PROPERTY AND CASUALTY INSURANCE MARKET IN AUSTRIA - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)

The Property and Casualty Insurance Market in Austria can be segmented by Product Type (Fire, Motor, General Liability, Burglary and Theft, and Other Property and Casualty Insurance) and by Distribution Channel (Agents, Brokers, Banks, and Others)

Market Snapshot

Property and Casualty Insurance Market in Austria
Study Period: 2018-2027
Base Year: 2021
CAGR: 5 %

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Market Overview

The Property and Casualty Insurance Market in Austria is expected to register a CAGR of 5% over the forecast period.

The sharp economic downturn caused by the Covid-19 pandemic also influenced the insurance industry of Austria. Despite the pandemic, Austria's insurance industry showed a moderate growth rate for the year. The Y-o-Y increase was supported by property and casualty insurance growth.

The Property and Casualty insurance in Austria showed a growth rate of 2.7% from the 1st to 3rdquarter of 2020. The biggest driver of growth in property and casualty insurance was motor vehicle damage insurance, which increased significantly yearly. An increase in the number of policies and a shift in prices contributed to the positive change. Third-party liability for motor vehicles increased marginally. The non-motor lines of business also showed moderate growth for the year, while travel insurance showed a massive decline of more than 50% as a result of COVID-19. Property and casualty insurance represents one of the largest segments in the Austrian insurance industry, covering around 29.7% of the total premiums, excluding motor insurance, contributing 20.5% of total insurance premiums in 2020.

Scope of the Report

Property and Casualty Insurance is the type of coverage that protects the policy holder's things and property such as home, car, and other belongings. It also includes liability coverage which protects you if you're found legally responsible for an accident that causes injuries to another person or damages to their property. This report aims to provide a detailed analysis of the Property and Casualty insurance market in Austria. It focuses on the market dynamics, emerging trends in the segments, the future of markets, and insights into various product types. Also, it analyses the key players and the competitive landscape in the Property and Casualty insurance market in Austria. Austria's Property and Casualty Insurance Market can be segmented by Product Type (Fire, Motor, General Liability, Burglary and Theft, and Other Property and Casualty Insurance) and Distribution Channel (Agents, Brokers, Banks, and Others)

By Product Type
Fire Insurance
Motor Insurance
General Liability Insurance
Burglary and Theft
Others
By Distribution Channel
Agents
Brokers
Banks
Other Distribution Channel

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Key Market Trends

The Premium Written for Property and Casualty Insurance is Constantly Increasing.

The premium written for Property and Casualty Insurance and overall non-life insurance is constantly increasing over the years in Austria. Premium written for overall non-life insurance, including car, was EUR 8,097 million in 2017, while it increased to EUR 9,047 million in 2020. Despite the pandemic, the segment showed a growth of 2.6% for the year. Similarly, the loss ratio for the segment is constantly decreasing. The loss ratio was 67.9% in 2017, while it decreased to 62.6% in 2020.

Property and Casualty Insurance in Austria

Motor Insurance premium contributes for majority of the Property and Casualty Insurance Premium

Motor insurance is one of the largest segments of the Austrian insurance industry. Standalone Motor Insurance contributed 20.5% of the total premium in 2020. Premium written by the motor insurance was EUR 3692 million for 2020. Motor Liability insurance and Car insurance contributed to the majority of the motor insurance premium. Similarly, the loss ratio for motor insurance was 61.4% for 2020. The total number of risks for motor insurance was 11,656,363, which increased by 2.8% for 2020.

Property and Casualty Insurance in Austria

Competitive Landscape

A large number of national and international players are operating in the Property and Casualty Insurance Market in Austria. According to the Austrian Insurance Association, almost 40 players compete in Austria's non-life insurance market. The largest four companies contribute more than 50% of the country's premium written for property and casualty insurance. UNIQA Osterreich Versicherungen AG is the market leader in the segment, followed by Generali Versicherung AG, which has more than 15% of the market share. Other major players in the market include Wiener Stadtische Versicherung AG, Allianz Elementar Versicherungs-AG, and Donau Versicherung AG.

Recent Developments

· In December 2021, Generali Versicherung AG expanded its range of online sales. After the household insurance was made online, short-term international student health insurance can now be taken out online. The time-limited international health insurance can be taken out online via the Generali website, the Generali customer portal, and the Austrian National Union of Students website.

· In March 2021, DONAU Versicherung started cooperation with ImmoScout24. With the agreement, DONAU can offer more than 1.5 million monthly users of ImmoScout24 comprehensive information on the subject of insurance and also score points with the very rapid handling of inquiries from interested parties. Furthermore, additional services are provided specifically for the cooperation, such as an interactive relocation checklist with a reminder function,

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS AND DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Driver

    3. 4.3 Market Restraints

    4. 4.4 Insight on Technologial Adoption in the Market

    5. 4.5 Porter's Five Forces Analysis

      1. 4.5.1 Threat of New Entrants

      2. 4.5.2 Bargaining Power of Buyers/Consumers

      3. 4.5.3 Bargaining Power of Suppliers

      4. 4.5.4 Threat of Substitute Products

      5. 4.5.5 Intensity of Competitive Rivalry

    6. 4.6 Insight on Various Government Regulations in the Market

    7. 4.7 Impact of COVID-19 on Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product Type

      1. 5.1.1 Fire Insurance

      2. 5.1.2 Motor Insurance

      3. 5.1.3 General Liability Insurance

      4. 5.1.4 Burglary and Theft

      5. 5.1.5 Others

    2. 5.2 By Distribution Channel

      1. 5.2.1 Agents

      2. 5.2.2 Brokers

      3. 5.2.3 Banks

      4. 5.2.4 Other Distribution Channel

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 UNIQA Osterreich Versicherungen AG

      2. 6.1.2 Generali Versicherung AG

      3. 6.1.3 WIENER STADTISCHE Versicherung AG

      4. 6.1.4 Allianz Elementar Versicherungs-AG

      5. 6.1.5 DONAU Versicherung AG

      6. 6.1.6 Zurich Versicherungs-AG

      7. 6.1.7 Grazer Wechselseitige Versicherung AG

      8. 6.1.8 OBEROSTERREICHISCHE Versicherung AG

      9. 6.1.9 Helvetia Versicherungen AG

      10. 6.1.10 Niederosterreichische Versicherung AG

      11. 6.1.11 Austrian Hail Insurance VVaG

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. DISCLAIMER

**Subject to Availability

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Frequently Asked Questions

The Austria Property & Casualty Insurance Market market is studied from 2018 - 2027.

The Austria Property & Casualty Insurance Market is growing at a CAGR of 5% over the next 5 years.

UNIQA Osterreich Versicherungen AG, Generali Versicherung AG, WIENER STADTISCHE Versicherung AG, Allianz Elementar Versicherungs-AG, DONAU Versicherung AG, Zurich Versicherungs-AG are the major companies operating in Austria Property & Casualty Insurance Market.

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