Property and casualty insurance as a driver for growth in Austria
Premium revenues in Austrian property and casualty insurance were strong in 2017 with 3.0 per cent growth to €9.1 billion. The comprehensive vehicle insurance and casualty insurance lines were drivers for growth with premium increases of 4.5 per cent and 3.5 per cent respectively. The vehicle liability insurance line on the other hand only achieved a slight premium increase of 0.9 per cent.
Premium attrition weakened in life insurance as compared with the previous year. Premiums shrank by around 3.9 per cent on 2016 to just under €5.9 billion. As in the previous year, the main reason for this development was a decrease in single premiums by 19.0 per cent to €0.9 billion. The life insurance business with recurring premiums also experienced a decline; nevertheless, this was considerably more moderate at around 0.8 per cent to just under €5.0 billion.
Health insurance grew once again in 2017, even though at 3.7 per cent to €2.1 billion the growth in premiums was somewhat lower than in the previous year.