Investment Result Supported Property-casualty Insurance in 2023

The Austrian private insurance industry increased its premium volume by 5.3 percent in 2023. Property and casualty insurance continued their dynamic path (+8.7 percent). Premium growth in private health insurance (+8,8 percent) benefitted from a significant increase in insured risks as well as price adjustments. Life insurance (–4.5 percent) lost further ground and was not yet benefitting from the rise in yields on long-term securities. Insurance claims rose by 5.0 percent overall, driven by higher repair costs and the increase in insurance claims. The investment result was able to contribute to the technical result to the usual extent. Developments on the Austrian insurance market in 2023 were in line with the international picture.