Positive stats for the Austrian insurance industry in 2023

29 February 2024 — Daniela GHETU
The Austrian insurance industry may pride itself with positive stats for 2023 totalizing over 50 million contracts, paid indemnities of EUR 17.6 billion, by 5.0% higher y-o-y, and premiums increased to EUR 20.3 billion, the Austrian Insurance Association (VVO) said.

“The Austrian insurance industry bears significant economic responsibility, both socially and economically. With our business model, we long-term and accompany our customers throughout their lives. We are a crisis-proof economic factor and a strong partner - we underline this with performance payments of nearly 48 million euros daily," Remi VRIGNAUD, VVO President stated.

According to Christian ELTNER, Secretary General of the Austrian Insurance Association VVO, the initial calculations performed by VVO show solid premium growth for 2023 in both property-casualty insurance and health insurance, while there was a decline in life insurance. Overall, the Austrian insurance industry saw a GWP growth of 4.7% y-o-y, to around EUR 20.3 billion.

The premium volume for property-casualty insurance (including motor vehicle liability insurance) grew to EUR 12.4 billion in 2023, an increase of 8.1%. The benefits in property-casualty insurance were also at a high level in 2023, at around EUR 7.9 billion, which is 5.8% more y-o-y. “2023 was also another year of extreme weather events. Initial estimates for last year show damage in Austria of over EUR 1 billion,” said Remi VRIGNAUD.

In the previous year, premium income for health insurance rose by 8.6% to EUR 2.8 billion, while paid benefits amounted to EUR 2.5 billion, which corresponds to 11.1%. growth In Austria, private health insurance sees itself as a complementary partner to statutory health insurance. Through the special class fees, it makes a significant contribution to maintaining first-class medicine for everyone living in Austria. This makes a decisive contribution to the quality of the domestic healthcare system.

With a decline of 4.5%, the premium volume for life insurance in 2023 is expected to amount to around EUR 5.1 billion. Current premiums fell by 0.7% with revenue of EUR 4.6 billion. Single premiums fell by 28% to EUR 0.5 billion. In the case of premium-subsidized future provision, the number of contracts is just under one million, and the premium volume amounts to around EUR 0.7 billion. In total, around EUR 7.3 billion were paid out to life insurance customers in the past financial year, which corresponds to an increase of 2.3% (additions to provisions for future benefits or profit sharing are not included).