Forecast: Number of Persons Employed in Life Insurance Sector in Austria

The number of persons employed in the life insurance sector in Austria saw a peak in 2015, then followed a declining trend. The year-on-year variations highlighted considerable decreases, especially notable between 2017 and 2018 at -11.26%. The value in 2023 stood at approximately 2.41 thousand employees, reflecting a consistent downward trend with an average annual decrease (CAGR) of -1.22% over the last five years.

Future projections expect this declining trend to persist, with a forecasted five-year CAGR of -0.63%, suggesting a further reduction to around 2.31 thousand employees by 2028. The sector’s growth rate over the next five years is expected to drop by approximately -3.1%.

Future trends to watch for:

• Technological advancements reducing manual roles.
• Market consolidation leading to workforce optimization.
• Increased focus on digital transformation and online service provision.
• Potential regulatory changes impacting employment levels.
• Shifting consumer behavior towards digital insurance solutions.