FH-STUDIES

DIE ÖSTERREICHISCHE VERSICHERUNGSWIRTSCHAFT- STRUKTUR, WIRTSCHAFTLICHKEIT UND ENTWICKLUNG

ABSTRACT

In the research project „Solvency II and risk management in insurance companies“, fostered by the Austrian research promotion institution, a study about the current situation of the insurance industry in Austria was accomplished. The survey was conducted by Elke Holzer (University of Economics and Business Vienna and University of Applied Sciences bfi Vienna) and Rudolf Stickler (University of Applied Sciences bfi Vienna). Students of the degree programme “Banking and Finance” supported the study by related research in a project seminar.
Because of its rather recent data, this comprehensive study addresses executives and employees of insurance companies as well as insurance brokers, insurance agents and other special interest groups. By tacking the issue so broadly the study certainly also is an interesting source of information for teachers and students in the fields of insurance, banking and finance.
At the beginning of the study, the structure of the Austrian insurance industry as a whole and the Austrian pension funds are described. Subsequently, the legal framework for the insurance industry in Austria, including the foreseeable changes by Solvency II, is treated in a survey.
In the empirical main part then the description of the 10 largest Austrian insurance companies follows, including the most important structural characteristics and economic management ratios. A survey of the development of the European insurance market follows, in which the foreign country activities of the big Austrian insurance companies in the CEE-countries are roughly described
Finally, international trends and specifics of the Austrian insurance industry are discussed and a forecast for the near future is provided.
A comprehensive annex and a list of definitions and abbreviations complete the information contents of the study.

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