Market Size of Life And Non-Life Insurance Industry In Switzerland
| 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
*Disclaimer: Major Players sorted in no particular order |
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Switzerland Life & 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.
