Austrian insurers ended 2023 with business worth EUR 22 billion

19 March 2024 — Andrei VICTOR
Premiums written by Austrian insurers during FY2023 stood at EUR 21.95 billion, an increase of 5.43% or EUR 1.13 billion compared with the preceding year. During the 4th quarter of 2023 alone, there was an increase in premium volume of +7.51% y-o-y to EUR 4.99 billion compared with Q4 2022, according to a press released by the Austrian Financial Market Authority (FMA)

The premium volume for the full year is as follows: non-life and accident insurance EUR 14.01 billion (+9.01%), health insurance EUR 2.86 billion (+8.89%). In contrast, the volume of life insurance premiums fell by 4.85% to EUR 5.08 billion.

During the 4th quarter premiums for the non-life/accident insurance sector stood at EUR 2.98 billion (+10.16%), in the life insurance sector at EUR 1.28 billion (+0.32%) and EUR 723.4 million in the health insurance sector (+10.54%).

In 2023, the technical result compared with the previous year fell by 6.45% or EUR 37.69 million to EUR 546.73 million, while the financial result increased by 40.12% or EUR 874.69 million to EUR 3.05 billion.

“This resulted in an improvement in the result from ordinary activities by +81.31% or + EUR 786.22 million to EUR 1.75 billion. The total of all assets at market value (excluding investments in the area of unit-linked and index-linked life insurance) stood at EUR 106.12 billion at the end of 2023, some 3.37% or EUR 3.46 billion more than the corresponding value at year-end 2022”, according to the press released by the Austrian Financial Market Authority (FMA) about the situation of the local insurance industry during the 4th Quarter of 2023.