Over 50 million valid contracts were concluded with domestic insurance companies. According to preliminary figures, customers received a total of 15.6 billion euros in benefits from their contracts in the previous year. That is 4.7 percent more than the year before. “In times of crisis in particular, it is clear once again that insurance companies keep their promises to customers and are reliable partners for both private and corporate customers. In addition, they also have a stabilizing effect on the financial markets, as they invest long-term assets of over 110 billion euros in government bonds, real estate, investments or stocks and are therefore an important source of inspiration for the Austrian economy, ”says Mag. Robert Lasshofer, President of Austrian Insurance Association VVO. Despite the Corona crisis, the Austrian insurance industry has once again demonstrated its solidity and economic continuity. As “solid as a rock”, the Austrian insurance companies have once again successfully confirmed their importance for the economy and society. The domestic insurance companies employ around 29,000 people.
“Initial calculations show solid premium growth in both health insurance and property casualty insurance for the 2020 financial year, 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 percent to 18 billion euros last year, ”said Dr. Louis Norman ‐ Audenhove, General Secretary of the Austrian Insurance Association VVO.
Life insurance: decline of 1.4 percent
With a decline of 1.4 percent, the premium volume in life insurance in 2020 will be around 5.4 billion euros. Current premiums fell by 2.0 percent to 4.7 billion euros. In contrast, single premiums recorded an increase of 2.7 percent at 0.7 billion euros. In the case of the subsidized future provision, the contracts remain stable at around 1 million, the premium volume amounts to around 0.8 billion euros. A total of 7.8 billion euros was paid out to life insurance customers in the past financial year, which corresponds to growth of 8.0 percent (additions to provisions for future benefits and profit-sharing are not included).
Health insurance: decrease of 3.2 percent
In Austria, private health insurance sees itself as a complementary partner to statutory health insurance. Through the special class fees, she makes a significant contribution to the preservation of first-class medicine for all Austrians. This makes a decisive contribution to the quality of the domestic health system. In the previous year, benefits totaling 1.4 billion euros were paid out, which corresponds to a decrease of 3.2 percent (additions to provisions for future benefits and profit sharing are not included). The premium income increased by 3.9 percent to 2.4 billion euros.
Property and casualty insurance: increase of 2.6 percent
The premium volume in property and casualty insurance (including motor vehicle liability insurance) grew to 10.2 billion euros in 2020, representing an increase of 2.6 percent. The benefits in property and casualty insurance are also at a high level in 2020 at 6.4 billion euros. They rose by 2.6 percent compared to the previous year.
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