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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
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