Robust Growth in Non-life Insurance Secures 2019 Premium Growth in Private Insurance

In 2019, the Austrian private insurance industry continued the previous year's development with a moderate increase in gross premium income (+1.6 percent). This development was driven by a dynamic expansion in health (+4.9 percent) and property-casualty insurance (+2.9 percent), while revenues in life insurance were lower by 2.2 percent. The Austrian insurance market followed the general dynamics in the European Economic Area. Due to the COVID-19 crisis, forecasts for real premium growth in life insurance will be revised downwards for 2020 and 2021 by around 4 percentage points, and by 1 percentage point in non-life insurance.