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Austria reinsurance market: $4.41 billion industry estimated during 2012

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PR-Inside.com: 2014-04-03 00:43:01
Austria´s reinsurance segment´s written premium value increased from EUR3.33 billion (US$4.87 billion) in 2008 to EUR3.43 billion (US$4.41 billion) in 2012, at a CAGR of 0.8% during the review period.

This growth can be attributed to the country´s favorable business and economic conditions, which supported reinsurance growth during the review period. In terms of the total reinsurance segment´s written premium value in 2012, the treaty reinsurance category accounted for 63.9%, while facultative reinsurance accounted for 36.1%.

During the review period, high claim rates, especially in the non-life segment, accelerated demand for reinsurance services in Austria. Austria´s reinsurance segment grew at a CAGR of 0.8% during the review period. This was mainly due to weak business conditions caused by the global financial crisis in 2009 and Eurozone debt crisis of 2011.

The Austrian reinsurance segment consists of the treaty and facultative reinsurance categories. In terms of written premium, treaty reinsurance accounted for 63.9% of the segment in 2011, followed by facultative reinsurance with 36.1%. The high combined ratio is expected to support the reinsurance segment over the forecast period.

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