Insurances

The Insurances market in Austria is projected to reach a market size (gross written premium) of US$21.53bn by 2024.
Non-Life Insurances dominate the market with a projected market volume of US$13.70bn in 2024.
The average spending per capita in the Insurances market amounts to US$2.40k in 2024.
From a global comparison perspective, the United States has the highest nominal value, with a projected market size of US$3.8tn by 2024.
The gross written premium is expected to show an annual growth rate (CAGR 2024-2029) of 2.05%, resulting in a market volume of US$23.84bn by 2029.
In global comparison, the United States will generate the highest gross written premium, with US$3.8tn in 2024.
Austria's insurance market is experiencing a surge in demand for health insurance due to the country's aging population.

Definition:

Insurance is a financial arrangement that provides individuals or businesses with protection against unexpected financial losses. In exchange for regular payments, known as premiums, an insurance policyholder is covered in case of specific events, such as accidents, illnesses, or damage to property. When a covered event occurs, the insurance company compensates the policyholder, helping them recover from the financial impact of the loss or damage. Gross written premium (GWP) is the main indicator of the insurance market. It is the total amount of money that an insurance company collects from policyholders for their insurance coverage before deducting expenses or commissions.

Structure:

The insurance market comprises life and non-life insurances. The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, loss ratio – calculated as gross claim payments divided by gross written premium, for selected European countries the distribution channels of insurance bookings, and the share of insureds in the total population for over 50 countries for live, health, motor vehicle, property, general liability, and legal insurances.

Life insurances
Non-life insurances

Some non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

The Insurances market in Austria has been experiencing significant growth and transformation in recent years. Customer preferences in the insurance market in Austria have been shifting towards more personalized and digital solutions, reflecting a global trend in the industry. Customers are increasingly looking for tailored insurance products that meet their specific needs and lifestyle. The demand for online insurance services has also been on the rise, driven by the convenience and accessibility it offers to consumers. Trends in the market indicate a growing focus on innovation and technology adoption by insurance companies in Austria. Insurtech companies are disrupting the traditional insurance landscape by introducing new business models and digital solutions. This trend is not unique to Austria but is part of a broader global movement towards digitalization in the insurance sector. Additionally, there has been an increasing emphasis on sustainability and climate-related insurance products in response to growing environmental concerns. Local special circumstances in Austria, such as the country's strong regulatory framework and high insurance penetration rate, have contributed to the development of a competitive insurance market. The presence of established insurance players with a long history in the country has created a stable environment for growth and innovation. Moreover, Austria's strategic location in Central Europe makes it a hub for insurance companies looking to expand their operations across the region. Underlying macroeconomic factors, including stable economic growth and low unemployment rates, have provided a favorable environment for the insurance market in Austria to thrive. As disposable incomes rise and consumer confidence remains high, the demand for insurance products is expected to continue growing. Additionally, the country's aging population and increasing awareness of the importance of insurance coverage are driving further market expansion. Overall, the insurance market in Austria is poised for continued growth and evolution, driven by changing customer preferences, technological advancements, local market dynamics, and favorable macroeconomic conditions.

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.