The Austrian Financial Market Authority (FMA) published its quarterly report on insurance undertakings, showing that natural catastrophe losses, notably Storm Boris in September 2024, and inflation weighed on Austrian insurers’ 2024 performance. Despite higher premium income, the result from ordinary activities fell 6.7% to EUR 1.64 billion. Premium income rose 5.5% to EUR 23.15 billion, driven by health insurance (+10.7%) and non-life and accident insurance (+5.9%); in life insurance, a roughly 20% rise in single premiums offset a decline in recurring premiums, leaving total premiums up 1.3%. Payouts increased 5.9% to EUR 18.8 billion, led by almost 15% growth in non-life and accident payouts to just under EUR 10 billion, while the financial result declined 4.3% and the technical result fell 31%. The sector’s solvency ratio remained high at 293% at year-end 2024 (306% in 2023), and invested assets were broadly unchanged at about EUR 107 billion with only minor shifts in allocation.
Austria Financial Market Authority 2025-03-03
Austrian Financial Market Authority finds catastrophe losses and inflation cut insurers’ ordinary activities result 6.7% to EUR 1.64bn in 2024
The Austrian Financial Market Authority's quarterly report highlights that natural catastrophe losses and inflation impacted Austrian insurers' 2024 performance, with a 6.7% decline in ordinary activities to EUR 1.64 billion despite a 5.5% rise in premium income to EUR 23.15 billion. Health insurance premiums increased by 10.7%, while non-life and accident insurance rose by 5.9%. The sector's solvency ratio remained robust at 293% year-end 2024.