trade association of the Small Mutual Insurance Companies ("Fachverband der Kleinen Versicherungsvereine auf Gegenseitigkeit") has been incorporated into the trade association of the Austrian Insurance Companies ("Fachverband der Versicherungsunternehmen Österreichs") which now represents 141 Austrian insurance companies.
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