Insurance classes

Insurance undertakings are grouped together into insurance classes that offer insurance cover for generally comparable risks (e.g. accident, health, fire and natural forces or life assurance). The licencing of reinsurance and insurance undertakings in Austria, which in general applies for the territory of all Member States of the European Union or the European Economic Area, is to be granted separately for each of the insurance classes listed in Annex A of the Insurance Supervision Act 2016 (VAG 2016).