Search for publications

Active search filter

WIFO Bulletin

Details

Thomas Url, Private Insurance Premium Income Declined in 2016

WIFO Bulletin, 2017, 22(14), pp.133-142
   
The volume of single premium payments (with long-run guarantees) almost halved in 2016. Positive effects of the tax reform were more than compensated by low interest rates, making private households increasingly shy away from contracts with long commitment periods. On the supply side, insurers were less willing to underwrite long-run guarantees. This caused premiums in the life insurance business to decline by 9 percent and the total premium intake to shrink by 1.8 percent. Robustly growing private health insurance (+4.7 percent) and a recovery in non-life and accident insurance (+1.7 percent) did not prevent a further drop of the insurance density to 4.9 percent of GDP. Forecasts for 2017 and 2018 expect that this development will continue, albeit at a slower pace. The first year of experience with Solvency II revealed some scope for interpretation across the member countries' supervisory bodies. Austrian insurers emerged from the stress test in 2016 with sufficient amounts of solvency capital.
 
Online since: 08.11.2017 0:00
Research group:Macroeconomics and European Economic Policy
Language:English

Contact persons

Michael Böheim

Michael Böheim

Function: Research staff member, Editor WIFO-Monatsberichte and WIFO Bulletin
Research groups: Industrial Economics, Innovation and International Competition

Ilse Schulz

Ilse Schulz

Function: Scientific administration staff member
Activities: Publications, Website, Subscriptions

Tamara Fellinger

Tamara Fellinger

Function: Administrative staff member
Activities: Publications, Website, Subscriptions

Tatjana Weber

Tatjana Weber

Function: Administrative staff member
Activities: Publications, Website, Subscriptions
Login-Formular