Flood damage in Salzburg: record losses for Wiener Städtische!

Flood damage in Salzburg: record losses for Wiener Städtische!

The devastating flood events in September 2023 caused damage amounting to 13.8 million euros in Salzburg, which represents an increase compared to the 8.2 million euros of the previous year. Loud crown Wiener Städtische Versicherung recorded a record number of storm damages in 2024. The company reported a successful financial year in Salzburg in the first three months of 2025 with premium income of almost 87 million euros. The largest increase came in health insurance with an increase of 3.9 percent. In addition, the average age of new customers in this sector is falling, which regional director Martin Panosch interprets as an indication of the high health value for young people.

In addition to the difficulties from the previous year, Lower Austria is also struggling with significant flood damage, which is estimated at up to 40 million euros. This damage is the result of devastating floods that devastated large parts of the state Wiener Städtische reported. Across Austria, payments due to hail, storms and floods in 2023 totaled 160 million euros. Wiener Städtische plans to look for 20 new employees to strengthen its team by the end of the year.

Growth in the insurance sector

The growth in property and casualty insurance and life insurance is also evident in the first half of 2024. Premium income in health insurance rose to 46.2 million euros, which corresponds to an increase of 12 percent. In property/casualty insurance, the company generated premium income of 146.6 million euros, which also recorded an increase of 8 percent. Life insurance grew by 2 percent to a volume of 133 million euros.

Overall, total premium income in the first six months of 2024 amounted to 325.8 million euros, which corresponds to an increase of 6 percent compared to the same period last year. Wiener Städtische also noted high benefit payments of around 400,000 euros per day in the first half of 2024. A change in interest rates also leads to a trend reversal in private pension provision, which is why the total interest rate in life insurance was increased to 2.5 percent.

Company profile of Wiener Städtische

Wiener Städtische Versicherung is the largest individual company in VIENNA INSURANCE GROUP AG and operates a total of nine regional offices and 125 branches with around 4,000 employees. The company was recently recognized as a “family-friendly company” and was re-certified in 2022. This award underlines Wiener Städtische's corporate philosophy and commitment to family-friendly working conditions.