Austria General Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2027

Austria General Insurance Market Report Overview

The gross written premium of the Austrian general insurance market was EUR15.5 billion ($16.3 billion) in 2022. The market is expected to achieve a CAGR of more than 4% during 2023-2027. The Austria General Insurance market research report provides an in-depth analysis of various product categories in the Austrian GI market. The report gives an overview of the country’s economic outlook and the general insurance regulatory and compliance framework. In addition, the report covers the emerging trends in the market segments, key performance indicators, and growth prospects for the Austria GI industry for the forecast period.

Austria General Insurance Market Outlook, 2022-2027 (EUR Billion)

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The report also gives an insight into the distribution channels, the key players, and the competitive landscape in the Austria GI market.

Austria General Insurance Market Trends

The main trends shaping the Austrian general insurance market during the projected period are the growing popularity of telematics and pet insurance, surging demand for autonomous vehicles (AVs), and growing awareness of e-bike or bicycle insurance.

Growing Awareness of E-Bike or Bicycle Insurance: Europe has stringent emission standards and thus e-bikes and bicycles are a popular choice for commuting among travelers and/or environment enthusiasts. However, bicycle theft is also a major challenge that insurers are trying to address by providing bicycle or e-bike coverage. For instance, Generali launched bicycle theft insurance in March 2023 which covers all types of bicycles and scooters. Likewise, Uniqa partnered with Hervis Sports to launch a new e-bike insurance coverage that covers theft, electrical damage, and wear and tear.

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Austria General Insurance Market Segmentation by Lines of Business

The key lines of business in the Austria general insurance market are motor, non-life PA&H, property, liability, financial lines, MAT, and miscellaneous. Motor insurance was the leading line of business in 2022, supported by increased vehicle sales. Additionally, motor third-party liability (MTPL) which is mandatory in Austria will aid in the growth of motor insurance in 2023.

Austria General Insurance Market Analysis by Lines of Business, 2022 (%)

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Austria General Insurance Market - Competitive Landscape

The top 10 insurers in the general insurance sector accounted for more than 80% of the total GWPs in 2022. The key insurers in the Austria general insurance market are Uniqa, Generali, Wiener Stadtische, Zurich, and Vienna Insurance among others. Uniqa held the largest share in 2022, followed by Generali and Wiener Stadtische.

In September 2023, Uniqa started providing a new leisure and work accident insurance policy providing cover for individuals meeting with accidents when at work and while at leisure and/or providing cover for special sports risks. The insurance covers disability arising due to such an accident and covers fees, surgery, and therapy costs. Uniqa became an active member of the Green Finance Alliance in May 2022. The Austrian Ministry for Climate Protection-backed initiative was created specifically to help finance and insurance companies achieve climate-neutral portfolios. Uniqa has set a target to reach climate neutrality in Austria by 2040 and group-wide by 2050.

Austria General Insurance Market Analysis, by Companies, 2022 (%)

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Segments Covered in the Report

Austria General Insurance Market Lines of Business Outlook (Value, EUR Billion, 2018-2027)

• Motor
• Non-Life PA&H
• Property
• Liability
• Financial Lines
• MAT
• Miscellaneous

Scope

This report provides:

• A comprehensive analysis of the general insurance segment in Austria.
• Historical values for the Austria general insurance segment for the report’s review period and projected figures for the forecast period.
• Profiles of the top general insurance companies in Austria and outlines the key regulations affecting them.

Key Highlights

• Key insights and dynamics of Austria’s general insurance segment.
• A comprehensive overview of Austria’s economy, government initiatives, and investment opportunities.
• Austria’s insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
• Austria’s general insurance industry’s market structure gives details of lines of business.
• Austria’s general reinsurance business market structure gives details of premium ceded along with cession rates.
• Distribution channels deployed by Austria’s general insurers.
• Details of the competitive landscape and competitors’ profiles.

Reasons to Buy

• Make strategic business decisions using in-depth historical and forecast market data related to Austria’s general insurance segment.
• Understand the demand-side dynamics, key market trends, and growth opportunities in Austria’s general insurance segment.
• Assess the competitive dynamics in the general insurance segment.
• Identify growth opportunities and market dynamics in key product categories.