Austria Insurance, Companies & Insurance Quote

Insurance in Austria is controlled by the Ministry of Finance and the liability coverage is compulsory including nuclear-risk liability coverage, motor-vehicle third party liability, workers compensation, aviation accident and third-party liability and professional indemnity for some professions.

In fact, even accountants, notaries, armed sportsmen and pipeline operators are also expected to have liability insurance. Austria insurance companies in 1989 had premiums for $1075.4 i.e.5% of GDP and in 1992 $769 billion value life insurance.

Insurance status

Despite the financial crisis globally, the Austrian insurance demonstrated moderate growth in 2008 in all sectors. There was a rise by 2.5% premium income reaching to 16.267 billion euros. There has also been a rise of 7.7% on the benefits side reaching to 11.587 billion euros.

The forecasts showed an overall premium recovery income for the year 2009 to be around 1.5%.

Life insurance showed an increase of 2.2% with a rise to 7.364 billion euros in 2008 life insurance. However, the financial meltdown had reduced the speed allowing to rise moderately only. However, life insurance in 2009 was expected to present growth by 0.8%.

Health insurance in 2008 showed an increase of 3.5% reaching to 1.535 billion euros.

The premium in insurance against damage or loss increased reaching 7.368 billion euros in 2008 representing 2.6% rise. The 2009 growth in insurance against damage or loss was expected to reach 1.8%.

Insurance Providers

Insurance providers in Austria are Zurich, Elvia, Austrian Association of Insurance and Allianz. These insurance providers in Austria offer excellent services and ensure taking care even in alien land, in case of emergency.

Austria has nearly 140 insurance companies including 52 Austrian companies, 25 EU/EEA branches and 59 Austrian small mutual associations.

Benefits of Insurance

The insurance in Austria takes care that all individuals derive the benefits under the coverage during crucial situations. Austria insurance offers reasonable coverage in all spheres including calamities arriving unexpectedly.

Insurance in Austria is of diverse types namely, traveling insurance, medical insurance, health insurance and household insurance. Prior to making travel insurance, it is a must to ensure that the related policy covers all territorial limits. The insurance in Austria offers Standard cover that covers round-the clock support, emergency assistance, medical expenditure and physical damages.