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Austria Insurance Market Intelligence: Rosetta stone languages
2011 EditionPublished Date : 1 January 2011Pages : 23The Austrian insurance market is mainly categorized into three segments: life, non-life, and health insurance . Despite the recession and turmoil in financial markets, the Austrian insurance sector recorded a premium growth in all the three segments in 2009. Unit and index-linked life insurance products (“pr?mienbegünstigte Zukunftsvorsorge”) witnessed significant growth as compared to conventional life insurance policies due to the recovery of stock markets. Non-life segment grew on account of increasing demand for motor insurance premiums (including third party) and increase in natural hazards. Although insurance penetration in Austria rose year-on-year in 2009, it is quite low as compared to other European nations such as Portugal, Ireland, Sweden and Belgium. The Austrian insurance market has become more concentrated in the recent past, mainly as a result of intense competition. In 2009, the leading eight life insurers accounted for about two-third of the market share with VIG being the largest domestic insurance group. Generali is the market leader in both P&C and motor segment. According to Oesterreichische Nationalbank (OeNB), contribution of domestic demand to GDP growth is expected to turn positive in 2011. Moreover, improving external demand will bolster exports, which Rosetta Stone Language
in turn will have a stimulating impact on investment. Factors such as demand for mandatory third-party car insurance (Haftpflichtversicherung), rising ageing population, rising healthcare treatment costs, growth in disposable income and restructuring of health insurance system in 2009 will also support the industry’s growth over the future years.Table of Contents :1. Industry Snapshot 1.1 Industry Structure 1.1.1 Legal Structure for Domestic and Foreign Players 1.1.2 Categorized into two segments- life and non-life 1.2 Market Overview 1.2.1 Market Size & Growth 1.2.1.1 Rise in premiums for both life and non-life insurance segments 1.2.1.2 Insurance assets consist of bonds, funds, real estate and other safe assets 1.2.2 Market Segments 1.2.2.1 Demand for the unit-linked life insurance product “pr?mienbegünstigte Zukunftsvorsorge” increased 1.2.2.2 Insurance payments were highest in natural catastrophe damages 1.2.2.3 Unit and index-linked life insurance policies benefited from recovery of stock markets 1.2.3 Market Density & Penetration 1.2.3.1 Innovative distribution channels led to rise in insurance penetration 1.2.4 Market Share 2. Industry Analysis 2.1 Industry Developments Financial Restructuring of Health Insurance System Austria’s Insurers against Tightening of Solvency Law German Südvers Joined Insurance Broker Koban Rosetta Stone English v3
Swiss Life Entered Austria Weather Damages Incurred By Uniqa Totaled Euro50 Million VIG sold Romanian unit Omniasig Asigurari de Viata UNIQA Handed Over Stake in Romanian Astra to TNG VIG raised stake in TBIH to 100% UNIQA Raised Euro150 Million Capital Austria's Uniqa Raised Stake in Albanian Insurer Sigal to 68.7% Health-insurance funds to run a surplus in 2010 2.2 Market Drivers Expanding Economy Growing Net Disposable Income Motor Market Demand for Health Insurance 3. Country Analysis: Risk Assessment 3.1 Political Environment 3.2 Macro-economic Indicators: Current and Projections 4. Industry Outlook: Forecast and Projections 4.1 Measures implemented by Christian Louboutin Shoes
the government to raise disposable income positively impact premiums growth 4.2 Increasing demand for insurance against natural disasters and motor third party insurance drive non-life segmentFor more information Switzerland Insurance Market Intelligence: 2011 EditionGermany Insurance Market Intelligence: 2011 EditionBrazil Insurance Market Intelligence: 2011 EditionRussia Insurance Market Intelligence: 2011 EditionRomania Insurance Market Intelligence: 2011 Edition