Austrian Insurance Market Shrinking

Professional ServicesInsurance ♦ Published: February 28, 2012; 16:09 ♦ (Vindobona)

In 2011, premium income at Austrian insurance companies declined. Only in the health insurance segment showed growth rates.

Austrian Insurance Market Shrinking / Picture: ©

The Austrian insurance industry recorded a decline of 1.7% in premium income, which reached € 16.5bn. However, insurance proceeds were up by 4.4% to € 12.3bn.

The life insurance segment showed a major decrease. Premium income was down by 7.5% to € 6.99bn. Proceeds grew by 9.0% to € 6.30bn. Lump sum payments were down by 32% to € 1.38bn. In 2012, the insurance industry…