Austrian insurance market increased by 1.6% in 2020 to EUR 18 billion

1 March 2021 — Andrei Victor
According to the year-end 2020 preliminary figures published by VVO (the Austrian Insurance Association) - the Austrian insurance market totaled about EUR 18 billion, 1.6% more y-o-y.

"Preliminary figures show solid premium growth in both health insurance and property-casualty insurance for the financial year 2020, but there was a slight decline in premium growth in life insurance. Overall, the Austrian insurance industry recorded growth in premium income of 1.6 % to EUR 18 billion last year," said Louis NORMAN-AUDENHOVE, General Secretary of the Austrian Insurance Association - VVO.

Per LoBs, Austrian life insurance segment declined by 1.4% y-o-y during 2020 to EUR 5.4 billion. At the same time, helth insurance GWP increased by 3.9 percent to EUR 2.4 billion P&C segment grew to EUR 10.2 billion, representing an increase of 2.6 percent.

Over 50 million valid contracts were concluded with local insurance companies during 2020, as VVO informed. At the same time, preliminary figures showed that Austrian customers received a total of EUR 15.6 billion in claims, indemnities and benefits, 4.7% more y-o-y. "In times of crisis, it demonstrates once again that insurers keep their promises to customers and are reliable partners for both private and corporate customers", said Robert LASSHOFER, President of the Austrian Insurance Association - VVO.

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