Personal Accident & Health Insurance in Austria Accounted for 15.58% of Total Insurance Industry Value in 2011, Finds Timetric09 Aug 2012 • by Natalie Aster
The Austrian personal accident and health segment was the third-largest segment in the overall Austrian insurance industry in terms of gross written premium. The segment accounted for 15.58% of the total insurance industry value in 2011. Despite being the smallest segment, personal accident and health insurance registered the fastest growth, at a compound annual growth rate (CAGR) of 3.5% during the review period (2007–2011). This growth was mainly due to the rising healthcare expenditure by the Austrian government and the increasing focus on healthcare by the Austrian population. The segment also benefited from the increasing number of outbound passengers due to the country’s improved commercial relationships with the world’s leading economies. This enabled the travel insurance category to record stable growth during the review period. The personal accident and health segment is expected to continue growing rapidly over the forecast period, despite the country’s strong statutory healthcare scheme and difficult business conditions.
The new report "Personal Accident and Health Insurance in Austria, Key Trends and Opportunities to 2016" by Timetric states that Austria is one of the wealthiest countries in the world, and the country’s healthcare expenditure has been a focus of the Austrian government during the review period. Austria’s healthcare expenditure as a percentage of GDP grew from 10.2% in 2007 to 11.0% in 2010. Expenditure on public and private healthcare systems is expected to rise substantially over the forecast period, because of the increased focus by the Austrian government to support the affluent lifestyles of its citizens. This should generate more demand for healthcare insurance products over the forecast period.
Personal Accident and Health Insurance in Austria, Key Trends and Opportunities to 2016
Published: July, 2012
Price: US$ 1.950,00
Austria’s proximity to the world’s leading economies, including the UK and Germany, and its entry into the EU encouraged its citizens to make more overseas trips for business or personal purposes. This was further supported by the increasing affluence in the country, which enabled more of the population to travel overseas without worrying about the financial implications. The growth in outbound travelers and the country’s improving travel and tourism sector is expected to generate more demand for travel insurance products in the country over the forecast period.
More information can be found in the report “Personal Accident and Health Insurance in Austria, Key Trends and Opportunities to 2016” by Timetric.
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