Gateway to the east for foreign insurance groups

The extension of the European Union has not had a major effect on the Austrian market, because a number of companies located in Austria have already been writing business in the new member states. Wiener Staedtische in particular has established subsidiaries in more than 13 eastern European countries and Austrian insurance groups, such as Uniqa and Generali, are growing more in eastern Europe than locally. Austrian businesses are very successful in establishing themselves in Eastern Europe, with which they share a common history and outlook, and Vienna is again becoming a gateway to the east

As at July 2007, 80 insurance companies are established in Austria and subject to supervision by the FMA, of which 28 are branch offices of foreign companies. A substantial part of Austria’s insurance industry is in German and Italian ownership.