“New business has increased dramatically since Corona.” When Johannes Rumpl, Styrian regional director of the insurer Uniqa, talks this morning about the field of private health insurance, terms like “growth” are ubiquitous. So it is not surprising: when Uniqa prices in Styria rose from 509.9 to 534.2 million euros in 2023, the insurance company recorded the strongest increase in health insurance. According to Rumpl, the forces behind this development are the increasing demand for the services of selected doctors and “company health management”.
In reality, many people and companies also feel that what the public health sector offers is not (or is no longer) enough. Explanation of this feeling: Across Austria, 3.4 million people now have private health insurance. Of course, this is a profitable constellation for the insurers themselves.
Grawe is entering the market again
At the same time, competition is growing in the rapidly growing market. By April 2 and investment worth millions Grazer Wechselseiten also entered the field in Austria. Yes, this indeed increases competition, says Johannes Rumpl. At the same time, he does not expect particularly strong cut-throat competition. Rumpl: “No one can offer it freely in this area. That’s why nobody can come with dumping prices.”
The domestic insurance industry is currently paying particular attention to storm damage. Uniqa board member Peter Humer says 2023 will be the “third worst storm year of the last 20 years”. “Unfortunately, damaging weather events are no longer the exception,” Humer said. This is also a major challenge for insurers. In addition to “premium changes to a greater extent – I know that’s not a big deal -popular” (Johannes Rumpl), the development is increasingly leading to the question: “What can really be insured?”
Managers want “catastrophe insurance”
Anyway, Humer and Rumpl are campaigning for some form of mandatory “catastrophe insurance”. The business concepts are “on the table”, but the political will to implement them is lacking – resolution is required from the National Council – required. In any case, the insurers are considering building catastrophe protection in addition to the existing fire insurance. Then, a according to Uniqa managers, a critical mass of investors would be reached and the services could be offered in general.
2024-04-27 06:59:32
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