Single premiums dampen premium revenue in Austria
In 2016, the upward trend of recent years in life insurance came to a halt; premium revenue fell year-on-year by 6.3 per cent to almost €6.3 billion. The main reason for this development was a decrease in single premiums of 22.0 per cent to €1.3 billion. Moreover, the single premium life insurance business also recorded a decline of 1.2 per cent, reaching a volume of €5.1 billion. Premiums in health insurance continued to climb in 2016, yet slightly slower than in the previous year, at 3.8 per cent. Premium revenue from property and casualty insurance also increased in 2016 by 1.7 per cent to almost €8.9 billion. The vehicle liability insurance line posted a slight premium increase of 0.3 per cent, and the comprehensive vehicle insurance and casualty insurance posted increases of 3.1 per cent and 3.2 per cent.