The production value of non-life insurance in Austria has shown a generally positive trend from 2013 to 2023. Starting at 7.21 billion Euros in 2013, it saw a steady increase to 10.23 billion Euros in 2023. The most significant growth was observed between 2016 and 2017, although there was a slight dip in 2017 by -1.03%. The last two years (2022-2023) showed increases of 2.6% and 2.46% respectively, demonstrating stability. The 5-year compounded annual growth rate (CAGR) leading up to 2023 was 3.2%.
Looking ahead, the forecasted growth maintains a positive trajectory, expected to reach 11.36 billion Euros by 2028. The predicted 5-year CAGR from 2023 to 2028 stands at 1.65%, indicating a more moderate growth rate compared to the previous years, with an overall growth rate of 8.5% over this period.
Future trends to watch for include the impacts of regulatory changes, technological advancements in underwriting and claims processing, increased competition, and evolving consumer preferences. These factors could significantly influence growth rates and the overall market dynamics in the non-life insurance sector in Austria.
