DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/gtglhd/life_insurance_in) has announced the addition of the "Life Insurance in Austria, Key Trends and Opportunities to 2018" report to their offering.
In terms of gross written premium, life was the second-largest segment, behind non-life, in the Austrian insurance industry in 2013. The segment accounted for industry shares of 45.0%, 42.4%, 40.0% and 39.0% in 2010, 2011, 2012 and 2013 respectively, and fell from being the leading segment in 2011 to the second-largest in 2012 and 2013. This was mainly due to the rapid decline of single-premium life products following an increase in the lock-in period from 10 to 15 years.
The global financial crisis also had an adverse impact on the Austrian economy and the subsequent sovereign debt crisis in Europe compounded the situation, leading to a rise in unemployment and a reduction in wages for public sector workers. These factors discouraged Austrian consumers from purchasing insurance as other commodities took priority. However, the situation is improving and the country's economic indicators are positive. Consequently, the Austrian life segment is projected to register positive growth at a forecast-period (2013-2018) CAGR of 4.0% over forecast period.
- In terms of gross written premium, Austrian life segment ranked 34th in the global insurance industry and at 15th place in Europe in terms of gross written premium.
- The Austrian life segment accounted for 39.0% of the overall insurance industry's gross written premium in 2013.
- The Austrian life segment's industry share fell from 45.1% in 2009 to 39.0% in 2013, making it the second-largest segment behind non-life.
- Endowment insurance was the top performing category in the life segment during the review period. The category accounted for 41.4% of the segment's total gross written premium in 2013.
- Low penetration of life segment provides significant business opportunities for insurers to gain new business and market share by offering improved products and services.
- The reduction of subsidies for government-sponsored pension plans reduced demand for life products in Austria. In 2012.
Key Topics Covered:
1 Executive Summary
3 Austrian Insurance Industry Attractiveness
4 Life Insurance Outlook
5 Analysis by Distribution Channel
6 Porter's Five Forces Analysis - Austrian Life Insurance
7 Reinsurance Growth Dynamics and Challenges
8 Governance, Risk and Compliance
9 Competitive Landscape and Strategic Insights
10 Business Environment and Country Risk
- Allianz Elementar Lebensversicherungs-AG
- Donau Versicherung AG Vienna Insurance Group
- Ergo Versicherung AG
- Finance Life Lebensversicherung AG
- Generali Versicherung AG
- Raiffeisen Versicherung
- Sparkassen Versicherung AG (Vienna Insurance Group)
- Uniqa Österreich Versicherungen AG
- Wiener Stadtische Versicherung (Vienna Insurance Group)
- Wüstenrot Versicherungs-AG
For more information visit http://www.researchandmarkets.com/research/gtglhd/life_insurance_in