14 Aug 2020
Posted in Insurance
Diverse leading Austrian insurers have premiums spread across multiple lines
Leading Austrian insurers are less solely reliant on the life segment than other European countries, which should benefit them in the short-term, with only two of the top ten Austrian insurers (Wiener Stadtische Verchereung with 52% and Ergo Versicherung Ag with 87%) having the majority of their business in life insurance. This compares to seven in the UK and eight in France. Similarly, the leading players all have splits of life, property health and motor, meaning their risk will be spread, according to GlobalData, a leading data and analytics.
GlobalData analyst, Deblina Mitra, comments: “The top 10 insurers generate 92% of their business from life, motor, property and health. In this regard, Wiener Stadtische Versicherung, with over 50% dependence on life business, appears most susceptible, even though it has a significant amount of business in property and motor.”
Mitra continues: “The leading life insurers in the country have a strong hold over that segment of the market. However, the top ten life insurers cover almost 87% of the total life insurance business. Almost all the top ten insurers appear susceptible to a potential rise in claims, as well as volatility in investment returns in the life insurance business.”