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Austria Life Insurance – Key Trends and Opportunities to 2025

The gross written premium of Austria life insurance market was valued at $6,470.5 million in 2021. The market is expected to decline at a CAGR of less than 1% during the forecast period. Insurance solutions to address demographic challenges such as population aging, longer life expectancy, and a declining working-age population will be a focus area for insurers. On the investment front, sustainable investments to incorporate environmental, social and governance (ESG) considerations will pick up pace as the country races towards a carbon-neutral economy by 2050.

The Austria life insurance market report provides a detailed outlook by product category for the Austrian life insurance segment. It provides values for key performance indicators such as gross written premium, penetration, and premium accepted and cession rates during the review period and forecast period. Moreover, this report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Austrian economy and demographics, and provides detailed information on the competitive landscape in the country.

Overview of Austria life insurance market

Overview of Austria life insurance market

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What are the key life insurance market trends in Austria?

Due to the strong public pension system in Austria, the private pension market size is relatively smaller. Telemedicine services gained traction in the country due to the restrictive measures imposed in the country during the pandemic. This supported health insurance-related product developments.

Capital Market Union (CMU) and the green deal are key policy initiatives taken by the EU to achieve climate neutrality by 2050. Key initiatives proposed to facilitate cross-border investments include simplifying the tax structure and providing investment protection and framework to investors. Sustainable and affordable pension insurance remains a key focus area for European insurers, including Austria, due to the aging population and volatile market conditions.

Sustainable and affordable pension insurance remain a key focus area for European insurers, including Austria, due to the aging population and volatile market conditions. Due to the strong public pension system in Austria, the private pension market size is relatively smaller. However, the percentage of population aged above 65 years is expected to increase significantly by 2040, increasing the pressure on public pension schemes. This will push the product development of private pension insurance in the country.

Which are the key life insurance companies in Austria?

Some of the key life insurance companies in Austria are Wiener Städtische Versicherung AG, Uniqa Österreich Versicherungen AG (Austria), Generali Versicherung AG, Ergo Versicherung AG (ex-Victoria Volksbanken), Allianz Elementar Lebensversicherung, Wustenrot Versicherungs-AG, Donau Versicherung AG Vienna Insurance Group, Bawag PSK Versicherung AG, Helvetia Versicherungen AG, and Grawe Versicherung AG. Generali, Allianz and Munich Re were the only foreign insurers among the top 10 insurers in 2020. Wiener Städtische Versicherung AG accounted for the highest share in GWP in 2020, followed by UNIQA Österreich Versicherungen AG (Austria) and Generali Versicherung AG. Wiener Städtische Versicherung AG also registered the highest CAGR during the review period.

Wiener Städtische Versicherung AG:  It was established in 1824. The company offers classic life, unit-linked, classic pension insurance, pensions, long-term care, and other life and investment products targeted at people aged 50 years and older. The company also offers multiple online services such as a full-service mobile app, a health app, a weather based (WetterService Plus) app, and an SMS claims information system.

Uniqa Österreich Versicherungen AG: The company commenced its operations in 2016, with the merger of Raiffeisen Versicherung AG, Versicherungsgesellschaften FinanceLife Lebensversicherung AG, and Salzburger Landes-Versicherung AG. It distributes its products through its own sales force, general agencies, brokers, partner banks, and direct sales channels. As part of a digital initiative, the company’s MyUNIQA mobile app allows customers to report claims, submit medical bills, and download insurance documents and contracts.

Generali Versicherung AG: They were established in 1988. The company provides classic life insurance, a life plan pension, a private pension, and occupational pension insurance through agencies, brokers, financial advisors, direct marketing, and bancassurance channels.

Ergo Versicherung AG:  Ergo, established in 2007, was the first company to launch index-linked life insurance in Austria. It is headquartered in Vienna. The company offers life and death insurance, unit-linked solutions, flexible life, education, funeral, disability, risk, and flexible pension insurance. The company offers its products through online, direct sales, insurance brokers, and agents.

Allianz Elementar Versicherungs AG: It is a subsidiary of the Germany-based Allianz Group and is headquartered in Vienna. The company offers private insurance, business insurance, and asset management services.

Austria life insurance market, by key companies

Austria life insurance market, by key companies

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Market Report Scope

Market size (2021) $6,470.5 million (GWP)
CAGR <1%
Forecast period 2020-2025
Key companies Wiener Städtische Versicherung AG, Uniqa Österreich Versicherungen AG (Austria), Generali Versicherung AG, Ergo Versicherung AG (ex-Victoria Volksbanken), Allianz Elementar Lebensversicherung, Wustenrot Versicherungs-AG, Donau Versicherung AG Vienna Insurance Group, Bawag PSK Versicherung AG, Helvetia Versicherungen AG, and Grawe Versicherung AG

 Scope

This report provides:

  • Comprehensive analysis of the life insurance segment in Austria.
  • Historical values for the Austrian life insurance segment for the report’s 2016-2020 review period, and projected figures for the 2020-2025 forecast period.
  • Profiles of the top life insurance companies in Austria and outlines the key regulations affecting them.

Reasons to Buy

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

Key Players

Wiener Städtische Versicherung AG

Uniqa Österreich Versicherungen AG (Austria)

Generali Versicherung AG

Ergo Versicherung AG (ex-Victoria Volksbanken)

Allianz Elementar Lebensversicherung

Wustenrot Versicherungs-AG

Donau Versicherung AG Vienna Insurance Group

Bawag PSK Versicherung AG

Helvetia Versicherungen AG

Grawe Versicherung AG

Table of Contents

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Summary Trends and KPIs

Competitive Landscape

Competitor Profiles

Reinsurance

Regulatory and Compliance

Appendix

Frequently Asked Questions

The gross written premium of Austria life insurance market was valued at $6,470.5 million in 2021.

The Austria life insurance market is expected to decline at a CAGR of less than 1% during the forecast period.

Some of the key life insurance companies in Austria life insurance market are Wiener Städtische Versicherung AG, Uniqa Österreich Versicherungen AG (Austria), Generali Versicherung AG, Ergo Versicherung AG (ex-Victoria Volksbanken), Allianz Elementar Lebensversicherung, Wustenrot Versicherungs-AG, Donau Versicherung AG Vienna Insurance Group, Bawag PSK Versicherung AG, Helvetia Versicherungen AG, and Grawe Versicherung AG.

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