AUSTRIA: UNIQA BETTING ON UNIT-LINKED POLICIES

Article Abstract:

The Austrian insurance group Uniqa claims to be the second-biggest seller of unit-linked life insurance in Austria, after Skandia. In this field it cooperates with MLP. Altogether the Austrian market for unit-linked life insurance policies almost doubled to Sch 4.9bn in 1999. Contrary to other Austrian insurers, Uniqa is reserved about single-premium policies, since investing the assets is more difficult in this segment. In 1999 the market for single-premium policies grew 46% and accounted for one-third of all life policies. The boom is explained with the high number of expiring policies that were renewed. Single-premium policies accounted for less than Sch 2bn of Uniqa's premium income from life insurance, which amounted to Sch 13bn in 1999. The company claims a market share of 20%. According to Uniqa director Christian Sedlnitzky, life insurance accounts for 12% (Sch 66.6bn) of Austrians' savings, up from 4% in 1981. Premiums for private provision for old age in year 2000 are estimated at Sch 75bn.

UNIQA Sachversicherung AG

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AUSTRIA: RAIFFEISEN BETTING ON NON-LIFE BUSINESS

Article Abstract:

Raiffeisen-Versicherung, the Austrian insurance company that is now part of Uniqa, aims to generate profits in non-life insurance from 2004. In April 2000 the company started offering car, home and legal expenses insurance through Raiffeisen banks beside life insurance policies. The company has set up a call centre, and now 90% of claims are settled by telephone and via the internet. Raiffeisen-Versicherung expects to sell 14,000 non-life policies in 2000 and twice as many in 2001. By expanding into non-life insurance, Raiffeisen-Versicherung wants to exploit its brand more efficiently and boost customer loyalty.

Direct Property and Casualty Insurance Carriers, Surety insurance, Fire, marine, and casualty insurance, Auto Insurance, Fire & Theft Insurance, Personal Property & Liability Insur, Property and casualty insurance, Automobile insurance, Business insurance

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Austria: Axa to cut profit sharing

Article Abstract:

Like other insurers in Austria, Axa is planning to reduce profit sharing on life insurance policies as a result of the collapse of stock markets. The Austrian arm of the French insurer is planning a cut by 0.25%-points, following a reduction from 6.75% to 6.45% in 2000.

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