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 premiums (+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 premiums 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.