Property-casualty Insurance Covered High Losses from Natural Disasters in 2021

The Austrian private insurance industry expanded its premium volume by 3.1 percent in 2021. Premium income in property-casualty insurance (+4.3 percent) and in private supplementary health insurance (+3.8 percent) developed particularly favourably. High claims payments due to a tornado on the Austrian-Czech border led to an overall 3.4 percent expansion in claims payments, though payouts in life insurance declined by 9.2 percent. One-sixth of total claims payments in property-casualty insurance served to compensate for losses from natural disasters. Contrary to the international trend, the domestic insurance business continued to shift from life to health insurance and property-casualty insurance in 2021. In view of the low-interest environment, Austria's insurance industry achieved a good investment result.