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Austria - Terrorism risk insurance programme

 

Terrorism risk insurance home page > Programmes by country > Austria

 

Austria

This page contains information relating to initatives taken by Austria at a national level for compensation relating to terrorism insurance.

 

Name of programme: Österreichischer Versicherungspool zur Deckung von Terrorrisiken

 

Date of establishment: October 2002 (covering risks from January 2002)

 

Basic structure: Purely private co-reinsurance pool set up by the Verband der Versicherungsunternehmen Österreichs (VVO, the Austrian insurance association). The pool is open to insurers and reinsurers writing business in Austria. 99% of VVO members belong to the Pool.

 

Download the full text (pdf)

 

 

International E-Platform on Terrorism Risk Insurance - 200 x 349 web callout

Main features

Layers of coverage

 

First - up to an annual aggregate of EUR75 million, co-insured by direct insurers, in proportion to their market share.

Second - up to an annual aggregate of EUR125 million, in excess of EUR75 million, underwritten by the international reinsurance market.

Limitation of exposure of private sector

 

Not applicable

Temporary /permanent government participation

 

Not applicable

 

Gratuity of government coverage

 

Not applicable

Voluntary / mandatory

 

Insurance of terrorism risks covered by the scheme is voluntary. Participation in the pool is voluntary.

Minimum sum insured

 

No

Coverage of CBRN terrorist attacks

 

No

Lines covered

 

All property lines (industrial, commercial and private) other than transport insurance.

Pricing mechanism

 

 

 

Rating structure for reinsurance premia:

from 0.75% to 4% of the sum insured (for participants in the Pool);

From 2.25% to 12% of the sum insured (for non-participants in the Pool).

Direct insurers are free to set premia to be paid by those insured.

Other public sector victims compensation schemes

 

Compensation of victims of intentional crimes is offered, under certain conditions, by the Verbrechensopfergesetz (Act on granting aid to crime victims, VOG).

 

 

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