Property and casualty insurance remains the driver for growth in Austria
Premium revenues in Austrian property and casualty insurance were strong in 2018 with 3.5 per cent growth to €9.5 billion. The comprehensive vehicle insurance and casualty insurance lines were drivers for growth with premium increases of 6.1 per cent and 4.4 per cent respectively. The vehicle liability insurance line, on the other hand, only achieved a slight premium increase of 1.4 per cent.
Premium attrition weakened in life insurance as compared with the previous year. For example, premiums only shrank by around 3.6 per cent year-on-year to just under €5.6 billion. As in the previous year, the main reason for this fall was a drop in single premiums by 14.7 per cent to €0.7 billion. The life insurance business with recurring premiums also experienced a decline, although this was much more moderate at around 1.7 per cent to just under €4.9 billion.
Health insurance performed slightly stronger in 2018 than in the previous year with growth in premiums of 4.3 per cent to €2.2 billion.