Austrian GI market set to increase GWP at a CAGR of 2.2%

Written by Adam Cadle

27/04/2020

The Austrian general insurance market is set to increase GWP at a CAGR of 2.2% to 2023, down from 3.6%, according to latest data.

Figures published by GlobalData show that the life insurance sector is to rise at a CAGR of 0.3% in GWP. The overall insurance market is forecast to decline in GWP by 2020, by a CAGR of -1%.

GlobalData insurance analyst Deblina Mitra said: “The larger concern for life insurers will be profits. The financial markets across Europe have plummeted, meaning it will be harder for them to invest these premiums.

“The rating outlook of Austrian insurers remains significantly clouded, as the health, life and travel lines are expected to record a rise in claims. Premiums falling in 2020, while claims are expected to spike across the board, means insurers are in for a very tough year. However, forecasts premiums are expected to return to positive growth in 2021.”

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