The foreign business of Austrian insurance groups fell heavily in 2017 by -13% to € 5.5 billion, but still made up approximately 40% (2016: 43%) of their total premium volume of € 13.9 billion. In 2016 foreign premium volume stood at € 6.4 billion. The main cause of the massive fall in premiums from foreign business was Uniqa Group’s sale of its Italian subsidiary. Austria’s insurance undertakings continue to enjoy a considerable market share in the markets of Central Eastern and South Eastern Europe, with 66% of foreign premium volume coming from Central Europe and 24% from South-East Europe. These findings have emerged from the Austrian Financial Market Authority (FMA) “2018 Report on the Analysis of Foreign Insurance Business of Austrian Insurance Groups” which was published today.
High shares in very heterogeneous markets
In 2017 Austrian insurance companies held a market share of more than 25% in the following countries: Albania almost 60%, Slovakia around 45%, Macedonia around 35%, Montenegro, Romania, Czech Republic, Latvia, Georgia and Moldova around 30% respectively. In the life insurance sector alone market share stood at 98% in Moldova, almost 90 % in Montenegro, just over 60% in Albania, around 55% in Macedonia, almost 50% in Russia and Slovakia. The most significant markets for Austrian insurers however are the Czech Republic, Poland, Slovakia, Romania, Hungary and Croatia.
Currently five Austrian insurance groups (Vienna Insurance Group, Uniqa Group, Grawe Group, Merkur Group, Wüstenrot Group) are commercially active through 96 insurance undertakings in 27 countries.
Journalists may address further enquiries to:
Klaus Grubelnik (FMA Media Spokesperson)
+43/(0)676/882 49 516