Forecast: Employment in Life Insurance Sector in Austria

The employment in the life insurance sector in Austria has been experiencing a steady decline since peaking in 2016 at 2.63 thousand Full-Time Equivalents (FTE). As of 2023, it stands at 2.04 thousand FTE. This is a noticeable decrease from the highs of the previous decade, with significant drops occurring particularly in 2018 and from 2021 onwards.

The year-on-year percent change figures highlight this decline distinctly: a sharp fall of 11.62% in 2018, a consistent downward trend from 2021 (-4.26%) to 2023 (-2.76%). The Compound Annual Growth Rate (CAGR) from 2018 through 2023 is negative, indicating an annual reduction; specifically, it recorded -1.96% annually over the last five years.

Looking forward, forecasts suggest the downward trend will continue, with employment projected to fall to 1.78 thousand FTE by 2028. The forecasted five-year CAGR is -2.2%, translating to an overall decline of 10.53% during this period.

Future trends to watch for:

• Further digitalization and automation within the sector, potentially leading to job displacements.
• Changing insurance regulations and market conditions influencing employment demand.
• The rise of insurtech companies potentially reshaping the traditional job market.
• Economic fluctuations impacting consumer demand for life insurance products.