Market Size of Austria Life & Non-Life Insurance Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 5.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Austria Life & Non-life Insurance Market Analysis
The number of COVID-19 cases was very high in Austria. This has positively impacted the Austria life and Non-life Insurance Market because people started turning more and more towards life insurance and non-life insurance. On the contrary, major insurers were negatively impacted owing to the potential losses and uncertainty about whether some of their policies are valid and need to be paid out. It has also brought about potential scope for new products to offer to the market.
The Austrian insurance sector is divided into three types of insurance firms: public, mutual, and state-owned insurers. Few large firms are stock-listed, though many insurance firms characterize the market. As a result, consolidation is ongoing and expected to accelerate in the future. Austrian insurers sell relatively low levels of corporate insurance compared to their British peers, instead focusing on the private insurance business. The market has been stable in the past as insurers showed high levels of capitalization, which, to date, prevented them from defaulting.
