Wiener Städtische increases premium volume

Wiener Städtische increases premium volume

Wiener Städtische Versicherung achieved a premium record in the 2023 financial year with a premium volume of 3.4 billion euros, which corresponds to growth of over 4 percent compared to the previous year. The growth of 5.7 percent is particularly noteworthy if one-off premiums in life insurance are excluded. Ralph Müller, CEO of Wiener Städtische Versicherung, emphasizes the robustness of the business model and is satisfied with the development. Property/casualty insurance and health insurance served as growth drivers, with the latter recording an increase of 7.8 percent to 493 million euros.

Despite high claims payments, particularly due to massive storm events that have increased in recent years, Wiener Städtische Versicherung was able to increase its pre-tax profit by a third to 349.2 million euros. Damage from hail, storms and floods in 2023 totaled 160 million euros, the second highest value in the company's history. The company also has a strong focus on expanding its real estate portfolio, particularly in the area of ​​affordable housing. Wiener Städtische currently has around 2,700 affordable apartments, which are continually being expanded.

Innovation is at the heart of Wiener Städtische Versicherung’s development, particularly in the area of ​​artificial intelligence (AI). The company will invest 50 million euros in AI applications in the coming years, which will be developed in collaboration with industry leaders such as Google and Nagarro. A successful example is the “losleben app”, which uses AI to automatically process a large proportion of doctor and pharmacy bills, thus increasing customer satisfaction. These efforts aim to optimize the quality of services and maximize customer satisfaction.