Micro insurance in Austria
The VIG main shareholder has been a cooperation partner of Zweite Sparkasse (“Bank for People without a Bank”) since 2007.
People who are experiencing financial hardship and therefore have no access to bank services can open an account with no overdraft facility there. At the initiative of Wiener Städtische Versicherungsverein, Wiener Städtische offers an insurance package to Zweite Sparkasse customers that is custom-tailored to their needs, making it the first insurance company in Austria to deal with the area of micro insurance.
Basic insurance coverage is offered, providing free legal advice once every quarter, together with free accident insurance. Children of the account holder living in the same household are automatically covered by the accident insurance. Wiener Städtische Versicherungsverein makes the premium payments.
The Zweite Sparkasse has branches in Graz, Innsbruck, Klagenfurt, Linz, Salzburg, Villach and Vienna. It is represented in some regional Sparkasse bank branches in Lower Austria, Upper Austria and Burgenland.