Switzerland General Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2028

Switzerland General Insurance Market Report Overview

The gross written premium of Switzerland general insurance market was CHF48 billion ($50.8 billion) in 2023 and is expected to achieve a CAGR of more than 5% during 2024-2028. The Switzerland general insurance market research report provides in-depth market analysis, including insights into the lines of business in the country’s general insurance industry. Furthermore, the report provides a detailed outlook by product category as well as values for key performance indicators, including gross written premium, penetration, and premium ceded and cession rates for the review and forecast periods.

Switzerland General Insurance Market Outlook, 2023-2028 (CHF Billion)

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The Switzerland general insurance market report also analyzes distribution channels operating in the segment and gives a comprehensive overview of Switzerland’s economy and demographics. It further evaluates the competitive landscape in the country, which entails segment dynamics, competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.

Switzerland General Insurance Market Trends

Digitalization and rising demand for cyber insurance, insurtech, ESG, and electric vehicles (EV) are the recurring trends in the Switzerland general insurance market.

• Primarily, Switzerland has emerged to be a leading Insurtech hub in Europe. It offers advantages to traditional insurers because of a lack of specific InsurTech legislation providing them with an existing license. Swiss Insurtechs use blockchain and IoT for improved security, transparency, and personalized insurance offerings. Moreover, incubators and accelerators foster collaborations between insurers and startups for operational efficiency and exploring new models.
• For instance, in November 2023, Bolttech partnered with mobile operators Salt, to offer device insurance for customers in Switzerland under its portfolio.

Switzerland General Insurance Market Segmentation by Lines of Business

General insurance PA&H was the leading general insurance line of business in 2023

The key lines of business in the Switzerland general insurance industry are property, motor, liability, financial lines, MAT, general insurance PA&H, and miscellaneous.

Personal accident insurance is mandatory in Switzerland for all individuals, whether employed, self-employed, or unemployed. Furthermore, for employees working for more than eight hours per week for a single employer, the employer needs to be accountable for their insurance for all accidents. Such an increase in demand for insurance will drive Switzerland general insurance market growth during the forecast period.

Switzerland General Insurance Market Analysis by Lines of Business, 2023 (%)

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Switzerland General Insurance Market - Competitive Landscape

Zurich Insurance Company was the largest general insurer in 2022

A few of the leading general insurance companies in Switzerland are:

• Zurich Insurance Company
• Helvetia Schweizerische Versicherungs
• AXA Versicherungen
• Schweizerische Mobiliar Versicherungs
• Allianz Versicher

Zurich Insurance Company, in July 2023 announced a partnership with Belgium-based Qover through Zurich Global Ventures as part of which Zurich is also joining the insurtech’s Series C funding round. This collaboration with Zurich Global Ventures emphasizes Zurich’s ambition to find new ways to distribute innovative insurance products and services to reach customers.

Switzerland General Insurance Market Analysis by Companies, 2022 (%)

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Switzerland General Insurance Market - Latest Developments

• On November 9, 2023, the Financial Market Supervisory Authority (FINMA) published its Risk Monitor 2023, identifying significant risks for the financial sector, including insurance.

Segments Covered in the Report

Switzerland General Insurance Lines of Business Outlook (Value, CHF Billion, 2018-2024)

• Property
• Motor
• Liability
• Financial Lines
• MAT
• General Insurance PA&H
• Miscellaneous

Scope

This report provides:

• A comprehensive analysis of the general insurance segment in Switzerland.
• Historical values for the Switzerland general insurance segment for the report’s review period and projected figures for the forecast period.
• Profiles of the top general insurance companies in Switzerland and outlines the key regulations affecting them.

Key Highlights

• Key insights and dynamics of Switzerland’s general insurance segment.
• A comprehensive overview of Switzerland’s economy, government initiatives, and investment opportunities.
• Switzerland’s insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
• Switzerland’s general insurance segment’s market structure gives details of lines of business.
• Switzerland’s general reinsurance business’s market structure gives details of premium ceded along with cession rates.
• Distribution channels deployed by Switzerland’s general insurers.
• Details of the competitive landscape and competitors’ profiles.

Reasons to Buy

• Make strategic business decisions using in-depth historical and forecast market data related to Switzerland’s general insurance segment.
• Understand the demand-side dynamics, key market trends, and growth opportunities in Switzerland’s general insurance segment.
• Assess the competitive dynamics in the general insurance segment.
• Identify growth opportunities and market dynamics in key product categories.