Austria - Insurance



Insurance in Austria is regulated by the Ministry of Finance under legislation effective 1 January 1979. Motor-vehicle third-party liability, aviation accident and third-party liability, workers' compensation, product liability, professional indmenity for certain professions, and nuclear-risk liability coverages are compulsory. Armed sportsmen, accountants, pipeline operators, and notaries are also required to carry liability insurance. In 1989, Austria had 70 insurance companies, and the following year premiums totaled $1075.4 per capita, or 5% of the GDP. At the end of 1992, S 769 billion worth of life insurance was in force.

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