2014-04-03 00:35:01 - Life Insurance in Austria, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com
In terms of gross written premium, Austrian life insurance was the second-largest segment, behind non-life, in the Austrian insurance industry during the review period. The segment accounted for industry shares of 45.0%, 42.3% and 39.8% in 2010, 2011 and 2012 respectively. The segment fell from being the leading insurance segment in 2011 to the second-largest in 2012.
In terms of value, the Austrian life segment´s written premium fell from EUR7.4 billion (US$10.8 billion) in 2008 to EUR6.5 billion (US$8.4 billion) in 2012, at a review-period CAGR of -3.1%. This was mainly due to the rapid decline of single-premium life insurance products following changes to lock-in periods, which increased from 10 to 15 years.
The increase in minimum lock-in periods had an adverse
impact on single-premium business, which declined by 32.9% in 2011 and 6.4% in 2012. The reduction of government subsidies on government-sponsored pension plans reduced demand for life insurance products in Austria. Austria has one of the fastest-aging populations in the EU, which will create growth opportunities for the life segment over the forecast period. Austria´s life insurance segment is highly concentrated with the 10 leading insurers accounting for 76.9% of the segment´s total gross written premium in 2012.
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