!!!Privatversicherungen

Insurance Institutions, Private, businesses which take over the risk 
for all hazards on a contractual basis. Benefits laid down in the 
insurance contract are limited to the sum insured. Premiums are 
calculated on the basis of statistics and are proportionate to the 
risk involved. In Austria, private insurance institutions are 
Aktiengesellschaften or mutual insurance societies. The various 
branches are divided into personal insurances (life, health, accident 
insurances), non-life insurances (e.g. fire, transport, household, 
hail damage, glass insurances) and property insurances (e.g. liability 
insurance, legal costs insurance). Non-life insurances and property 
insurances are indemnity insurances.

\\
Monasteries, fraternities and guilds carried out activities similar to 
insurances from the Middle Ages: they assisted members who were in 
trouble out of regular payments received. From the 17%%sup th/% 
 century onwards, peasant´s insurances (fire damage 
associations) were established and there was a smooth transition to 
the classic insurance company. The first private health insurance 
institution, "Confraternitaet", was founded in Vienna in 
1729; fire insurance in the form of "provincial fire damage 
institutions" ("Landesbrandschadenanstalten") dates 
back to 1811. The first life and transport insurances in Austria 
emerged during the 1830s; Austria-Hungary had become an 
"insurance superpower" by the 2%%sup nd/%  half of the 
19%%sup th/%  century: Austrian private insurance institutions 
(especially the life insurance institution "Phoenix" which 
was active in 32 states and ran into difficulties later on) enjoyed an 
international reputation until the beginnings of the First Republic. 
Even today, the Austrian insurance industry still benefits from the 
great achievements of the past.

\\
Direct transactions within Austria boasted a premium volume of about 
ATS 140.6 billion in 1998 (1993: about ATS 117 billion) for 
about 40.4 million insured contingencies (1993: about 33 billion 
ATS), with life insurances amounting to ATS 56.4 billion 
(1993: 41 billion), health insurances came to 
ATS 15.3 billion (1993: ATS 15 billion) and indemnity and 
accident insurances to ATS 68.8 billion (1993: ATS 61 billion). 
The financial assets of the Austrian insurance industry come to 
ATS 598.6 billion (1993: ATS 350 billion).

\\
The "Verband der Versicherungsunternehmen Oesterreichs" 
(Association of the Austrian Insurance Companies) is the umbrella 
organisation of the private insurance institutions in Austria; the 
Federal Ministry of Finance is the supervisory authority as defined in 
the Insurance Control Law (Versicherungsaufsichtsgesetz, VAG) for all 
companies active in the field of private insurance.

\\
Apart from traditional insurance institutions there are also small 
insurance societies ("Versicherungsvereine") with a local 
sphere of activity that is limited in its business volume; their 
umbrella organisation is called "Fachverband der kleinen 
Versicherungsvereine" (Trade Association of Small Insurance 
Societies) .

\\
Among the largest insurance companies in Austria are: Allgemeine 
Versicherungs AG Der  Anker, Allgemeine Versicherungs AG  Donau,  
Generali Holding Vienna AG,  Grazer Wechselseitige Versicherung AG,  
Interunfall Versicherung AG,  UNIQA Versicherungen AG,  Wiener 
Staedtische Allgemeine Versicherung AG und  Zuerich Kosmos 
Versicherungen AG.


%%language
[Back to the Austrian Version|AEIOU/Privatversicherungen|class='wikipage austrian']
%%

[{FreezeArticle author='AEIOU' template='Lexikon_1995_englisch'}]
[{ALLOW view All}][{ALLOW comment All}][{ALLOW edit FreezeAdmin}]