New Insurance market report from Timetric: "Life Insurance in Austria, Key Trends and Opportunities to 2018"
Boston, MA -- (SBWIRE) -- 12/02/2014 -- 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.
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- 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.
This report provides a comprehensive analysis of the life insurance segment in Austria:
- It provides historical values for Austrian life insurance segment for the report's 2009-2013 review period and forecast figures for the 2013-2018 forecast period.
- It offers a detailed analysis of the key categories in Austrian life insurance segment, along with market forecasts until 2018.
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions.
- It analyses the various distribution channels for life insurance products in Austria.
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Austria for the life insurance business.
- It provides a detailed analysis of the reinsurance segment in Austria and its growth prospects.
- It profiles the top life insurance companies in Austria and outlines the key regulations affecting them.
Reasons to Get this Report:
- Make strategic business decisions using in depth historic and forecast market data related to Austrian life insurance segment and each category within it
- Understand the demand-side dynamics, key market trends and growth opportunities within Austrian life insurance segment
- Assess the competitive dynamics in the life insurance segment, along with the reinsurance segment
- Identify the growth opportunities and market dynamics within key product categories
- Gain insights into key regulations governing Austrian insurance industry and its impact on companies and the market's future
Companies Mentioned in this Report: Sparkassen Versicherung AG (Vienna Insurance Group), Wiener Stadtische Versicherung (Vienna Insurance Group), Generali Versicherung AG, Ergo Versicherung AG, Finance Life Lebensversicherung AG, Raiffeisen Versicherung, Allianz Elementar Lebensversicherungs-AG, Uniqa Osterreich Versicherungen AG, Wustenrot Versicherungs-AG, Donau Versicherung AG Vienna Insurance Group
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