Positive balance 2020: Upper Austrian insurance challenges the Crown year

Despite the corona pandemic, the Oberösterreichische Versicherung draws a positive conclusion about the insurance year 2020.

Upper Austria. The corona pandemic and associated restrictions held back the business of private clients in Oberösterreichische Versicherung 2020. Premium growth was 0.1% below plans and expectations. As a consequence of the blockade, not only private transport, but also vehicle damage profits fell by 15.3 percent or around 12 million euros.

The crown-related savings in the motor vehicle sector are offset by higher fire performance (+ 28.3 percent or around € 5 million) due to many small fires. In addition, there is a significant increase in insurance benefits for storm damage and hail of 35 percent or 5.8 million euros, according to the insurance company.

The bottom line is that Oberösterreichische Versicherung reports an expected profit from ordinary business activities (EGT) of € 30.1 million compared to € 26.6 million in 2019. “This good result helps us cushion the difficult situation that expected in 2021/22. Loss of premiums after bankruptcies and falling premiums related to sales will be a fact in the next two years. Unlike other areas of the economy, the financial effects of the corona pandemic on the insurance industry will not materialize until the next few years, “said CEO Josef Stockinger.

Stockinger gives in to CEO

At the end of the year, Stockinger was fired after ten years as CEO of the Oberösterreichische Versicherung and handed over the chairmanship of the council to his successor, Othmar Nagl. Kathrin Kühtreiber-Leitner already took over the sales schedule in October.
“I would like to thank our clients who have made us the strongest Austrian regional insurer thanks to their trust. I am convinced that personal contact and direct customer access will continue to be the key to the success of Oberösterreichische Versicherung in the future, ”Stockinger said.