Life and Non-life Insurance Market in Switzerland Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Switzerland Life and Non-Life Insurance Market Report is Segmented by Insurance Type (Life Insurance (Individual and Group) and Non-Life Insurance (Home, Motor, and Other Non-Life Insurance)) and by Distribution Channel (Direct, Agency, Banks, and Other Distribution Channels). The Report Also Covers the Market Sizes and Forecasts for the Switzerland Life & Non-Life Insurance Market in Value (USD) for all the Above Segments.

Life And Non-Life Insurance Market Size

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Life And Non-Life Insurance Market In Switzerland Summary
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Study Period 2020-2029
Base Year For Estimation 2023
Market Size (2024) USD 175.67 Million
Market Size (2029) USD 256.92 Million
CAGR (2024 - 2029) 7.90 %
Market Concentration High

Major Players

Life And Non-Life Insurance Market In Switzerland Major Players

*Disclaimer: Major Players sorted in no particular order

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Life And Non-Life Insurance Market Analysis

The Life And Non-Life Insurance Market In Switzerland Market size in terms of Equal-7.90 is expected to grow from USD 175.67 million in 2024 to USD 256.92 million by 2029, at a CAGR of 7.90% during the forecast period (2024-2029).

Post-COVID-19, the gross written premium of the insurance market in Switzerland has observed a continuous increase, leading to an increasing number of insurance providers entering the market. Among the types of insurance products, non-life insurance exists with a significantly higher share in comparison to life insurance products in the market. The rising level of household disposable income is leading to an increasing number of people making expenditure to prevent themself from unexpected losses through life and non-life insurance products. Among the types of insurance products in the country, health insurance is among the most common types of insurance, with almost 95% of the population having access to it, after which comes property, casualty, and casualty insurance.

Over the period users purchasing insurance products through online channels had observed a continuous increase with the insurance providers offering a wide range of life as well as non life insurance products. Among the non-life insurance in the country, accident and health insurance are observing a continuous rise in net written premiums, with an existing share of more than 50% among the products. With rising urbanization and the level of employment, Zurich, Geneve, and Basel are among the cities in the countries providing an increasing number of customers to insurance businesses with a rising growth prospectus. These trends are leading to Switzerland emerging as a major market for insurance providers.

Life And Non-Life Insurance Market Trends

Increasing Sales of Non-Life Insurance Products

Gross written premium of non-life insurance in Switzerland has observed a continuous increase over the years, existing at a value of more than USD 28 Billion last year. The non-life insurance segments of health insurance and motor insurance are among the segments occupying a major share of the market. With a rise in the non-life insurance business, their gross claim payment has also observed a continuous increase over the years. Among the driving factors, post-rising sales of motor vehicles, and rising asset value are among the factors contributing to an expansion of non-life insurance products in Switzerland. Property insurance is an emerging non-life insurance category in the country, with around 30% of the population having access to it. These trends are leading to non-life insurance emerging as a major product in Switzerland.

Life And Non-Life Insurance Market In Switzerland: Gross Written Premium of Non-Life Insurance in Switzerland, In USD Billion, 2019-2022

Rising Insurance Sales through Online Channels

Adoption of online insurance facilities in Switzerland is observing a continuous increase over the years with an increasing number of insurance offering a wide range of insurance products through online channels. Switzerland exists as a country with more than 150 insurance companies and rising technologies of insurtech and online banking services are leading them to invest in providing digital insurance services. Swiss Life, AXA, Helvetia, Baloise, and Zurich are among the leading insurance providers in Switzerland making available digital insurance services to the population as well. Among the driving factors, rising internet usage penetration in the country at more than 91% is further acting acting a catalyst for the expansion of insurance products through online channels.

Life And Non-Life Insurance Market In Switzerland: Internet Usage Penetration in Switzerland, In Percentage, 2019-2022

Life And Non-Life Insurance Industry Overview

Switzerland's life and Non-life insurance market is partially fragmented, with a continuous increase in the number of players entering the market. Rising technological and product innovation is leading to an increasing penetration of insurance products in Switzerland. Among some of the players existing in Switzerland's life and non-life insurance market are Zurich Insurance Company, Swiss Re, Helvetia Group, Baloise Group and Swiss Life.

Life And Non-Life Insurance Market Leaders

  1. Zurich Insurance Company

  2. Swiss Re

  3. Helvetia Group

  4. Baloise Group

  5. Swiss Life

*Disclaimer: Major Players sorted in no particular order

Life And Non-Life Insurance Market In Switzerland Concentration
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Life And Non-Life Insurance Market News

  • June 2023: International insurance broker Howden has expanded its footprint in Switzerland following its acquisition of insurance brokers Argenius Risk Experts AG (argenius) and RVA Versicherungsbroker AG (RVA). Born Consulting AG, which has been part of Howden Switzerland since 2022, is acquiring RVA.
  • October 2023: Appian Launches Connected Underwriting for Life Insurance in Partnership with Swiss Re. The partnership will make the availability of the Connected Underwriting Life Workbench to help insurers unify workflows and data in an automated, end-to-end process.

Life And Non-Life Insurance Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS AND INSIGHTS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Rise in Sales of Life Insurance Products Post Pandemic

      2. 4.2.2 Rise in Level of Household Income and Employment

    3. 4.3 Market Restraints

      1. 4.3.1 Increase in Charges on Insurance Claims

      2. 4.3.2 Major Market Share is Occupied by Large Players

    4. 4.4 Market Opportunities

      1. 4.4.1 Rising Sales of Insurance Products through Online Channels

      2. 4.4.2 Demand for Varying Insurance Products by Commercial and Residential Segments

    5. 4.5 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.5.1 Threat of New Entrants

      2. 4.5.2 Bargaining Power of Buyers

      3. 4.5.3 Bargaining Power of Suppliers

      4. 4.5.4 Threat of Substitutes

      5. 4.5.5 Intensity of Competitive Rivalry

    6. 4.6 Technological Innovations in Switzerland Life and Non Life Insurance Market

    7. 4.7 Impact of COVID-19 on the Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Insurance Type

      1. 5.1.1 Life Insurance

        1. 5.1.1.1 Individual

        2. 5.1.1.2 Group

      2. 5.1.2 Non-life Insurance

        1. 5.1.2.1 Home

        2. 5.1.2.2 Motor

        3. 5.1.2.3 Other Non-life Insurances

    2. 5.2 By Distribution Channel

      1. 5.2.1 Direct

      2. 5.2.2 Agency

      3. 5.2.3 Banks

      4. 5.2.4 Other Distribution Channels

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Concentration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 Zurich Insurance Group

      2. 6.2.2 Swiss Life

      3. 6.2.3 Baloise Group

      4. 6.2.4 Helvetia Group

      5. 6.2.5 Swiss Re

      6. 6.2.6 AXA Winterthur

      7. 6.2.7 Generali Switzerland

      8. 6.2.8 Allianz Suisse

      9. 6.2.9 Vaudoise Assurances

      10. 6.2.10 La Mobiliere

      11. 6.2.11 Concordia

      12. 6.2.12 Die Mobiliar

      13. 6.2.13 Groupe Mutuel

      14. 6.2.14 Visana

      15. 6.2.15 Sympany

      16. 6.2.16 Trianon*

    3. *List Not Exhaustive
  7. 7. MARKET FUTURE TRENDS

  8. 8. DISCLAIMER AND ABOUT US

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Life And Non-Life Insurance Industry Segmentation

Insurance exists as a legal agreement between an insurer and an insured where the insured receives financial assistance in the occurrence of an unobserved event. The insurance products are divided into categories of life and non-life, where life insurance protects against human injury, and non-life insurance protects physical assets. The study gives a brief description of Switzerland's life & non-life insurance market. It includes details on market sales of different types of insurance products, investments by insurance companies, and the launch of new insurance products in Switzerland. The life and non-life insurance market in Switzerland is segmented by insurance type (life insurance (individual and group) and non-life insurance (home, motor, and other non-life insurance)) and by distribution channel (direct, agency, banks, and other distribution channels). The report also covers the market sizes and forecasts for the Switzerland life & non-life insurance market in value (USD) for all the above segments.

By Insurance Type
Life Insurance
Individual
Group
Non-life Insurance
Home
Motor
Other Non-life Insurances
By Distribution Channel
Direct
Agency
Banks
Other Distribution Channels
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Life And Non-Life Insurance Market Research FAQs

The Life And Non-Life Insurance Market In Switzerland Market size is expected to reach USD 175.67 million in 2024 and grow at a CAGR of 7.90% to reach USD 256.92 million by 2029.

In 2024, the Life And Non-Life Insurance Market In Switzerland Market size is expected to reach USD 175.67 million.

Zurich Insurance Company, Swiss Re, Helvetia Group, Baloise Group and Swiss Life are the major companies operating in the Life And Non-Life Insurance Market In Switzerland Market.

In 2023, the Life And Non-Life Insurance Market In Switzerland Market size was estimated at USD 161.79 million. The report covers the Life And Non-Life Insurance Market In Switzerland Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Life And Non-Life Insurance Market In Switzerland Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Life And Non-Life Insurance Industry Report

Statistics for the 2024 Life and Non-Life Insurance in Switzerland market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Life and Non-Life Insurance in Switzerland analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Life and Non-life Insurance Market in Switzerland Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)