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The Non-life insurances market in Austria has been experiencing notable developments in recent years. Customer preferences in the Austrian non-life insurance market have been shifting towards more comprehensive coverage options, reflecting a growing awareness of the importance of insurance protection. Customers are increasingly seeking tailored solutions that provide coverage for a wide range of risks, including property damage, liability, and motor vehicle accidents. Trends in the market indicate a rise in demand for digital insurance services, with more customers opting to purchase policies online. This shift towards digitalization has led to increased competition among insurance providers, prompting them to enhance their online platforms and offer more convenient and efficient services to attract and retain customers. Local special circumstances, such as Austria's stable economy and high standard of living, have contributed to the growth of the non-life insurance market. The country's strong regulatory framework and emphasis on consumer protection have also fostered trust in insurance products, encouraging more individuals and businesses to invest in insurance coverage. Underlying macroeconomic factors, including steady economic growth and low unemployment rates, have provided a favorable environment for the non-life insurance market to expand. As disposable incomes rise and consumer confidence remains high, more Austrians are willing to allocate a portion of their income towards insurance premiums, driving market growth further. Additionally, the increasing awareness of the need for risk mitigation and financial security in the face of unforeseen events has bolstered the demand for non-life insurance products in Austria.
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.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)