Austria: Car insurers planning direct settlement

Article Abstract:

According to a spokesman for the Austrian insurance association, Austrian insurers are planning so-called direct settlement of claims in third-party liability motor insurance business. Rather than turning to the insurer of the other party of the accident, the client makes his claim with his own insurer. Thus insurance companies could apply more pressure on garages. By offering premium discounts, the insurers could try to persuade the clients to give up the freedom of choice of repair garage. According to the spokesman, the four market leaders Allianz, Generali/Interunfall, Uniqa and Wiener Stadtische back the direct settlement plans. If the majority of insurers agree, the direct settlement system might be introduced at the beginning of 2003 at the earliest. Claims in third-party liability motor insurance increased 2.7% to Sch 15.8bn, while premium income grew 1.1% to Sch 18.5bn.

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AUSTRIA: VAV FIGHTING BACK

Article Abstract:

The Austrian insurance company VAV has appointed Manfred Heis as the head of sales. Mr Heis comes from Basler Versicherung. This follows a fall in premium income from Sch 886mn to Sch 773mn at VAV in 1999, while profit dropped from Sch 9.9mn to Sch 1.6mn. The subsidiary of German VHV, which is known as an insurer of the construction sector, generates two-thirds of the premium income with motor insurance policies, a market segment that is not doing so well.

VAV

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AUSTRIA: CAR INSURANCE RATES TO RISE

Article Abstract:

Bruno Friedl, the Austrian insurance association's spokesman for motor vehicle insurance, says that Austrian insurers will have to raise premium rates for comprehensive cover car insurance. He points out that between 1997 and 1999, claims ratio in this sector rose from 70% to more than 90%. The insurers will also have to cut costs, for instance in repairs. Mr Friedl said that insurers are in talks with truck fleet operators about raising premium rates.

Forecasts, trends, outlooks, Consumer prices, Brief Article

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