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Austria Insurance Market Intelligence
Koncept Analytics, Jan 2010, Pages: 23
The Austrian insurance market is one of the most developed markets in Continental Europe, because of the high risk awareness (natural perils) and the resultant demand for coverage among the population. Moreover, the growing preference for life insurance policies as a form of pension provision, which ensures dividends through guaranteed interest payments, has also added to the growth of the insurance industry in Austria. In addition, the industry has been recording growth on account of the expanding economy and developing industrial and services sector. Along with the market growth factors, economic drivers, like increasing wages & salaries, social contribution, growing industrial output, exports, etc., have also supported the industry growth over the years.
The Austrian insurance market is categorized into three segments: life, non-life & accident, and health insurance. The private health insurance is a part of the statutory health insurance business in the country. The non-life/ accident business has witnessed a growing demand due to rising demand for insurance against natural catastrophes among the Austrians. The life insurance segment has exhibited growth, mainly due to the rising demand for unit-linked life and pension products. Increasing exports, strong industrialization base, expanding services segment, resultant rise in employment opportunities and disposable income, together contributed to the growth of household expenditure, which, in turn, would have a positive impact on the Austrian insurance market.
The present report gives an overview of the Austrian insurance market along with an analysis of the country’s political structure and economic growth. The report provides an insight into the market size and growth in insurance premiums as well as life and non-life premiums. Insurance premiums are discussed in terms of life and non-life segments and the density and penetration levels. The various developments and drivers are also discussed and finally the projections regarding premium growth are given.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the Austrian insurance industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry and its sub-segments life and non-life insurance. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
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