Austria Life & Non-Life InsuranceCompanies (2024 - 2029)

Austria Life & Non-Life Insurance Market Companies Summary

The Austrian insurance sector, which includes public, mutual, and state-owned insurers, has been positively impacted by the COVID-19 pandemic. This is due to increased interest in life and non-life insurance products, although some insurers have faced potential losses and uncertainty about policy validity. The sector is characterized by a mix of large and small firms, with a trend towards ongoing consolidation. While the market has been stable, with high levels of capitalization preventing defaults, there is a focus on private insurance business, rather than corporate insurance. In response to evolving industry dynamics, insurers have been adopting a Workforce Transformation approach. This involves rethinking work, workforce, and workplaces to adapt to changes in technology, emerging risks, customer expectations, and competitive pressures. This approach goes beyond incremental change, rearchitecting roles and reskilling the workforce to improve performance and create better digital/physical workplaces. This transformation, coupled with digitization efforts, has led to increased market penetration and overall productivity.