Personal Accident and Health Insurance in Austria, Key Trends and Opportunities to 2018

Date: 2015-09

“The personal accident and health segment generated the least gross written premium in the Austrian insurance industry in 2013. Health insurance was the segment’s largest category during the review period (2009−2013). The country’s robust social security system provides healthcare cover for 99% of the population, offering little scope for private health insurance. Tax exemptions, coverage of diseases not covered by the social security system, and alternative treatment options including dental care and psychotherapy encourage Austrians to purchase private health insurance.
Despite being the smallest segment, personal accident and health insurance registered the fastest growth, with a review-period CAGR of 3.7%, mainly due to rising government healthcare expenditure. The segment also benefited from an increasing number of outbound passengers due to the country’s improved commercial relationships with leading world economies. This enabled the travel insurance category to record stable growth during the review period. The personal accident and health segment is expected to continue its rapid growth over the forecast period (2013−2018), despite the country’s strong statutory healthcare scheme and difficult business conditions. The segment’s written premium value is expected to increase at a forecast-period CAGR of 4.0%.”

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