The Austrian Financial Market Authority reported that Austrian insurers’ second-quarter premium volume rose 3.7% year over year to EUR 6.17 billion, while earnings from ordinary activities fell 5.7% to EUR 1.29 billion. Higher claims expenses weighed on earnings, partly offset by stable investment returns, while the industry’s median solvency ratio increased to 266%, among the highest in Europe. Health insurance recorded above-average premium growth of 8.3%, while life insurance continued to shift toward unit-linked and index-linked products. Higher life insurance earnings largely offset declines in health and property and casualty insurance. The figures do not yet reflect losses from the unusually severe summer drought in Central Europe, which are expected to affect results from the third quarter. About one-quarter of assets held directly or through funds are climate relevant, totaling approximately EUR 32.8 billion. The largest climate-relevant asset categories were real estate at about 14.6% and energy-intensive companies at 4.8%.
Austrian Financial Market Authority reports 3.7% premium growth and 5.7% earnings decline in second quarter
The Austrian Financial Market Authority reported that insurers’ second-quarter premiums rose 3.7% to EUR 6.17 billion, while earnings fell 5.7% to EUR 1.29 billion as claims expenses increased. The median solvency ratio reached 266%, while drought-related losses are expected to affect results from the third quarter.