Switzerland Insurance Market Intelligence: 2011 Edition
The Swiss insurance industry has recorded a slight decline in premiums in the year 2009 mainly due to the decline in the growth of the life insurance segment. The non-life insurance segment remained almost flat recording growth of approximately 0.69% in 2009.
Increasing life expectancy rate, increasing health care cost and rising health related problems are some of the most important drivers of the life insurance segment. Pension schemes, health insurance and retirement products would gain importance driving the overall insurance industry of Switzerland.
With the economic crisis every sector saw a decline in the growth rate and same was true for the Swiss insurance industry but with recovering economy, improving living standard, increasing disposable income and increasing savings the investment in various financial products including insurance products is expected to increase which would in turn boost the growth of the Swiss insurance industry.
The Swiss insurance industry is characterized by a healthy mix of insurance companies. Zurich financial services dominate both the segments life as well as non-life market. Swiss Life accounting for approximately 29.6% of the total life insurance segment is the second largest players in life insurance segment.
Increasing life expectancy rate, increasing health care cost and rising health related problems are some of the most important drivers of the life insurance segment. Pension schemes, health insurance and retirement products would gain importance driving the overall insurance industry of Switzerland.
With the economic crisis every sector saw a decline in the growth rate and same was true for the Swiss insurance industry but with recovering economy, improving living standard, increasing disposable income and increasing savings the investment in various financial products including insurance products is expected to increase which would in turn boost the growth of the Swiss insurance industry.
The Swiss insurance industry is characterized by a healthy mix of insurance companies. Zurich financial services dominate both the segments life as well as non-life market. Swiss Life accounting for approximately 29.6% of the total life insurance segment is the second largest players in life insurance segment.
1. INDUSTRY SNAPSHOT
1.1 Industry Structure
1.1.1 Swiss Insurance Association (SIA) regulates private insurance industry
1.1.2 Well Developed Industry, One of the Safest in World with High Ranking
1.1.3 Classified into two categories: life insurance and non-life insurance
1.2 Market Overview
1.2.1 Market Size & Growth
1.2.1.1 Slight decline in overall premiums due to aftereffects of financial crisis
1.2.1.2 Highly saturated and competitive nature of non-life segment
1.2.2 Market Segments
1.2.2.1 Insurance industry dominated by life insurance segment
1.2.2.2 Relatively low premium growth in motor insurance due to intense competition
1.2.2.3 Life premiums grew at a slower rate than non-life segment in 2009
1.2.2.4 Reduced demand for unit-linked life insurance policies
1.2.3 Market Share
1.2.3.1 Zurich Financial Services dominates insurance industry in both segments
1.2.3.2 Improved combined ratio of non-life insurers in 2009
1.2.4 Market Density & Penetration
1.2.4.1 Insurance penetration rate is higher for life than non-life insurance segment
1.2.4.2 Insurance density improved by more innovative and high return products
2. INDUSTRY ANALYSIS
2.1 Industry Developments
Catlin to Form Reinsurer in Switzerland
Helvetia to acquire Alba General Insurance and Phenix Life Insurance
SWICA and DKV Globality in New Partnership
Consumer Protection Legislative Initiatives
2.2 Market Drivers
Expanding economy
Rising disposable income
Growing demand for pension insurance
Macroeconomics favor higher growth for the insurance sector
3. COUNTRY ANALYSIS: RISK ASSESSMENT
3.1 Political Environment
3.2 Macro-economic Indicators: Current and Projections
4. INDUSTRY OUTLOOK: FORECAST AND PROJECTIONS
4.1 Life Segment to Dominate and Drive the Insurance Growth
4.2 Growing demand for private care insurance or long-term care insurance products
4.3 Improved situation will drive demand for unit-linked life products and pension insurance
1.1 Industry Structure
1.1.1 Swiss Insurance Association (SIA) regulates private insurance industry
1.1.2 Well Developed Industry, One of the Safest in World with High Ranking
1.1.3 Classified into two categories: life insurance and non-life insurance
1.2 Market Overview
1.2.1 Market Size & Growth
1.2.1.1 Slight decline in overall premiums due to aftereffects of financial crisis
1.2.1.2 Highly saturated and competitive nature of non-life segment
1.2.2 Market Segments
1.2.2.1 Insurance industry dominated by life insurance segment
1.2.2.2 Relatively low premium growth in motor insurance due to intense competition
1.2.2.3 Life premiums grew at a slower rate than non-life segment in 2009
1.2.2.4 Reduced demand for unit-linked life insurance policies
1.2.3 Market Share
1.2.3.1 Zurich Financial Services dominates insurance industry in both segments
1.2.3.2 Improved combined ratio of non-life insurers in 2009
1.2.4 Market Density & Penetration
1.2.4.1 Insurance penetration rate is higher for life than non-life insurance segment
1.2.4.2 Insurance density improved by more innovative and high return products
2. INDUSTRY ANALYSIS
2.1 Industry Developments
Catlin to Form Reinsurer in Switzerland
Helvetia to acquire Alba General Insurance and Phenix Life Insurance
SWICA and DKV Globality in New Partnership
Consumer Protection Legislative Initiatives
2.2 Market Drivers
Expanding economy
Rising disposable income
Growing demand for pension insurance
Macroeconomics favor higher growth for the insurance sector
3. COUNTRY ANALYSIS: RISK ASSESSMENT
3.1 Political Environment
3.2 Macro-economic Indicators: Current and Projections
4. INDUSTRY OUTLOOK: FORECAST AND PROJECTIONS
4.1 Life Segment to Dominate and Drive the Insurance Growth
4.2 Growing demand for private care insurance or long-term care insurance products
4.3 Improved situation will drive demand for unit-linked life products and pension insurance
LIST OF CHARTS:
Annual Premium – Switzerland Insurance Industry: 2002-2009
Switzerland Insurance Premium Share (%) by Segment – 2009
Switzerland Insurance premium by segment – 2002-2009
Switzerland: Major Non-Life Insurer’s Combined Ratio (%): (2008-2009)
Switzerland Insurance Density: 2002 – 2009
Switzerland Insurance Penetration (%): 2002 – 2009
GDP Growth of Switzerland: 2002 – 2009
Number of Pensioners for Every 100 Employed Persons (1990-2060)
Number of Insured Persons (2002-2009) Switzerland–GDP growth compared to other countries/region
Forecast: Switzerland Insurance Industry: 2009A - 2013F
Forecast: Switzerland Life & Non-Life Insurance Industry: 2009A - 2013F
Annual Premium – Switzerland Insurance Industry: 2002-2009
Switzerland Insurance Premium Share (%) by Segment – 2009
Switzerland Insurance premium by segment – 2002-2009
Switzerland: Major Non-Life Insurer’s Combined Ratio (%): (2008-2009)
Switzerland Insurance Density: 2002 – 2009
Switzerland Insurance Penetration (%): 2002 – 2009
GDP Growth of Switzerland: 2002 – 2009
Number of Pensioners for Every 100 Employed Persons (1990-2060)
Number of Insured Persons (2002-2009) Switzerland–GDP growth compared to other countries/region
Forecast: Switzerland Insurance Industry: 2009A - 2013F
Forecast: Switzerland Life & Non-Life Insurance Industry: 2009A - 2013F
LIST OF TABLES:
Household Consumption, Disposable Income and Savings (2003 – 2008)
Key Macroeconomic Indicators: (2009 – 2013F)
Household Consumption, Disposable Income and Savings (2003 – 2008)
Key Macroeconomic Indicators: (2009 – 2013F)
