Austria insurance market
The Austrian insurance market is a mature, highly concentrated and well-capitalised segment of the EEA financial sector. According to the Association of Austrian Insurance Companies (VVO), the industry's final 2025 results show gross written premiums of around EUR 22.34 billion, up 4.3% on 2024. Property and casualty insurance (including motor third-party liability) remained the largest segment, with premiums growing to EUR 13.7 billion (+4.9%), while claims payments eased to about EUR 8.8 billion following the exceptional 2024 flood losses. Life insurance premiums rose modestly to around EUR 5.2 billion (+0.9%), driven by a strong increase in single premiums, while private health insurance was the fastest-growing segment, up 8.4% to EUR 3.4 billion. The number of insurers reporting in the final 2025 VVO ranking fell from 42 to 38 companies, reflecting the merger of Bawag P.S.K. Versicherung into Generali and the withdrawal of HDI Leben, Nexible and Atradius from the domestic market. The market is supervised by the Austrian Financial Market Authority (FMA), which in its 2025 annual report confirmed it oversaw 72 licensed domestic insurance undertakings managing EUR 110.4 billion in assets; the current number of EEA insurers operating via branches under freedom-of-establishment rights could not be independently confirmed from a current official source and is therefore left unreported. Austrian insurers remain well capitalised, with a median solvency capital ratio of around 264% as of mid-2025, among the highest in Europe. Preliminary FMA quarterly data show premium income of EUR 7.55 billion in Q1 2026 (+3.5% year on year) and EUR 6.17 billion in Q2 2026 (+3.7%), pointing to continued growth into 2026, led again by health insurance. The market is governed primarily by the Insurance Supervision Act 2016 (VAG 2016), which transposes the EU Solvency II Directive into national law.
Country market
Available products
Market overview
Market numbers
Total premiums
EUR 22.34bn
Annual growth
Insurance penetration
4.4%
Active insurers
72
Population
9,220,000
Registered vehicles
5,290,000
Total premiums (EUR bn)
- 202522.3 EUR bn
- 202421.4 EUR bn
- 202320.3 EUR bn
- 202219.4 EUR bn
- 202118.7 EUR bn
- 202018 EUR bn
- 202613.7 EUR bn
2020 — 18 EUR bn
2021 — 18.7 EUR bn
2022 — 19.4 EUR bn
2023 — 20.3 EUR bn
2024 — 21.4 EUR bn
2025 — 22.3 EUR bn
2026 — 13.7 EUR bn
Annual growth (%)
Insurance penetration (%)
Market data by year
Gross written premium 2025 (EUR bn)
- UNIQA Österreich Versicherungen AG4.7 EUR bnEUR 4.713,1 Mio. (2025, verrechnete Prämien vor Rückversicherungsabgabe)
- Wiener Städtische Versicherung AG Vienna Insurance Group3.8 EUR bn
- Generali Versicherung AG3.3 EUR bnEUR 3.276 Mio. (2025, direktes Geschäft)
- DONAU Versicherung AG Vienna Insurance Group1.0 EUR bnEUR 985,9 Mio. (2025, direktes Geschäft)
UNIQA Österreich Versicherungen AG — 4.7 EUR bn
EUR 4.713,1 Mio. (2025, verrechnete Prämien vor Rückversicherungsabgabe)
Wiener Städtische Versicherung AG Vienna Insurance Group — 3.8 EUR bn
Generali Versicherung AG — 3.3 EUR bn
EUR 3.276 Mio. (2025, direktes Geschäft)
DONAU Versicherung AG Vienna Insurance Group — 1.0 EUR bn
EUR 985,9 Mio. (2025, direktes Geschäft)
Market share 2025
UNIQA Österreich Versicherungen AG
20.8%Wiener Städtische Versicherung AG Vienna Insurance Group
16.9%Generali Versicherung AG
14.7%Allianz Elementar Versicherungs-AG
6.4%DONAU Versicherung AG Vienna Insurance Group
4.4%Insurer directory
Active insurers
Insurers currently active in Austria.
UNIQA Österreich Versicherungen AG
Vienna, Austria
UNIQA Österreich Versicherungen AG is the Austrian operating subsidiary of UNIQA Insurance Group AG, one of the largest insurance groups in Austria and Central and Eastern Europe. With roots dating back to 1811, it holds a market share of around 21% and ranks first in health insurance, serving 3.7 million customers directly or together with its distribution partner Raiffeisen.
EUR 4.713,1 Mio.
Wiener Städtische Versicherung AG Vienna Insurance Group
Vienna Insurance Group AG (Österreich)
EUR 3,8 Mrd.
Generali Versicherung AG
Vienna, Austria
Generali Versicherung AG is Austria's third-largest insurance group, present in Austria since 1832 and in its current legal form since 1998 (following the merger of Erste Allgemeine and Generali Leben). With approximately 15% market share and around 5,000 employees, it serves around two million customers with a comprehensive range of insurance and pension products for private and corporate clients. It is part of the Italian Assicurazioni Generali S.p.A. group. In 2025 the FMA approved the merger of BAWAG P.S.K. Versicherung AG into Generali Versicherung AG, further consolidating the group's Austrian operations.
EUR 3.276 Mio.
Allianz Elementar Versicherungs-AG
Vienna, Austria
Allianz Austria is a subsidiary of Allianz SE, the world's largest insurance group. Active in Austria since 1860, it is one of the country's most significant insurers with approximately 1.15 million customers and around 2,200 employees and agency partners, offering insurance, pension, and asset management solutions.
DONAU Versicherung AG Vienna Insurance Group
Vienna, Austria
DONAU Versicherung AG is an Austrian insurance company headquartered in Vienna and one of the largest insurance companies of the Vienna Insurance Group, offering a full range of life, health, property, motor, accident, liability and commercial insurance products to private and corporate customers throughout Austria.
EUR 985,9 Mio.
Grazer Wechselseitige Versicherung AG (GRAWE)
Graz, Austria
Grazer Wechselseitige Versicherung AG (GRAWE) is one of the largest Austrian insurance groups, founded in 1828 by Archduke Johann. It offers insurance solutions for private, commercial and agricultural customers, and operates subsidiaries across Central, Eastern and South-Eastern Europe. The GRAWE Group unites insurance companies, banks and real estate under one umbrella.
EUR 851,8 Mio.
Zürich Versicherungs-Aktiengesellschaft
Vienna, Austria (Leopold-Ungar-Platz 2, 1190 Vienna)
Zurich Versicherungs-Aktiengesellschaft is the Austrian subsidiary of the globally active Zurich Insurance Group, present in Austria since 1876 as one of the group's first foreign branches; it serves around 847,000 customers with about 1,300 employees and ranks among the top ten insurers in the Austrian market, offering property/casualty and life insurance products under the Zurich and Zurich Connect brands.
EUR 802,0 Mio.
Merkur Versicherung AG
Graz, Austria
Merkur Versicherung AG, headquartered at the Merkur Campus in Graz, is the oldest insurance company in Austria, founded in 1798. It is an all-lines insurer with a core focus on private health insurance, complemented by life, accident, property and legal protection cover, and is active in Austria and Southeast Europe through subsidiaries. In 2025 the Merkur Group's total premium volume exceeded EUR 1 billion for the first time, and in early October 2026 the group completed the merger of its life insurance subsidiary Merkur Lebensversicherung AG into Merkur Versicherung AG, bundling its life and health insurance expertise into a single legal entity.
EUR 759 Mio.
ERGO Versicherung AG
Vienna, Austria
ERGO Versicherung AG is one of the leading insurance companies in Austria, offering a broad range of life, health, property/casualty, motor and legal protection products to private and corporate customers through more than 30 locations nationwide. It is a subsidiary of ERGO Austria International AG and part of the German ERGO Group, which belongs to reinsurer Munich Re.
EUR 746,1 Mio.
Helvetia Versicherungen AG
Vienna, Austria
Helvetia Versicherungen AG is one of Austria's oldest insurance companies, founded in 1858 as 'Der Anker, Gesellschaft für Lebens- und Rentenversicherung' and renamed Helvetia in 2006. Now part of the Swiss Helvetia Baloise Group headquartered in Basel, it offers comprehensive life and non-life insurance products to over 500,000 customers across Austria from around 37 locations.
EUR 698,2 Mio.
Market notes
Important news
Oct 6, 2026
Merkur Lebensversicherung Merges into Merkur Versicherung, Completing 2021 Nürnberger Austria Integration
The FMA approved, by decision of 6 August 2026 under section 29(1) VAG 2016, the merger of Merkur Lebensversicherung AG into Merkur Versicherung AG; the merger was completed on 6 October 2026, concluding an integration process begun when Merkur acquired Nürnberger Versicherung Österreich in April 2022.
Why it matters
Concludes a multi-year group restructuring and bundles Merkur's life, pension and disability insurance competence into a single legal entity, reinforcing its position as Austria's second-largest private health insurer.
Sep 21, 2026
FMA Discloses Planned Transfer of Freeyou Insurance's Full Portfolio to DEVK, Affecting Austrian Policyholders
The FMA published a notice on 21 September 2026 regarding Freeyou Insurance AG's plan to transfer its entire insurance portfolio to DEVK Allgemeine Versicherungs-AG, with contracts of policyholders in Austria also affected according to the German supervisor.
Why it matters
Illustrates how cross-border freedom-of-services business is supervised and wound down under Solvency II passporting rules, with the FMA required to inform Austrian policyholders even though the transferring entity is German.
Sep 21, 2026
FMA Discloses Portfolio Transfer of Discontinued Motor Business from nexible Versicherung AG to ERGO Versicherung
The FMA published a notice on 21 September 2026 that nexible Versicherung AG, headquartered in Nuremberg, Germany, intends to transfer its discontinued motor insurance business to ERGO Versicherung Aktiengesellschaft, also headquartered in Germany.
Why it matters
A further example of run-off consolidation among German cross-border motor insurers formerly active in Austria via freedom of services; nexible ceased writing new motor business in Austria some years earlier.
Sep 1, 2026
DONAU (VIG) Completes Acquisition of GARANTA Österreich
DONAU Versicherung completed the acquisition of GARANTA Versicherung in Austria after all regulatory approvals, with GARANTA Österreich run as a DONAU unit from 1 September 2026. The deal followed VIG's acquisition of Germany's Nürnberger Versicherung, GARANTA's former parent. GARANTA remains a standalone brand specialised in the Austrian motor trade.
Why it matters
Consolidates VIG's domestic motor insurance distribution network in Austria as a direct consequence of its German Nürnberger acquisition, expanding DONAU's specialised automotive-sector partnerships.
Regulation
Regulation
FMA
Austrian Financial Market Authority
Integrated financial supervisory authority responsible for the authorisation and ongoing supervision of insurance undertakings, banks, pension funds, investment firms and other financial institutions in Austria. For insurance, the FMA grants and revokes licences, conducts solvency and conduct supervision, performs on-site inspections, enforces compliance with the VAG 2016 and EU insurance directives, and publishes quarterly and annual insurance market reports.
https://www.fma.gv.atVVO
Association of Austrian Insurance Companies
The industry association representing the interests of all private insurance companies operating in Austria. The VVO publishes annual market statistics and reports, represents members in legislative and regulatory matters, operates the motor vehicle insurer search tool, and administers road traffic victim compensation functions delegated under the VOEG.
https://www.vvo.atOeNB
Austrian National Bank
Austria's central bank, responsible for macroeconomic supervision and financial stability analysis. The OeNB cooperates with the FMA on banking supervision and contributes to the Financial Market Committee alongside the FMA and the Ministry of Finance.
https://www.oenb.atBMF
Federal Ministry of Finance
Exercises legal supervision over the FMA and has the right to consent to individual FMA regulations. Responsible for financial sector policy including the Solvency II transposition framework and EU-level coordination on insurance regulation.
https://www.bmf.gv.atKey legislation
Key legislation
Versicherungsaufsichtsgesetz 2016 (VAG 2016), BGBl. I Nr. 34/2015, in force from 1 January 2016
Insurance Supervision Act 2016
The primary regulatory framework for all insurance and reinsurance undertakings in Austria. Transposes the EU Solvency II Directive (2009/138/EC) and the Insurance Distribution Directive (2016/97/EU) into national law. Establishes licensing requirements for domestic and third-country insurers, the three-pillar Solvency II capital framework (Solvency Capital Requirement and Minimum Capital Requirement), governance and fit-and-proper requirements, reporting and disclosure obligations, and the supervisory powers of the FMA including the authority to impose sanctions and revoke licences.
Kraftfahrzeug-Haftpflichtversicherungsgesetz 1994 (KHVG 1994), BGBl. Nr. 651/1994
Motor Vehicle Liability Insurance Act 1994
Establishes the compulsory motor third-party liability (MTPL) insurance obligation for all motor vehicles registered in Austria. Sets minimum coverage sums and the framework for the insurance obligation. Specifies the role of the VVO Fachverband in operating the motor insurer identification system.
Verkehrsopfer-Entschädigungsgesetz (VOEG), BGBl. I Nr. 37/2007 (as amended, inter alia, by BGBl. I Nr. 109/2009, BGBl. I Nr. 12/2013, BGBl. I Nr. 34/2015, BGBl. I Nr. 19/2017 and BGBl. I Nr. 129/2023)
Road Traffic Victims Compensation Act
Governs the compensation of road traffic accident victims who cannot enforce claims against a motor third-party liability insurer, for example in cases of uninsured, unidentified, or insolvent vehicles. Assigns compensation obligations to the VVO Fachverband (the sectoral association of insurance companies), acting as the Austrian guarantee fund for motor TPLI claims. The original act was promulgated as BGBl. I Nr. 37/2007, with BGBl. I Nr. 109/2009 being a subsequent amendment rather than the founding publication.
Versicherungsvertragsgesetz (VersVG), BGBl. Nr. 2/1959 as amended
Insurance Contract Act
Governs the civil law relationship between insurers and policyholders in Austria. Sets out general rules for the formation, content, and termination of insurance contracts, notification obligations, limitation periods, and the rights of insured persons and third-party beneficiaries under insurance policies.
Finanzmarktaufsichtsbehördengesetz (FMABG), BGBl. I Nr. 97/2001 as amended
Financial Market Authority Act
Establishes the legal basis, organisational structure, and independence of the FMA as an integrated financial supervisory authority. Defines the FMA's supervisory mandate across banking, insurance, pension funds, and securities markets, and sets out its relationship with the Ministry of Finance, the OeNB, and European supervisory authorities.
EU cross-border access
EU cross-border insurers
AXA XL Insurance Company SE
Freedom of Establishment
Home country: Ireland
Supervisor: Central Bank of Ireland
AXA XL betreibt in Österreich das kommerzielle Versicherungsgeschäft für Firmenkunden.
Europ Assistance SA
Freedom of Services
Home country: France
Supervisor: ACPR (France)
Europ Assistance ist über den Dienstleistungsverkehr in Österreich tätig und bietet Reise- und Assistenzversicherungsprodukte direkt an österreichische Kunden an.
Inter Partner Assistance SA
Freedom of Services
Home country: Belgium
Supervisor: National Bank of Belgium (NBB)
Inter Partner Assistance SA (AXA-Gruppe) betreibt Reise- und KFZ-Assistenzversicherungen in Österreich via Dienstleistungsverkehr.
Allianz Travel Insurance (Allianz Partners SAS)
Freedom of Services
Home country: France
Supervisor: ACPR (France)
Allianz Partners bietet Reiseversicherungen direkt über Online-Kanäle und Partnerverträge an österreichische Verbraucher an.
HanseMerkur Reiseversicherung AG
Freedom of Services
Home country: Germany
Supervisor: BaFin (Germany)
HanseMerkur Reiseversicherung AG bietet Reiseversicherungen über Kooperationspartner und Makler an österreichische Verbraucher an.
ERGO Reiseversicherung AG
Freedom of Services
Home country: Germany
Supervisor: BaFin (Germany)
ERGO Reiseversicherung AG (Munich Re Gruppe) bietet über den freien Dienstleistungsverkehr Reiseversicherungen für österreichische Kunden an.
Distribution channels
Share by channel- 47%Exclusive AgentsTied Agents
- UNIQA Österreich
- Wiener Städtische (VIG)
- Generali Versicherung
- Allianz Elementar
- GRAWE
- 34%Independent Brokers and Multi-Tied Agents
- Fachverband der Versicherungsmakler (WKÖ)
- Howden Austria
- Gallagher Austria
- Ecclesia
- 14%BancassuranceBank Distribution
- s Versicherung (Erste Group / VIG)
- ERGO (UniCredit Bank Austria)
- Generali (vormals BAWAG P.S.K. Versicherung, 2025 fusioniert)
- Raiffeisen Versicherung
- 4%Other Intermediaries
- Reisebüros
- Kfz-Händler
- Post
- 1%Direct and DigitalOnline
- Generali Online
- UNIQA Digital
- Verschiedene InsurTech-Plattformen
Some companies appear in more than one channel.
Consumer rights
How to file a complaint- 1
Submit a written complaint directly to the insurer. The insurer must acknowledge receipt and process the complaint. Regulated firms must publish their complaint procedures on their website.
- 2
If unsatisfied, escalate to the Insurance Complaints Office at the Federal Ministry (Versicherungsbeschwerdestelle im Sozialministerium). They assess the complaint legally and mediate with the insurer.
- 3
Use alternative dispute resolution: the Conciliation Body for Consumer Transactions (Schlichtung für Verbrauchergeschäfte) or the Legal Service and Mediation Panel of the Insurance Brokers' Trade Association.
- 4
File a complaint with the FMA (Finanzmarktaufsicht). The FMA supervises compliance with complaint-handling obligations and acts in the interest of collective consumer protection, but cannot obtain individual remedies.
- 5
As a last resort, pursue legal action in court. This right is unaffected by any ADR procedures.
EU cross-border access
EU cross-border access
Under Solvency II, an EEA-authorised insurer holds a single EU passport enabling it to operate across all member states without a separate national licence. EEA insurers wishing to operate in Austria must notify their home supervisor, which then informs the FMA. Activity may commence two months after the FMA receives notification. Austrian law (VAG 2016 section 256) requires cross-border insurers to comply with applicable Austrian public-interest rules, including consumer-protection and language requirements.
EU Directive 2009/138/EC (Solvency II), implemented in Austria via Versicherungsaufsichtsgesetz 2016 (VAG 2016, BGBl. I Nr. 34/2015); EU Directive 2016/97 (IDD) implemented in VAG 2016; Rome I Regulation (EC) 593/2008 for contract law choice
freedom of establishment
An EEA insurer may open a branch (Zweigniederlassung) in Austria. The branch must have a designated general representative, a physical Austrian address, a business plan, and confirmation from the home supervisor that solvency requirements are met. No separate FMA licence is required; the branch operates under the home-state authorisation.
freedom of services
An EEA insurer may provide services in Austria without a branch (cross-border basis). It notifies its home supervisor, which informs the FMA. The insurer remains supervised by its home authority but must comply with Austrian general-good rules. Third-country insurers (outside EEA) must establish an Austrian branch and obtain a separate FMA licence, except Switzerland under the equivalence recognition.
Market history
Market history
1994-1999
EU/EEA Accession and Market Liberalisation
Austria joined the EEA in 1994 and the EU on 1 January 1995, introducing the EU single-licence (single passport) principle. The Third Generation Insurance Directives ended prior approval of premiums and policy terms, opening the market to cross-border competition. By April 1996, 167 EEA enterprises had registered 227 notifications for cross-border services in Austria.
2000-2008
Consolidation, CEE Expansion and Integrated Supervision
Austrian insurers, notably VIG and UNIQA, aggressively expanded into Central and Eastern Europe, establishing leading positions in Czech Republic, Slovakia, Poland and beyond. The FMA was established as an independent integrated supervisor on 1 April 2002, taking over insurance supervision from the Ministry of Finance. Domestic bancassurance subsidiaries founded from the 1980s were consolidated into larger groups.
2009-2016
Financial Crisis Impact and Solvency II Implementation
The 2008-09 global financial crisis pressured life insurers through declining investment returns and rising technical provisions. Austria implemented Solvency II (Directive 2009/138/EC) via the new VAG 2016 (effective 1 January 2016), replacing the older volume-based solvency framework with a risk-based three-pillar model. This fundamentally reformed capital requirements, governance, and public disclosure obligations.
2017-2022
IDD Transposition, COVID-19 Resilience and Digital Acceleration
Austria transposed the Insurance Distribution Directive (IDD, 2016/97/EU) into the VAG 2016, strengthening product oversight, suitability requirements and intermediary conduct rules. The COVID-19 pandemic accelerated digitisation across distribution channels. UNIQA completed its major acquisition of AXA subsidiaries in Poland, Czechia and Slovakia in 2021, becoming a Top-5 CEE insurer.
2023-2026
Interest Rate Turn, NatCat Losses, Compliance Reform and Market Consolidation
Rising interest rates reshaped solvency ratios and investment portfolios. The September 2024 Storm Boris floods caused significant insured losses, prompting debate on mandatory nat-cat cover. The Sanktionengesetz 2024 extended FMA sanctions supervision to all insurance lines from 1 January 2026. VIG completed its largest-ever acquisition, Germany's Nürnberger Versicherung, in May 2026, followed by DONAU's takeover of GARANTA Österreich and domestic mergers (Hypo Versicherung into Grazer Wechselseitige; Merkur Lebensversicherung into Merkur Versicherung), marking a structural shift toward consolidation.
Glossary
Glossary
de
Versicherungsaufsichtsgesetz (VAG 2016)
The primary Austrian insurance regulatory statute implementing Solvency II (Directive 2009/138/EC), governing licensing, capital requirements, governance and consumer protection for all insurers.
de
Versicherungsvertragsgesetz (VersVG)
Austrian law governing the rights and obligations of parties to an insurance contract, with mandatory consumer-protective provisions that may only be varied in the policyholder's favour.
de
Finanzmarktaufsicht (FMA)
Austria's independent, integrated financial market regulator established in 2002, supervising banks, insurers, pension funds and investment firms. Issues and revokes licences and enforces compliance.
de
Solvabilitätskapitalanforderung (SCR)
Risk-based capital that an insurer must hold under Solvency II, calibrated to a 99.5% Value-at-Risk over one year. Breach triggers supervisory intervention.
de
Mindestkapitalanforderung (MCR)
The minimum eligible own funds an insurer must hold under Solvency II. Breach triggers strict measures that may lead to licence withdrawal.
de
Versicherungspolizze
The written insurance contract document signed by the insurer and delivered to the policyholder, evidencing the terms, coverage and parties of the insurance agreement.
de
Versicherungsmakler
An independent intermediary acting on behalf of the client to arrange insurance with one or more insurers. Registered with the WKÖ trade association.
de
Versicherungsagent
An intermediary acting on behalf of one or more specific insurers (bound agent/exclusive agent). Exclusive agents represent a single insurer and account for the largest distribution channel share.
Market notes
FAQ
Market notes
Sources
Last updated: Oct 15, 2026
- 01FMA – Finanzmarktaufsicht Österreich
Official regulator; publishes annual reports, insurance statistics, supervisory circulars and sanction announcements.
- 02FMA Österreichische Versicherungsstatistik (XLSX)
Official annual insurance statistics with insurer-level data on premiums, reserves and capital.
- 03FMA – Lage der österreichischen Versicherungswirtschaft
Annual FMA market overview report on structure, business development and investment of Austrian insurers.
- 04FMA News und Sanktionen
FMA newsroom publishing sanction announcements, portfolio transfer and merger notifications and licence changes.
- 05FMA – Verschmelzung der Hypo Versicherung AG auf die Grazer Wechselseitige
Official FMA notice approving the 2026 merger of Hypo Versicherung into Grazer Wechselseitige Versicherung.
- 06FMA – Verschmelzung der Merkur Lebensversicherung
Official FMA notice approving the 2026 merger of Merkur Lebensversicherung into Merkur Versicherung.
- 07FMA – Bestandsübertragung nexible auf ERGO
Official FMA notice on the 2026 portfolio transfer of discontinued motor business from nexible to ERGO Versicherung.
- 08Versicherungsverband Österreich (VVO)
Industry association publishing market share data, model policy conditions and annual market statistics.