Damage from natural catastrophes – above all “Storm Boris” the low pressure front from the Mediterranean in September 2024 – left a mark on the Austrian insurance industry’s key financial figures. Despite a rise in revenue from premiums, the sector’s result from ordinary activities for the past year nonetheless fell by 6.7% to € 1.64 billion. This is a finding of the quarterly report published by the Austrian Financial Market Authority (FMA) on insurance undertakings that was published today.
Income from premiums increased by 5.5% to € 23.15 billion for the full year, with this increase predominantly attributable to health insurance (+10.7%) and non-life and accident insurance (+5.9%). In life insurance, one-off premiums increased by one-fifth, thereby offsetting a fall in recurring premiums in the past year (+1.3% in total).
Payouts climbed more strongly than premiums by 5.9%, and increased to € 18.8 billion. Non-life and accident insurance were the main drivers of increased payouts, increasing by almost 15% to just under € 10 billion. The financial result fell by 4.3% in the past year, with the technical result – also due to natural catastrophes – falling by 31%. The solvency ratio of Austrian insurance undertakings remains high at 293% as of year-end 2024, but has fallen slightly in comparison with 2023 (306%).
The invested assets of insurance undertakings remained more or less unchanged at € 107 billion. There were also only minor changes in terms of the allocation of the invested assets.
The full quarterly report can be found on the FMA website (in German only) at https://www.fma.gv.at/versicherungen/offenlegung/quartalsberichte/
Journalists may address further enquiries to:
Boris Gröndahl (FMA Media Spokesperson)
Telephone: +43 (1) 249 59-6010
Mobile: +43 676 8824 9995
E-Mail: [email protected]