Europäische Reiseversicherung AG on Growth Path

Published: March 22, 2011; 02:11 · (Vindobona)

Premium income grew by 10.3% to € 56m. With 2.1m insured people, the market leader position has been strengthened.

Europäische Reiseversicherung AG on Growth Path / Picture: ©

Europäische Reiseversicherung, with a  market share of over 60%  in the insurance sector in Austria has continued its growth in 2010.

In the previous year, a growth of 10.3% to € 56m in premium volume was achieved, a new record high. The number of insured passengers has increased to over € 2.1m. The basis of growth in nearly every business area was increased market penetration.

The travel market shows a positive trend again. After the crisis-related declines, there was an increase in bookings of 14.6% in outbound tourism. In inbound tourism, the increase in overnight stays at 0.4% was small, but the number of visitors with 3.3% increase represented a new record. In business trips, the 30% slump of 2009 was not quite caught up yet.

Total expenses for insurance operations increased 9.5% to 22.5 m. The result from ordinary activities of around € 2m was by 30% below that of 2009. Net profits, taking into consideration a precautionary profit reserve were at the previous year’s level with € 1.2m.

"For the current year 2011 we expect a positive trend with moderate growth due to further consolidation of the travel market", said CEO Martin Sturzlbaum. There is growth potential, especially in the field of privately organized travel, such as over the Internet.

Europäische Reiseversicherung AG is a company of the Generali Group Austria.