Life Insurance in Austria, Key Trends and Opportunities to 2020

Published: Aug, 2017 | Pages: 126 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis

Timetric's 'Life Insurance in Austria, Key Trends and Opportunities to 2020' report provides a 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 (2011-2015) and forecast periods (2015-2020).

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 2020' report provides in-depth market analysis, information and insights into the Austrian life insurance segment, including:

• The segment's growth prospects by life insurance category

• Key trends, drivers and challenges for the segment 

• A comprehensive overview of the Austrian economy and demographics

• The various distribution channels in the segment

• Details of the competitive landscape in the segment 

• 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 segment for the report's 2011-2015 review period, and projected figures for the 2015-2020 forecast period.

• It offers a detailed analysis of the key categories in the segment, and market forecasts to 2020.

• 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 segment.

• Assess the competitive dynamics in the 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

• On January 3, 2017, the new guidelines on product oversight and governance arrangements became law and would be implemented by 2018.

• On September 27, 2016, Austria's Financial Market Supervisory Authority (FMA) reduced the maximum authorized interest rate in new classic life insurance contracts from 1.0% to 0.5%, becoming effective from January 1, 2017.

• In October 2015, the FMA passed the Regulation on Information Requirements, which mandated the clear and transparent presentation of information prior to and upon signing a life insurance contract.

• Austria's life segment is concentrated, with the 10 leading insurers accounting for 78.9% of the segment's total gross written premium in 2015.

 Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Segment Outlook
4.1 Segment Indicators
4.1.1 Gross written premium
4.1.2 Policies sold
4.1.3 Claims
4.1.4 Sum assured
4.1.5 Assets and investments
5 Outlook by Sub-Segment
5.1 Individual Life Insurance
5.1.1 Premium
5.1.2 Policies sold
5.1.3 Penetration
5.2 Group Life Insurance
5.2.1 Premium
6 Distribution Channel Outlook
7 Competitive Landscape
7.1 Company Profiles
7.1.1 Sparkassen Versicherung AG Vienna Insurance Group - company overview
7.1.2 Wiener Stadtische Versicherung AG Vienna Insurance Group - company overview
7.1.3 Raiffeisen Versicherung AG - company overview
7.1.4 Generali Versicherung AG - company overview
7.1.5 Ergo Versicherung AG - company overview
8 Governance, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulation
8.3 Legislation and Market Practice 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 and health insurance
8.4 Compulsory Insurance
8.4.1 Motor vehicle third-party liability insurance
8.4.2 Social security system
8.4.3 Air carriers and aircraft operators insurance
8.4.4 Professional indemnity insurance for alternative investment fund managers
8.4.5 Professional indemnity insurance for brokers:
8.4.6 Clinical trial liability
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 Regulations
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 Type 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
9 Databook
9.1 Policies and Premium
9.2 Claims and Expenses
9.3 Assets and Investments
9.4 Direct Marketing and E-Commerce
9.5 Insurance Brokers and Agencies
9.6 Bancassurance and Other Distribution Channels
9.7 Individual Life Insurance
9.8 Individual Life Insurance by Product
9.9 Group Life Insurance
9.1 Group Life Insurance by Product
9.11 Individual Life - Single vs. Non-Single Premium
9.12 Group Life - Single vs. Non-Single Premium
9.13 Linked vs. Non-Linked Policies
10 Definitions and Methodology
10.1 Definitions
10.2 Methodology
11 About Timetric
11.1 Contact Timetric
11.2 About Timetric
11.3 Timetric's Services
11.4 Disclaimer

List of Tables
Table 1: Austrian Life Insurance - Key Facts, 2015
Table 2: Austrian Life Insurance - Segment Shares of the Top Insurers, 2015
Table 3: Austrian Government Credit Ratings
Table 4: Austrian Life Insurance - Gross Written Premium (EUR Billion and US$ Billion), 2011-2015
Table 5: Austrian Life Insurance - Gross Written Premium (EUR Billion and US$ Billion), 2015-2020
Table 6: Austrian Life Insurance - Number of Policies Sold (Million), 2011-2015
Table 7: Austrian Life Insurance - Number of Policies Sold (Million), 2015-2020
Table 8: Austrian Life Insurance - Paid Claims (EUR Billion and US$ Billion), 2011-2015
Table 9: Austrian Life Insurance - Paid Claims (EUR Billion and US$ Billion), 2015-2020
Table 10: Austrian Life Insurance - Sum Assured (EUR Million and US$ Million), 2011-2015
Table 11: Austrian Life Insurance - Sum Assured (EUR Million and US$ Million), 2015-2020
Table 12: Austrian Life Insurance - Total Assets (EUR Billion and US$ Billion), 2011-2015
Table 13: Austrian Life Insurance - Total Assets (EUR Billion and US$ Billion), 2015-2020
Table 14: Austrian Life Insurance - Total Investment Income (EUR Billion and US$ Billion), 2011-2015
Table 15: Austrian Life Insurance - Total Investment Income (EUR Billion and US$ Billion), 2015-2020
Table 16: Austrian Life Insurance - Investment Portfolio (EUR Billion), 2011-2015
Table 17: Austrian Life Insurance - Investment Portfolio (EUR Billion), 2015-2020
Table 18: Austrian Life Insurance - Gross Written Premium by Sub-Segment (EUR Billion), 2011-2015
Table 19: Austrian Life Insurance - Direct Written Premium by Sub-Segment (EUR Billion), 2015-2020
Table 20: Austrian Individual Life Insurance - Direct Written Premium by Category (EUR Billion), 2011-2015
Table 21: Austrian Individual Life Insurance - Direct Written Premium by Category (EUR Billion), 2015-2020
Table 22: Austrian Individual Life Insurance - Number of Policies Sold by Category (Million), 2011-2015
Table 23: Austrian Individual Life Insurance - Number of Policies Sold by Category (Million), 2015-2020
Table 24: Austrian Group Life Insurance - Gross Written Premium by Category (EUR Million), 2011-2015
Table 25: Austrian Group Life Insurance - Gross Written Premium by Category (EUR Million), 2015-2020
Table 26: Austrian Life Insurance - Segment Shares of the Leading Insurers (%), 2015
Table 27: Sparkassen Versicherung AG Vienna Insurance Group - Key Facts
Table 28: Sparkassen Versicherung AG Vienna Insurance Group - Key Financials (EUR Million), 2011-2015
Table 29: Wiener Stadtische Versicherung AG Vienna Insurance Group - Key Facts
Table 30: Wiener Stadtische Versicherung AG Vienna Insurance Group - Key Financials (EUR Million), 2011-2015
Table 31: Raiffeisen Versicherung AG - Key Facts
Table 32: Raiffeisen Versicherung AG - Key Financials (EUR Million), 2011-2015
Table 33: Generali Versicherung AG - Key Facts
Table 34: Generali Versicherung AG - Key Financials (EUR Million), 2011-2015
Table 35: Ergo Versicherung AG - Key Facts
Table 36: Ergo Versicherung AG - Key Financials (EUR Million), 2011-2015
Table 37: Austria - Insurance Regulatory Framework Key Features
Table 38: Austria - Life Insurance Regulatory Framework
Table 39: Austria - Property Insurance Regulatory Framework
Table 40: Austria - Motor Insurance Regulatory Framework
Table 41: Austria - Bonus-Malus System for Motor Insurance
Table 42: Austria - Liability Insurance Regulatory Framework
Table 43: Austria - Minimum Coverage for Aircraft Third-Party Liability Per Accident and Aircraft
Table 44: Austria- Insurance Premium Tax Rates for the Financial Year 2016
Table 45: Austria - Corporate Tax Rates for the Financial Year 2017
Table 46: Austrian Life Insurance - Policies and Premium, 2011-2015
Table 47: Austrian Life Insurance - Policies and Premium, 2015-2020
Table 48: Austrian Life Insurance - Claims and Expenses, 2011-2015
Table 49: Austrian Life Insurance - Claims and Expenses, 2015-2020
Table 50: Austrian Life Insurance - Assets and Investments, 2011-2015
Table 51: Austrian Life Insurance - Assets and Investments, 2015-2020
Table 52: Austrian Life Insurance - Direct Marketing and E-Commerce, 2011-2015
Table 53: Austrian Life Insurance - Direct Marketing and E-Commerce, 2015-2020
Table 54: Austrian Life Insurance - Insurance Brokers and Agencies, 2011-2015
Table 55: Austrian Life Insurance - Insurance Brokers and Agencies, 2015-2020
Table 56: Austrian Life Insurance - Insurance Brokers and Agencies, 2011-2015
Table 57: Austrian Life Insurance - Insurance Brokers and Agencies, 2015-2020
Table 58: Austrian Life Insurance - Individual Life Insurance, 2011-2015
Table 59: Austrian Life Insurance - Individual Life Insurance, 2015-2020
Table 60: Austrian Life Insurance - Individual Life Insurance by Product, 2011-2015
Table 61: Austrian Life Insurance - Individual Life Insurance by Product, 2015-2020
Table 62: Austrian Life Insurance - Group Life Insurance, 2011-2015
Table 63: Austrian Life Insurance - Group Life Insurance, 2015-2020
Table 64: Austrian Life Insurance - Group Life Insurance by Product, 2011-2015
Table 65: Austrian Life Insurance - Group Life Insurance by Product, 2015-2020
Table 66: Austrian Life Insurance - Individual Life Insurance by Premium, 2011-2015
Table 67: Austrian Life Insurance - Individual Life Insurance by Premium, 2015-2020
Table 68: Austrian Life Insurance - Group Life Insurance by Premium, 2011-2015
Table 69: Austrian Life Insurance - Group Life Insurance by Premium, 2015-2020
Table 70: Austrian Life Insurance - Linked vs. Non-Linked Policies, 2011-2015
Table 71: Austrian Life Insurance - Linked vs. Non-Linked Policies, 2015-2020
Table 72: Insurance Industry Definitions