Private Health Insurance Showed Strong Gains in 2024

The Austrian private insurance industry increased its premium volume by 5.9 percent in 2024. Private health insurance continued to accelerate its momentum (+10.7 percent). Premium growth in property and casualty insurance (+6.6 percent) was mainly based on rate hikes, but insurers also increased the number of covered risks. Life insurance (+1.3 percent) performed well with new business concentrated in single premiums and fund- and index-linked products. Extensive flood damages and higher prices for repairs and replacement values increased both the number of claims and expenses per claim. Overall, claims payments increased by 5.8 percent. Investment income remained virtually constant in 2024, enabling the industry to maintain stable profitability despite high claims payments. With the exception of life insurance, developments on the Austrian insurance market were in line with international trends.