Property Insurance - Austria | Statista Market Forecast

The Property Insurance market market in Austria is expected to reach a market size (gross written premium) of US$4.46bn in 2024.
The average spending per capita in the Property Insurance market market is projected to be US$497.10 in the same year.
It is anticipated that the gross written premium will experience an annual growth rate (CAGR 2024-2029) of 5.11%, resulting in a market volume of US$5.73bn by 2029.
In comparison to other countries worldwide, the United States is projected to generate the highest gross written premium of US$240.4bn in 2024.
Austria's property insurance market is witnessing a surge in demand due to the increasing number of natural disasters in the region.

Definition:

The property insurance market encompasses insurance products that protect individuals and businesses from financial losses related to damage or loss of property, such as homes, commercial buildings, or personal belongings. Policyholders pay regular premiums to insurance providers, and in return, these insurers offer coverage for events like fire, theft, natural disasters, and other property-related risks. Property insurance is crucial for safeguarding assets and providing financial assistance to repair or replace property damaged or lost due to covered incidents.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, and the share of insureds in the total population for over 50 countries.

Insurance for all damage or loss of property caused by fire and natural forces
Insurance for all damage or loss of property caused by crime

All other insurance types, such as life insurance and health insurance
Reinsurance

Amidst the picturesque landscapes and historic architecture of Austria, the Property Insurance market is experiencing significant developments.

Customer preferences: Austrian customers in the Property Insurance market are showing a growing inclination towards comprehensive coverage that not only protects their homes but also offers additional benefits such as liability coverage and assistance services. This shift in preferences is driven by an increasing awareness of the risks associated with natural disasters and the need for financial security in the face of unforeseen events.

Trends in the market: One notable trend in the Austrian Property Insurance market is the rise of smart home technologies. Insurers are adapting to this trend by offering policies that cater to homes equipped with smart devices, providing coverage for damages related to these technologies. Additionally, there is a noticeable surge in demand for sustainable and eco-friendly insurance options, reflecting the country's commitment to environmental conservation.

Local special circumstances: Austria's geographical location makes it prone to natural disasters such as floods, avalanches, and earthquakes. As a result, insurers in the country are focusing on developing specialized products that address these specific risks. Moreover, the country's stringent building regulations and high construction standards play a crucial role in shaping the Property Insurance market, as insurers need to tailor their offerings to meet these requirements.

Underlying macroeconomic factors: The stable economic growth in Austria is contributing to the expansion of the Property Insurance market. As disposable incomes rise and housing markets thrive, more individuals are investing in properties, thereby driving the demand for insurance coverage. Additionally, the low interest rate environment in the country is prompting insurers to innovate their products and pricing strategies to remain competitive in the market.

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.

Berkshire Hathaway, State Farm, and Progressive Corp are just some of the biggest property and casualty insurance companies in the world - all of which hail from the United States. Property and casualty insurance is a type of insurance which covers risks related to loss or damage of property. This type of insurance has two major areas: protection of physical objects and protection against legal liability. In total, the value of gross premiums written by the U.S. property and casualty insurance sector exceeded 850 billion U.S. dollars in 2022. In the same year, 35 percent of the U.S. P&C premiums were written by private passenger auto insurance companies.