Austria

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Austria Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Austria includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

Key Benefits

• Superior market insights
• Crucial compliance information
• Risk assessment and profitability

Country Information

Historically, Austria has been one of Europe's more conservative markets and, to a large extent, this remains with insurers and insureds slower to embrace new sales channels and insurance-related technologies. The Austrian insurance market has long been deregulated and its insurers are in private ownership.

According to figures from the Financial Market Authority (FMA), in 2019 the Austrian non-life insurance market (including healthcare) produced gross written premiums of EUR 12.14bn, an increase of about 4% over the previous year.

The Austrian market has long been dominated by composite insurers, active in both life and non-life insurance; 30 insurers were active in non-life insurance in 2019. Of the 49 small mutuals, around two-thirds were fire insurers with the others livestock insurers.