Life Insurance in Austria, Key Trends and Opportunities to 2019

Published: Dec, 2015 | Pages: 215 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
Timetric's 'Life Insurance in Austria, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers and challenges in the Austrian life insurance segment.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2010-2014) and forecast period (2014-2019).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Austrian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary
Timetric's ' Life Insurance in Austria, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Austrian life insurance segment, including:

The Austrian life insurance segment's growth prospects by life insurance category

Key trends, drivers and challenges for the life insurance segment

A comprehensive overview of the Austrian economy and demographics

The various distribution channels in the Austrian life insurance segment

Details of the competitive landscape in the life insurance segment in Austria

Details of regulatory policy applicable to the Austrian insurance industry

Scope
This report provides a comprehensive analysis of the life insurance segment in Austria:

It provides historical values for the Austrian life insurance segment for the report's 2010-2014 review period, and projected figures for the 2014-2019 forecast period.

It offers a detailed analysis of the key categories in the Austrian life insurance segment, and market forecasts to 2019.

It analyzes the various distribution channels for life insurance products in Austria.

It profiles the top life insurance companies in Austria and outlines the key regulations affecting them.

Reasons to Buy
Make strategic business decisions using in-depth historic and forecast market data related to the Austrian life insurance segment, and each category within it.

Understand the demand-side dynamics, key market trends and growth opportunities in the Austrian life insurance segment.

Assess the competitive dynamics in the life insurance segment.

Identify growth opportunities and market dynamics in key product categories.

Gain insights into key regulations governing the Austrian insurance industry, and their impact on companies and the industry's future.

Key Highlights
The life segment is the second-largest in the Austrian insurance industry and accounted for 35.4% of its gross written premium in 2014.

A decline in gross written premium was recorded during 2010-2013, primarily due to the aftereffects of the global financial crisis of 2009, and changes in the country's tax structure.

Several regulations relating to capital investment in state-aided old-age insurance have been altered to improve the life segment's performance.

In October, 2015, the FMA passed new regulations to help insurers implement Solvency II standards.

Solvency II is the new regulatory framework for insurers and reinsurers in Europe. It is a risk-based capital regime, expected to come into effect in January 2016.

The life segment's distribution network was led by bancassurance in 2014, followed by direct marketing and brokers.

 Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Introduction
3.1 What is this Report About?
3.2 Definitions
3.3 Methodology
4 Economy and Demographics
5 Life Insurance Outlook
5.1 Key Drivers
5.2 Key Trends
5.3 Challenges
5.4 Life Insurance Growth Prospects by Category
5.5 Individual Life Insurance
5.5.1 Individual pension insurance
5.5.2 Individual endowment insurance
5.5.3 Individual term life insurance
5.5.4 Other individual life insurance
5.6 Group Life Insurance
5.6.1 Superannuation insurance
5.6.2 Other group life insurance
5.7 Life Insurance Growth Prospects by Product Type
5.7.1 Individual single-premium insurance
5.7.2 Individual non-single-premium insurance
5.7.3 Group single-premium insurance
5.7.4 Group non-single-premium insurance
5.7.5 Total linked insurance business
5.7.6 Total non-linked insurance business
6 Analysis by Distribution Channel
6.1 Direct Marketing
6.2 Bancassurance
6.3 Agencies
6.4 Brokers
6.5 Other Channels
7 Competitive Landscape and Strategic Insights
7.1 Overview
7.2 Leading Companies in the Life segment
7.2.1 Sparkassen Versicherung AG Vienna Insurance Group - company overview
7.2.2 Wiener Stadtische Versicherung AG Vienna Insurance Group - company overview
7.2.3 Generali Versicherung AG - company overview
7.2.4 Ergo Versicherung AG - company overview
7.2.5 Raiffeisen Versicherung AG - company overview
7.2.6 Allianz Elementar Lebensversicherungs AG - company overview
7.2.7 Uniqa osterreich Versicherungen AG - company overview
7.2.8 FinanceLife Lebensversicherung AG - company overview
7.2.9 Bawag PSK Versicherung AG - company overview
7.2.10 Wustenrot Versicherungs-AG - company overview
8 Governance, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulations
8.3 Legislation Trends by Type of Insurance
8.3.1 Life insurance
8.3.2 Property insurance
8.3.3 Motor insurance
8.3.4 Liability insurance
8.3.5 Marine, aviation and transit insurance
8.3.6 Personal accident insurance
8.3.7 Health insurance
8.4 Compulsory Insurance
8.4.1 Motor vehicle third-party liability insurance
8.4.2 Social security system
8.4.3 Professional indemnity insurance for alternative investment fund managers
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors (IAIS)
8.5.2 European Insurance and Occupational Pensions Authority (EIOPA)
8.5.3 Financial Market Authority (FMA)
8.5.4 Federation of European Risk Management Associations (FERMA)
8.6 Non-Admitted Insurance Regulatory Trends
8.6.1 Overview
8.6.2 Intermediaries
8.6.3 Market practices
8.6.4 Fines and penalties
8.7 Company Registration and Operations
8.7.1 Types of insurance organization
8.7.2 Establishing a local company
8.7.3 Foreign ownership
8.7.4 Types of license
8.7.5 Capital requirements
8.7.6 Solvency margins
8.7.7 Reserve requirements
8.7.8 Investment regulations
8.7.9 Statutory return requirements
8.7.10 Fee structure
8.8 Taxation
8.8.1 Insurance premium or policy taxation
8.8.2 Corporate tax
8.8.3 VAT
8.8.4 Captives
8.9 Legal System
8.9.1 Introduction
8.9.2 Access to court
8.9.3 Alternative dispute resolution (ADR)
9 Appendix
9.1 Contact Timetric
9.2 About Timetric
9.3 Timetric's Services
9.4 Disclaimer

List of Tables
Table 1: Austrian Life Insurance - Key Facts, 2014
Table 2: Insurance Industry Definitions
Table 3: Austrian Government Credit Ratings
Table 4: Austrian Life Insurance - Gross Written Premium by Category (EUR Million), 2010-2014
Table 5: Austrian Life Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
Table 6: Austrian Life Insurance - Gross Written Premium by Category (EUR Million), 2014-2019
Table 7: Austrian Life Insurance - Gross Written Premium by Category (US$ Million), 2014-2019
Table 8: Austrian Life Insurance - New Business Direct Written Premium (EUR Billion), 2010-2014
Table 9: Austrian Life Insurance - New Business Direct Written Premium (EUR Billion), 2014-2019
Table 10: Austrian Life Insurance - Net Earned Premium (EUR Billion), 2010-2014
Table 11: Austrian Life Insurance - Net Earned Premium (EUR Billion), 2014-2019
Table 12: Austrian Life Insurance - Sum Assured (EUR Billion), 2010-2014
Table 13: Austrian Life Insurance - Sum Assured (EUR Billion), 2014-2019
Table 14: Austrian Life Insurance - Paid Claims (EUR Billion), 2010-2014
Table 15: Austrian Life Insurance - Paid Claims (EUR Billion), 2014-2019
Table 16: Austrian Life Insurance - Incurred Loss (EUR Billion), 2010-2014
Table 17: Austrian Life Insurance - Incurred Loss (EUR Billion), 2014-2019
Table 18: Austrian Life Insurance - Number of Policies per Capita, 2010-2014
Table 19: Austrian Life Insurance - Number of Policies per Capita, 2014-2019
Table 20: Austrian Life Insurance - Commissions and Expenses (EUR Million), 2010-2014
Table 21: Austrian Life Insurance - Commissions and Expenses (EUR Million), 2014-2019
Table 22: Austrian Life Insurance - Net Written Premium as Percentage of Gross Written Premium (%), 2010-2014
Table 23: Austrian Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2014-2019
Table 24: Austrian Life Insurance - Renewal Business Direct Written Premium (EUR Billion), 2010-2014
Table 25: Austrian Life Insurance - Renewal Business Direct Written Premium (EUR Billion), 2014-2019
Table 26: Austrian Life Insurance - Total Assets (EUR Billion), 2010-2014
Table 27: Austrian Life Insurance - Total Assets (EUR Billion), 2014-2019
Table 28: Austrian Life Insurance - Total Investment Income (EUR Billion), 2010-2014
Table 29: Austrian Life Insurance - Total Investment Income (EUR Billion), 2014-2019
Table 30: Austrian Life Insurance - Net Written Premium (EUR Billion), 2010-2014
Table 31: Austrian Life Insurance - Net Written Premium (EUR Billion), 2014-2019
Table 32: Austrian Individual Life Insurance - Gross Written Premium by Category (EUR Million), 2010-2014
Table 33: Austrian Individual Life Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
Table 34: Austrian Individual Life Insurance - Gross Written Premium by Category (EUR Million), 2014-2019
Table 35: Austrian Individual Life Insurance - Gross Written Premium by Category (US$ Million), 2014-2019
Table 36: Austrian Individual Life Insurance - Direct Written Premium by Category (EUR Million), 2010-2014
Table 37: Austrian Individual Life Insurance - Direct Written Premium by Category (US$ Million), 2010-2014
Table 38: Austrian Individual Life Insurance - Direct Written Premium by Category (EUR Million), 2014-2019
Table 39: Austrian Individual Life Insurance - Direct Written Premium by Category (US$ Million), 2014-2019
Table 40: Austrian Individual Life Insurance - Policies by Category (Thousand), 2010-2014
Table 41: Austrian Individual Life Insurance - Policies by Category (Thousand), 2014-2019
Table 42: Austrian Individual Pension Insurance - Number of Active Policies (Thousand), 2010-2014
Table 43: Austrian Individual Pension Insurance - Number of Active Policies (Thousand), 2014-2019
Table 44: Austrian Individual Pension Insurance - Direct Written Premium (EUR Million), 2010-2014
Table 45: Austrian Individual Pension Insurance - Direct Written Premium (EUR Million), 2014-2019
Table 46: Austrian Individual Endowment Insurance - Number of Active Policies (Million), 2010-2014
Table 47: Austrian Individual Endowment Insurance - Number of Active Policies (Million), 2014-2019
Table 48: Austrian Individual Endowment Insurance - Direct Written Premium (EUR Billion), 2010-2014
Table 49: Austrian Individual Endowment Insurance - Direct Written Premium (EUR Billion), 2014-2019
Table 50: Austrian Individual Term Life Insurance - Number of Active Policies (Million), 2010-2014
Table 51: Austrian Individual Term Life Insurance - Number of Active Policies (Million), 2014-2019
Table 52: Austrian Individual Term Life Insurance - Direct Written Premium (EUR Million), 2010-2014
Table 53: Austrian Individual Term Life Insurance - Direct Written Premium (EUR Million), 2014-2019
Table 54: Austrian Other Individual Life Insurance - Number of Active Policies (Thousand), 2010-2014
Table 55: Austrian Other Individual Life Insurance - Number of Active Policies (Thousand), 2014-2019
Table 56: Austrian Other Individual Life Insurance - Direct Written Premium (EUR Billion), 2010-2014
Table 57: Austrian Other Individual Life Insurance - Direct Written Premium (EUR Billion), 2014-2019
Table 58: Austrian Group Life Insurance - Gross Written Premium by Category (EUR Million), 2010-2014
Table 59: Austrian Group Life Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
Table 60: Austrian Group Life Insurance - Gross Written Premium by Category (EUR Million), 2014-2019
Table 61: Austrian Group Life Insurance - Gross Written Premium by Category (US$ Million), 2014-2019
Table 62: Austrian Group Life Insurance - Direct Written Premium by Category (EUR Million), 2010-2014
Table 63: Austrian Group Life Insurance - Direct Written Premium by Category (US$ Million), 2010-2014
Table 64: Austrian Group Life Insurance - Direct Written Premium by Category (EUR Million), 2014-2019
Table 65: Austrian Group Life Insurance - Direct Written Premium by Category (US$ Million), 2014-2019
Table 66: Austrian Superannuation Insurance - Direct Written Premium (EUR Million), 2010-2014
Table 67: Austrian Superannuation Insurance - Direct Written Premium (EUR Million), 2014-2019
Table 68: Austrian Other Group Life Insurance - Direct Written Premium (EUR Million), 2010-2014
Table 69: Austrian Other Group Life Insurance - Direct Written Premium (EUR Billion), 2014-2019
Table 70: Austrian Individual Single-Premium Insurance - Gross Written Premium (EUR Billion), 2010-2014
Table 71: Austrian Individual Single-Premium Insurance - Gross Written Premium (EUR Billion), 2014-2019
Table 72: Austrian Individual Single-Premium Insurance - Direct Written Premium (EUR Billion), 2010-2014
Table 73: Austrian Individual Single-Premium Insurance - Direct Written Premium (EUR Billion), 2014-2019
Table 74: Austrian Individual Non-Single-Premium Insurance - Gross Written Premium (EUR Billion), 2010-2014
Table 75: Austrian Individual Non-Single-Premium Insurance - Gross Written Premium (EUR Billion), 2014-2019
Table 76: Austrian Individual Non-Single-Premium Insurance - Direct Written Premium (EUR Billion), 2010-2014
Table 77: Austrian Individual Non-Single-Premium Insurance - Direct Written Premium (EUR Billion), 2014-2019
Table 78: Austrian Group Single-Premium Insurance - Gross Written Premium (EUR Million), 2010-2014
Table 79: Austrian Group Single-Premium Insurance - Gross Written Premium (EUR Million), 2014-2019
Table 80: Austrian Group Single-Premium Insurance - Direct Written Premium (EUR Million), 2010-2014
Table 81: Austrian Group Single-Premium Insurance - Direct Written Premium (EUR Million), 2014-2019
Table 82: Austrian Group Non-Single-Premium Insurance - Gross Written Premium (EUR Million), 2010-2014
Table 83: Austrian Group Non-Single-Premium Insurance - Gross Written Premium (EUR Million), 2014-2019
Table 84: Austrian Group Non-Single-Premium Insurance - Direct Written Premium (EUR Million), 2010-2014
Table 85: Austrian Group Non-Single-Premium Insurance - Direct Written Premium (EUR Million), 2014-2019
Table 86: Austrian Linked Insurance Business - Number of Active Policies (Million), 2010-2014
Table 87: Austrian Linked Insurance Business - Number of Active Policies (Million), 2014-2019
Table 88: Austrian Linked Insurance Business - Gross Written Premium (EUR Billion), 2010-2014
Table 89: Austrian Linked Insurance Business - Gross Written Premium (EUR Billion), 2014-2019
Table 90: Austrian Linked Insurance Business - Direct Written Premium (EUR Billion), 2010-2014
Table 91: Austrian Linked Insurance Business - Direct Written Premium (EUR Billion), 2014-2019
Table 92: Austrian Non-Linked Insurance Business - Number of Active Policies (Million), 2010-2014
Table 93: Austrian Non-Linked Insurance Business - Number of Active Policies (Million), 2014-2019
Table 94: Austrian Non-Linked Insurance Business - Gross Written Premium (EUR Billion), 2010-2014
Table 95: Austrian Non-Linked Insurance Business - Gross Written Premium (EUR Billion), 2014-2019
Table 96: Austrian Non-Linked Insurance Business - Direct Written Premium (EUR Billion), 2010-2014
Table 97: Austrian Non-Linked Insurance Business - Direct Written Premium (EUR Billion), 2014-2019
Table 98: Austrian Life Insurance - Direct Marketing Value of Commissions (EUR Million), 2010-2014
Table 99: Austrian Life Insurance - Direct Marketing Value of Commissions (EUR Million), 2014-2019
Table 100: Austrian Life Insurance - Direct Marketing New Business Direct Written Premium (EUR Million), 2010-2014
Table 101: Austrian Life Insurance - Direct Marketing New Business Direct Written Premium (EUR Million), 2014-2019
Table 102: Austrian Life Insurance - New Policies Sold Through Direct Marketing (Thousand), 2010-2014
Table 103: Austrian Life Insurance - New Policies Sold Through Direct Marketing (Thousand), 2014-2019
Table 104: Austrian Life Insurance - Sales Force (Thousand), 2010-2014
Table 105: Austrian Life Insurance - Sales Force, 2014-2019
Table 106: Austrian Life Insurance - Bancassurance Value of Commissions (EUR Million), 2010-2014
Table 107: Austrian Life Insurance - Bancassurance Value of Commissions (EUR Million), 2014-2019
Table 108: Austrian Life Insurance - Bancassurance New Business Direct Written Premium (EUR Million), 2010-2014
Table 109: Austrian Life Insurance - Bancassurance New Business Direct Written Premium (EUR Million), 2014-2019
Table 110: Austrian Life Insurance - New Policies Sold Through Bancassurance (Thousand), 2010-2014
Table 111: Austrian Life Insurance - New Policies Sold Through Bancassurance (Million), 2014-2019
Table 112: Austrian Life Insurance - Number of Banking Entities, 2010-2014
Table 113: Austrian Life Insurance - Number of Banking Entities, 2014-2019
Table 114: Austrian Life Insurance - Agencies' Value of Commissions (EUR Million), 2010-2014
Table 115: Austrian Life Insurance - Agencies' Value of Commissions (EUR Million), 2014-2019
Table 116: Austrian Life Insurance - Agencies' New Business Direct Written Premium (EUR Million), 2010-2014
Table 117: Austrian Life Insurance - Agencies' New Business Direct Written Premium (EUR Million), 2014-2019
Table 118: Austrian Life Insurance - New Policies Sold Through Agencies (Thousand), 2010-2014
Table 119: Austrian Life Insurance - New Policies Sold Through Agencies (Thousand), 2014-2019
Table 120: Austrian Life Insurance - Number of Insurance Agents (Thousand), 2010-2014
Table 121: Austrian Life Insurance - Number of Insurance Agents (Thousand), 2014-2019
Table 122: Austrian Life Insurance - Brokers' Value of Commissions (EUR Million), 2010-2014
Table 123: Austrian Life Insurance - Brokers' Value of Commissions (EUR Million), 2014-2019
Table 124: Austrian Life Insurance - Brokers' New Business Direct Written Premium (EUR Million), 2010-2014
Table 125: Austrian Life Insurance - Brokers' New Business Direct Written Premium (EUR Million), 2014-2019
Table 126: Austrian Life Insurance - New Policies Sold Through Brokers (Thousand), 2010-2014
Table 127: Austrian Life Insurance - New Policies Sold Through Brokers (Thousand), 2014-2019
Table 128: Austrian Life Insurance - Number of Insurance Brokers (Thousand), 2010-2014
Table 129: Austrian Life Insurance - Number of Insurance Brokers (Thousand), 2014-2019
Table 130: Austrian Life Insurance - Other Channels' Value of Commissions (EUR Million), 2010-2014
Table 131: Austrian Life Insurance - Other Channels' Value of Commissions (EUR Million), 2014-2019
Table 132: Austrian Life Insurance - Other Channels' New Business Direct Written Premium (EUR Million), 2010-2014
Table 133: Austrian Life Insurance - Other Channels' New Business Direct Written Premium (EUR Million), 2014-2019
Table 134: Austrian Life Insurance - New Policies Sold Through Other Channels (Thousand), 2010-2014
Table 135: Austrian Life Insurance - New Policies Sold Through Other Channels (Thousand), 2014-2019
Table 136: Austrian Life Insurance - Segment Shares (%), 2014
Table 137: Sparkassen Versicherung AG Vienna Insurance Group, Key Facts
Table 138: Sparkassen Versicherung AG Vienna Insurance Group, Key Financials (EUR Million), 2010-2014
Table 139: Wiener St�dtische Versicherung AG Vienna Insurance Group, Key Facts
Table 140: Wiener St�dtische Versicherung AG Vienna Insurance Group, Key Financials (EUR Million), 2010-2014
Table 141: Generali Versicherung AG, Key Facts
Table 142: Generali Versicherung AG, Key Financials (EUR Million), 2010-2014
Table 143: Ergo Versicherung AG, Key Facts
Table 144: Ergo Versicherung AG, Key Financials (EUR Million), 2010-2014
Table 145: Raiffeisen Versicherung AG, Key Facts
Table 146: Raiffeisen Versicherung AG, Key Financials (EUR Million), 2010-2014
Table 147: Allianz Elementar Lebensversicherungs AG, Key Facts
Table 148: Allianz Elementar Lebensversicherungs AG, Key Financials (EUR Million), 2010-2014
Table 149: Uniqa �sterreich Versicherungen AG, Key Facts
Table 150: Uniqa �sterreich Versicherungen AG, Key Financials (EUR Million), 2010-2014
Table 151: FinanceLife Lebensversicherung AG, Key Facts
Table 152: FinanceLife Lebensversicherung AG, Key Financials (EUR Million), 2010-2014
Table 153: Bawag PSK Versicherung AG, Key Facts
Table 154: Bawag PSK Versicherung AG, Key Financials (EUR Million), 2010-2014
Table 155: W�stenrot Versicherungs-AG, Key Facts
Table 156: W�stenrot Versicherungs-AG, Key Financials (EUR Million), 2008-2012
Table 157: Austria- Insurance Regulatory Framework Key Features
Table 158: Austria - Life Insurance Regulatory Framework
Table 159: Austria - Property Insurance Regulatory Framework
Table 160: Austria - Motor Insurance Regulatory Framework
Table 161: Austria - Liability Insurance Regulatory Framework
Table 162: Austria - Guarantee Fund Requirement
Table 163: Austria - Insurance Premium Tax Rates for the Financial Year 2015
Table 164: Austria - Corporate Tax Rates for the Financial Year 2015