Premiums up slightly in the insurance industry

After increasing its premium volume by 1.4% to €16.4 billion in 2009 despite the financial crisis, the Austrian insurance industry even saw somewhat greater momentum in 2010 with growth of 2.0% to €16.8 billion. The primary factor in this growth was the life insurance line which gained 1.9% in 2010 after relatively weak growth of 0.7% the year before. The focus was on single premium life insurance policies. With a gain of 2.9%, (2009: +3.6%), the health insurance lines continued to show solid, although somewhat reduced growth.

Property and casualty insurance also recorded strong growth in 2010. Overall, the premiums in this area rose by 1.9% and thus continued to exceed the growth rate of the previous year (2009: +1.8%). Motor vehicle liability insurance again experienced a significant decline which was, however, lower than in the previous year. In view of a continuing decline in average premiums, its revenue decreased by 1.8% (2009: +1.0%); however, this may have represented a bottoming out. Parallel to this, the premium development in motor vehicle comprehensive insurance was positive with a gain of 3.4% (2009: +3.9%). The other market segments of property and casualty insurance recorded a strong gain.