Non-life insurances - Austria | Statista Market Forecast

The Non-life insurances market market in Austria is projected to reach a market size (gross written premium) of US$13.70bn in 2024.
In the same year, the average spending per capita in the Non-life insurances market market is expected to amount to US$1.53k.
Looking ahead, the gross written premium is forecasted to show an annual growth rate (CAGR 2024-2029) of 2.85%.
This growth is expected to result in a market volume of US$15.77bn by 2029.
In global comparison, the United States is anticipated to generate the highest gross written premium in the Non-life insurances market market, amounting to US$2.5tn in 2024.
Austria's non-life insurance market is seeing a growing demand for property insurance due to increasing construction activity and property ownership.

Definition:

Non-life insurance, also known as general insurance, covers a wide range of insurance products that protect against financial losses related to events other than death. Non-life insurance is designed to provide policyholders with financial support and protection in various circumstances, like car accidents, property damage, and medical expenses.

Structure:

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, and the loss ratio – calculated as gross claim payments divided by gross written premium.

Health insurances
Motor Vehicle insurances
Property insurances
General Liability insurances
Legal insurances

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

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.

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.