Life and Non-life Insurance Market in Switzerland - Growth, Trends, and Forecast (2020 - 2025)

The Market is Segmented by Type (Life and Non-life) and Distribution Channel (Direct, Agency, Banks, and Other Distribution Channels)

Market Snapshot

Study Period:

2016-2025

Base Year:

2019

CAGR:

3 %

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Market Overview

  • The life and non-life insurance market in Switzerland is estimated to register a CAGR of approximately 3% during the forecast period. 
  • The life insurance's gross written premium stabilized in 2018, as compared to that of the previous years (2017: –3.7%; 2016: –5.7%), while the payments for insurance claims increased by 11.2%. Premium income, consisting of periodic premiums and single premiums, remained stable. Because of the continuing low-interest phase, the individual life insurance business, such as traditional individual endowment and individual annuity insurance, suffered a decline. At the same time, however, the premium volume in the unit-linked life insurance sector, which is less capital intensive, increased. With CHF 22.6 billion, occupational pensions in the life insurance sector account for 71% of total gross premiums written, as in the previous year. These premiums also include vested benefits that are transferred when contracts are taken over as well as new enrolments under existing contracts, amounting to approximately CHF 11 billion.
  • In non-life insurance, despite the increase in booked gross premiums in the direct non-life insurance sector (+1.6%), premiums declined significantly because of substantially lower premiums in the active reinsurance business. This was driven primarily by the non-renewal of intra-group reinsurance contracts at one insurance group, the loss ratio improved by 2.7 percentage points to 63.0%. Overall, premium trends in the direct Swiss non-life insurance sector including supplementary health insurers remained stable in 2018 and recorded growth of 1.6%. Whereas premiums grew slightly faster than GDP in the previous year, they were not able to keep pace with GDP growth in 2018 (+2% in real terms). The reasons for this lie particularly in the prevailing and intense price pressure in the corporate client business for property/liability, combined with increasing price competition in the saturated private client market in general and in the household and personal liability sector. Motor vehicle insurance stands out especially for the first time in ten years, the land vehicle (comprehensive) (+1.3%) and land vehicle (liability) (–1.2%) sectors together saw lower premiums compared with the previous year (–0.2%). Besides market forces, this reflects an above-average decline in newly registered vehicles, which is also an expression of changing mobility behavior.
  • Premium trends in the personal insurance, illness and accident sectors, which together made up 50.1% (previous year 49.6%) of non-life insurance business, saw the opposite: above-average increases in premium volume could be realized in both sectors, although growth in the health insurance segment was weaker than in the previous year (+2.8% compared with +4.3% in the previous year). The fact that these sectors are less exposed to the price competition is due to the high and increasing claims burden in recent years, which can largely be explained by rising healthcare costs. Furthermore, the health insurance sector recorded sustained growth in demand.

Scope of the Report

This report aims to provide a detailed analysis of the life and non-Life insurance market in Switzerland. It focuses on the market dynamics, emerging trends in the segments and regional markets, and insights on the various product and application types. It also analyses the key players and the competitive landscape in the life and non-life insurance market in Switzerland. 

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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Key Market Trends

Number of Passenger Car Sales

Switzerland Auto Market registered a moderate rate of recovery in 2019. In 2019, the sales of passenger cars amounted to 311.5 thousand units, an increase of approximately 4% from the registered number during the previous year. The automotive industry is of enormous importance for the Swiss economy. The sales of plug-in electric cars in Switzerland grew at a very high rate; this is expected to help the market recover in the coming years. 

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Fintech Adoption in Switzerland:

The pace of adoption of Fintech at 64% in Switzerland is on the trend of Insurtech in the insurance industry. Insurtech is designed to make enrollment and management of your insurance policy as easy and technologically advanced as possible. The insurance industry is during a digital revolution, with AI deployed in fields as diverse as underwriting and claims, customer service chatbots and risk assessments. AI will speed up processes and help renew the traditional market, Insurtech reduces costs and can provide better customer service.

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Competitive Landscape

This report covers the major players operating in the life and non-life insurance market in Switzerland. The market is consolidated and is expected to grow during the forecast period, due to an increase in the sales of cars, the adoption of fintech in the industry, and many other factors.

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Table Of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  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 Vendor Market Share

    2. 6.2 Mergers and Acquisitions

    3. 6.3 Company Profiles

      1. 6.3.1 Swiss Life AG

      2. 6.3.2 AXA Leben AG

      3. 6.3.3 Helvetia Schweizerische Lebensversicherungsgesellschaft AG

      4. 6.3.4 Basler Leben AG

      5. 6.3.5 Allianz Suisse Lebensversicherungsgesellschaft AG

      6. 6.3.6 Zürich Lebensversicherungs-Gesellschaft AG

      7. 6.3.7 Schweizerische Mobiliar Versicherungsgesellschaft AG

      8. 6.3.8 Generali Assurances Générales SA

      9. 6.3.9 VAUDOISE GENERALE, Compagnie d‘Assurances SA

      10. 6.3.10 Helsana Zusatzversicherungen

  7. *List Not Exhaustive
  8. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

** Subject to Availability

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