The Austrian Insurance Sector 2009: Another stable performance
Despite the global financial crisis the initial results of the Austrian insurance sector for 2009 demonstrate once again moderate industry growth.
First calculations for 2009 show growth throughout all sectors. Overall, the Austrian insurance industry demonstrated a rise in premium income by 1.5 per cent to 16.458 billion Euros. On the benefits side there has been an increase of 5.9 percent to 12.230 billion Euros.
Provisional initial forecasts indicate an overall premium income for 2010 of 16.482 billion Euros thus representing a growth of 0.1 percent.
Life insurance
With a rise of 0.7 percent, premium volume in life insurance for 2009 grew to 7.414 billion Euros. Whereas single premiums increased by some 3.5 percent the running premium payments decreased slightly by 1.8 percent. With yet another rise in premiums of 8.1 percent to 892 million Euros the unit-linked life insurance “prämienbegünstigte Zukunftsvorsorge” proves once again that it is the one of the most popular forms of life insurance in Austria. To date, over 1.32 million Austrians have opted for this product in order to provide for their retirement.
All in all 5.732 billion Euros, which is an increase of 5.2 percent, were paid off to the customers of the Austrian life insurance.
In 2010 life insurance is expected to decline by about 1 percent therefore reaching 7.343 billion Euros in premium income.
Health insurance
Private health insurance in Austria acts as a complementary partner to statutory health insurance. In 2009 the sector showed an anticipated rise of 3.6 percent to 1.591 billion Euros. The benefits increased by 1.1 percent to 1.058 billion Euros.
An initial forecast points to growth of another 2.5 percent (equaling a premium volume of 1.631 billion Euros) for health insurance in 2010.
Insurance against loss or damage
Premium volume in the insurance against loss or damage (including motor third-party cover) grew to 7.453 billion Euros in 2009, representing a rise of 1.8 percent. Insurance benefits paid in the sector in 2009 amounted to about 5.439 billion Euros, therefore showing a rise of 7.6 percent. The insured risks burglary/theft and natural hazards were mainly responsible for the increased payments.
Growth in insurance against loss or damage in 2010 is forecast to be about 0.7 percent, amounting to premiums of 7.508 billion Euros.
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