Property and casualty insurance and health insurance continue to grow in Austria

Premium revenues in Austrian property and casualty insurance were strong in 2020 with 2.6 per cent growth to €10.2 billion. Health insurance performed even more strongly in 2020 than in the previous year with growth in premiums of 3.9 per cent to €2.4 billion.

However, the trend towards premium attrition continued in life insurance, with premiums shrinking by around 1.4 per cent year-on-year to just under €5.4 billion. The main reason for this was a decline in life insurance with recurring premiums. These fell by 2.0 per cent to €4.7 billion. Single-premium insurance on the other hand rose by 2.7 per cent to €0.7 billion in 2020.