Property and casualty insurance remains the driver for growth in Austria

Premium revenues in Austrian property and casualty insurance were strong in 2019 with 4.2 per cent growth to €9.9 billion. Growth was driven by the comprehensive vehicle and passengers’ accident insurance (+6.4 per cent) business lines as well as fire, including business interruption (+7.2 per cent). The vehicle liability insurance business line, by contrast, only managed a slight increase in (+1.7 per cent).

The premium attrition trend continued in life insurance, with premiums shrinking by some 2.2 per cent year on year to just under €5.5 billion. As in the previous year, the main reason was the 4.6 per cent drop in single-premium insurance to €0.7 billion. The life insurance business with recurring also experienced a decline, although this was more modest at around 1.9 per cent to just under €4.8 billion.

Health insurance performed slightly less well in 2019 than in the previous year, with growth in premiums of 3.8 per cent to €2.3 billion.

Premiums
Total premiums written. All premiums from contracts written in the financial year from business acquired by the company directly and as inward reinsurance.
Premiums
Total premiums written. All premiums from contracts written in the financial year from business acquired by the company directly and as inward reinsurance.