{"id":51077,"date":"2023-12-01T17:33:11","date_gmt":"2023-12-01T16:33:11","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/private-insurance-premium-income-declined-in-2016\/"},"modified":"2024-11-07T05:49:18","modified_gmt":"2024-11-07T04:49:18","slug":"private-insurance-premium-income-declined-in-2016","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/51077\/","title":{"rendered":"Private Insurance Premium Income Declined in 2016"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-51077","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"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.","onlinedate":"2017-11-08 12:00:00","lang":"English","publication_series":"","publication_date":"20170901","publication_date_year":"","publication_date_full":false,"publication_num_pages":"","keywords":"[\"Private insurance\",\"Solvency II\",\"stress testing\"]","jelcodes":"[]","related_publications":"[]","pdf":370174,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"22","monthly_report_pages":"133-142","monthly_report_pages_sort":"133","issue":"14","journal":"WIFO Bulletin","publisher":"","invisible":false,"external":false,"embargo_date":"2017-11-08 12:00:00","types":[50590],"research_groups":[3500],"collaboration":"","persons":[3899],"persons_data":"[{\"personId\":3899,\"personName\":\"Thomas Url\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_apa rendering_contributiontoperiodical rendering_apa rendering_contributiontoperiodical_apa\\\"><span>Url, T.<\\\/span> (2017). <span>Private Insurance Premium Income Declined in 2016<\\\/span>. <span><em>WIFO Bulletin<\\\/em><\\\/span>, <em>22<\\\/em>(14), 133-142. <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/60742\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/60742<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\"><span>Url T<\\\/span>. <span class=\\\"title\\\"><span>Private Insurance Premium Income Declined in 2016<\\\/span><\\\/span>. <span>WIFO Bulletin<\\\/span>. 2017 Sept;22(14):133-142.<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{d8c6417d8df347b1a5854b3c5409c82c,<\\\/div><div>  title    = \\\"Private Insurance Premium Income Declined in 2016\\\",<\\\/div><div>  abstract = \\\"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.\\\",<\\\/div><div>  keywords = \\\"Private insurance, Solvency II, stress testing, Private insurance, Solvency II, stress testing\\\",<\\\/div><div>  author   = \\\"Thomas Url\\\",<\\\/div><div>  note     = \\\"Private Insurance Business\\\",<\\\/div><div>  year     = \\\"2017\\\",<\\\/div><div>  month    = sep,<\\\/div><div>  language = \\\"English\\\",<\\\/div><div>  volume   = \\\"22\\\",<\\\/div><div>  pages    = \\\"133--142\\\",<\\\/div><div>  journal  = \\\"WIFO Bulletin\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_contributiontoperiodical rendering_ris rendering_contributiontoperiodical_ris\\\"><p>TY  - GEN<\\\/p><p>T1  - Private Insurance Premium Income Declined in 2016<\\\/p><p>AU  - Url, Thomas<\\\/p><p>N1  - Private Insurance Business<\\\/p><p>PY  - 2017\\\/9<\\\/p><p>Y1  - 2017\\\/9<\\\/p><p>N2  - 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.<\\\/p><p>AB  - 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.<\\\/p><p>KW  - Private insurance<\\\/p><p>KW  - Solvency II<\\\/p><p>KW  - stress testing<\\\/p><p>KW  - Private insurance<\\\/p><p>KW  - Solvency II<\\\/p><p>KW  - stress testing<\\\/p><p>M3  - WIFO series<\\\/p><p>VL  - 22<\\\/p><p>SP  - 133<\\\/p><p>EP  - 142<\\\/p><p>JO  - WIFO Bulletin<\\\/p><p>JF  - WIFO Bulletin<\\\/p><p>ER  - <\\\/p><\\\/div>\"}","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Private Insurance Premium Income Declined in 2016 - WIFO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wifo.ac.at\/en\/publication\/51077\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Private Insurance Premium Income Declined in 2016\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.wifo.ac.at\/en\/publication\/51077\/\" \/>\n<meta property=\"og:site_name\" content=\"WIFO\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/WIFOat\/\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-07T04:49:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO-Gebaeude-FotoAlexanderMueller-www.alexandermueller.at-IMG_6326-Bearbeitet-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@WIFOat\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/51077\\\/\",\"url\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/51077\\\/\",\"name\":\"Private Insurance Premium Income Declined in 2016 - 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