Austria Insurance Q2 2019
Austria’s insurance market is less developed than its Western European counterparts, accounting for 4.3% of GDP, withlife insurance particularly low at a penetration rate of around 1.4%. Within the non-life sector, basic lines such as motor and propertyare well established and account for a large part of the market. However, new discretionary lines in the form of health and personalaccident insurance will continue to grow and significantly impact market share by the end of the forecast period. This comes as aresult of an expanding retirement-age population, increasing demand for private healthcare services and rising income levels.Growth opportunities lie within these more dynamic segments, while more mature lines such as motor will struggle to achievesignificant growth in a highly price-pressured environment.
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