Monetary Policy Turnaround Reduced Investment Result of the Insurance Industry in 2022

The Austrian private insurance industry increased its premium volume by 5.2 percent in 2022, with property-casualty insurance showing particularly dynamic growth (+8.3 percent). Premium growth in private supplementary health insurance (+4.1 percent) resulted from an expansion of insurance coverage, price increases, and marginally from an increase in the number of insured persons. Life insurance struggled with long contract terms coupled with high uncertainty on capital markets (–1.1 percent). Insurance claims increased by 2.5 percent overall. Due to collapsing results from the investment business, the underwriting result decreased year-on-year. The development in Austria was well in line with the international environment in 2022.