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The Austrian Insurance Industry in CESEE: Risks and Opportunities from a Financial Stability Point of View


  • Teresa Bianchi

    () (Austrian Financial Market Authority)

  • Gernot Ebner

    () (Oesterreichische Nationalbank, Financial Markets Analysis and Surveillance Division)

  • Raimund Korherr

    () (Austrian Financial Market Authority)

  • Eva Ubl

    () (Oesterreichische Nationalbank, Financial Markets Analysis and Surveillance Division)


This study gives an overview of the insurance market in Central, Eastern and Southeastern Europe (CESEE) in general and of the Austrian insurance groups’ activities in the region in particular. Moreover, it deals with risk management issues and the challenges arising from the new EU regulatory framework, Solvency II. We identify the main risks and opportunites for insurance groups in this respect: While potential market growth rates and still higher margins represent the main opportunities, there is also evidence of some reputational as well as financial risks. Further, cross-border business activities also pose some challenges for the risk management of internationally active insurance groups. From a macroprudential perspective, the Austrian insurance groups’ exposure to CESEE augments the exposure of Austria financial institutions to this region.

Suggested Citation

  • Teresa Bianchi & Gernot Ebner & Raimund Korherr & Eva Ubl, 2011. "The Austrian Insurance Industry in CESEE: Risks and Opportunities from a Financial Stability Point of View," Financial Stability Report, Oesterreichische Nationalbank (Austrian Central Bank), issue 22, pages 88-106.
  • Handle: RePEc:onb:oenbfs:y:2011:i:22:b:3

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    References listed on IDEAS

    1. Ian Tower & Gregorio Impavido, 2009. "How the Financial Crisis Affects Pensions and Insurance and Why the Impacts Matter," IMF Working Papers 09/151, International Monetary Fund.
    2. Janet Kong & Manmohan Singh, 2005. "Insurance Companies in Emerging Markets," IMF Working Papers 05/88, International Monetary Fund.
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    Cited by:

    1. Casper Christophersen & Petr Jakubik, 2014. "Insurance and the Macroeconomic Environment," EIOPA Financial Stability Report - Thematic Articles 1, EIOPA, Risks and Financial Stability Department.

    More about this item


    Central; Eastern and Southeastern Europe; Insurance; Austria;

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • F15 - International Economics - - Trade - - - Economic Integration


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