The Austrian Commercial Code (UGB) includes commercial law provisions applicable to companies. These include company law, accounting provisions, special civil law provisions and provisions on company-related transactions.


Underwriters are responsible for evaluating risks in the insurance industry, and have the authority to underwrite risks. An underwriter estimates the probability and size of a loss as precisely as possible, calculates insurance premiums and establishes policy terms.

Underwriting provisions

Underwriting provisions consist of the provision for outstanding claims, mathematical reserve, unearned premiums, provisions for profit-related and profit-unrelated premium refunds, the equalisation provision and other underwriting provisions.

Unit-linked and index-linked life insurance

Insurance where the investment in financial instruments is made at the policyholder’s risk. The financial instruments in this area are valued at fair value, with the under¬writing reserves shown at the value of the financial instruments.