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Austria

Life Report

Product Insurance Market Reports Life Rev Austria

Key Highlights

Get access to Axco’s online product with the latest market intelligence for the market of your choice

 

  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Austria's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Austria's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Austria

The Austria life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Austria.  Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Austria and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Austria’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Austria is available.

Axco’s report describes the regulatory framework that applies to the Austria domestic life insurance sector, including whether non-admitted insurance is permitted in Austria; as well as the legislation necessary to know regarding Austria’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Austria with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Austrian market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

Healthcare

The report describes the public and private healthcare system in Austria, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Pensions

Axco reports on the three pillars of Austrian pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Austria report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

Austria Life and Benefits Report Extract

Below are brief extracts of information from the Austria Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

Summary and Trends

The life market is dominated by five groups: VIG, UNIQA, ERGO, Generali and Allianz, which together control almost 74% of the market. Most insurers have close links with banks and other financial institutions. It may also be noted that most insurers in the Austrian market are composites that have been in operation since before the formation of new composites was disallowed. Premium income for life insurance continued to fall in 2020 to a total premium income of EUR 5.4bn.

Pensions

Summary and Trends

There are four types of pension arrangement in Austria. Market sources suggest that the book-reserves section of the market remains largely unchanged as the assets to back the pensions (typically for only one or two people including the owner) are part of the financing of the business and so not readily available for investment.

The major funded part of the market is through ...

Healthcare

Summary and Trends

PMI is written by non-life companies in Austria, while life companies may add hospitalisation and critical illness riders to other life products, but cannot write reimbursive PMI. This being said, most PMI is written by composite insurers.  Premiums continue to grow slowly but steadily and, in 2017, premiums for PMI grew overall by 3.8% to EUR 2.13bn (USD 2.40bn). The cost of benefits provided through PMI contracts has also been increasing ...

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