According to initial forecasts, total premium revenues in the Austrian insurance market are expected to increase again by about 0.3 per cent to around € 17.5 billion in 2016.
Up 0.2 per cent, life insurance premium revenues rose to a total of € 6.8 billion in 2015. Recurring premiums fell by 0.9 per cent. At € 1.6 billion, single premiums were up 3.8 per cent. According to initial forecasts, life insurance is expected to record premium revenues of around € 6.6 billion in 2016 (–2.7 per cent).
Private health insurance is a complementary partner to the statutory health insurance in Austria. Private health insurance is expected to rise 4.3 per cent for 2015 with total premium revenues of € 2.0 billion. Initial forecasts for health insurance show growth of around 3 per cent for 2016.
Premium volumes for property and casualty insurance grew to € 8.7 billion in 2015, which represents a 2.4 per cent increase. In 2016, premium revenues in property and casualty insurance are expected to rise by 1.9 per cent to around € 8.9 billion.
The German-speaking insurance markets are faced with existing and new challenges, which are still intensifying against the background of the financial and economic crisis. These include long-term developments e.g. in the sociodemographic area, and ongoing developments such as changes in customer behaviour. The “insurance customer 2.0” is more independent, demanding and price sensitive. The change in customers, as illustrated by their new requirements, expectations and values, presents new challenges for insurance undertakings. The “insurance customer 2.0” is more informed and independent when dealing with insurance undertakings. Customer expectations are increasing in relation to greater product flexibility, standardised and reasonably priced products and existing high levels of service. Increased use of new media and greater product transparency are playing a significant role in this. In both the life and the non-life business, the multichannel sales approach is becoming standard in the retail business and electronic channels are becoming an absolute necessity. Greater importance is being attached to technologically-assisted channels in the non-life business in particular.
