Switzerland Insurance Industry – Governance, Risk and Compliance

Powered by

All the vital news, analysis, and commentary curated by our industry experts.

Switzerland Insurance Industry Report Overview

The Switzerland insurance industry is regulated mainly by the Financial Market Supervisory Authority (FINMA). Other bodies that oversee the industry are the IAIS, Swiss Insurance Association (SIA), Swiss Association of Insurance and Risk Managers (SIRM), and the Federation of European Risk Management Associations (FERMA).

The Switzerland insurance industry research report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident, health, marine, aviation, and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. It also gives insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation, and legal system in the country. Moreover, it includes the scope of non-admitted insurance in the country.

Key Regulators ·       Financial Market Supervisory Authority (FINMA)

·       International Association of Insurance Supervisors (IAIS)

·       Swiss Insurance Association (SIA)

·       Swiss Association of Insurance and Risk Managers (SIRM)

·       Federation of European Risk Management Associations (FERMA)

Compulsory Insurances ·       Motor Third-Party Liability Insurance

·       Aviation Liability Insurance

·       Marine Liability Insurance

·       Professional Indemnity Insurance

·       Social Security Insurance

Key Taxes ·       Tax on Insurance Premium

·       Corporate Income Tax

·       Corporate Capital Gains Tax

·       Value Added Tax

Enquire & Decide Discover the perfect solution for your business needs. Enquire now and let us help you make an informed decision before making a purchase.

Buy the Full Report to Know More About Switzerland’s Insurance Industry Governance, Risk, and Compliance, Download a Free Report Sample 

Switzerland Insurance Industry – Key Regulators and Legislation

Financial Market Supervisory Authority (FINMA): It is the regulator of the Swiss insurance industry. It acts as an oversight authority of banks, companies, exchanges, securities dealers, collective investment schemes, distributors, and intermediaries in Switzerland. The main tasks of the FINMA include to grant licenses to conduct business.

International Association of Insurance Supervisors (IAIS): The IAIS represents regulators and supervisors of 190 jurisdictions in more than 140 countries. It formulates and issues various global principles, standards, and guidance provides training and support on issues related to supervision, and organizes meetings and seminars for supervisors. The primary objectives of the IAIS are to promote effective and globally consistent supervision of the industry to develop and maintain a fair, safe, and stable market for the benefit and protection of policyholders, and to contribute to global financial stability.

The key laws and regulations in the Switzerland insurance industry are as follows:

  • Insurance Supervision Act, 2004, amended in January 1, 2020
  • Anti-Money Laundering Act, 1997, amended in February 18, 2020
  • Anti-Money Laundering Ordinance, 2015, amended in January 1, 2020
  • Ordinance on the supervision of private insurance companies

Buy the Full Report to Know More About Switzerland’s Insurance Industry Regulators and Legislation, Download a Free Report Sample 

Switzerland Insurance Industry - Compulsory Insurance

Some of the key compulsory insurance required within the Switzerland insurance industry are:

  • Motor Third-Party Liability Insurance
  • Aviation Liability Insurance
  • Marine Liability Insurance
  • Professional Indemnity Insurance
  • Social Security Insurance

Switzerland Insurance Industry Analysis by Compulsory Insurances

Buy the Full Report for More Compulsory Insurance Insights into the Switzerland Insurance Industry

Download a Free Report Sample 

Switzerland Insurance Industry - Company Registration and Operation

A license is required to operate in the Switzerland insurance industry. Article 3 of the Insurance Supervisory Act 2004 requires every insurance company to obtain a license from the FINMA to engage in the insurance business in the country. However, to operate in reinsurance activities, the reinsurer must obtain a license from the FINMA as applicable to insurance companies in the country. This provision does not apply to insurance companies that are registered outside of the country offering only reinsurance policies in Switzerland. In addition, the Swiss Federal Council regulates independent insurance intermediaries and requires these entities to be registered with FINMA to operate in Switzerland.

Buy the Full Report to Learn More About Company Registration and Operation in Switzerland’s Insurance Industry, Download a Free Report Sample 

Switzerland Insurance Industry - Taxation

The different types of taxes in the Switzerland insurance industry are tax on insurance premiums, corporate income tax, corporate capital gains tax, and value-added tax.

Corporate Income Tax: In Switzerland, any company whose registered office or the effective place of management is in Switzerland is considered a resident company. Resident companies are subject to tax on their global income. However, profits earned from operations of foreign branches and immovable properties located in foreign countries are exempt from tax. Non-resident companies are taxed only on income sourced from permanent establishments, branches, and immovable property located in Switzerland.

Buy the Full Report To Know More About License in Switzerland Insurance Industry, Download a Free Report Sample 

Scope

  • The report covers details of the insurance regulatory framework in Switzerland.
  • The report contains details of the rules and regulations governing insurance products and insurance entities.
  • The report lists and analyzes key trends and developments in the country’s insurance regulatory framework.
  • The report analyzes the rules and regulations about the establishment and operation of insurance businesses in the country.
  • The report provides details of taxation imposed on insurance products and insurance companies.

Key Highlights

  • The Financial Market Supervisory Authority governs and regulates the Swiss insurance industry.
  • Swiss Solvency Test, a risk-based solvency standard, similar to Solvency II in the EU, was introduced into the Swiss insurance industry in 2008.
  • Non-admitted insurance is not permitted in the Swiss insurance industry, except for marine, aviation, and transit insurance, and reinsurance.
  • Motor, marine, and aviation liability insurance, health insurance, accident insurance, and fire insurance for buildings are the key classes of compulsory insurance in the Swiss insurance industry.

Reasons to Buy

  • Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
  • Gain insights into the insurance regulatory framework in Switzerland.
  • Track the latest regulatory changes and expected changes impacting the Switzerland insurance industry.
  • Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
  • Understand key regulations and market practices pertaining to various types of insurance products.

Table of Contents

  • 1. SWITZERLAND

    • 1.1. Legislation Overview

      • 1.1.1. Supervision and Control
      • 1.1.2. Legislation

  • 2. Compulsory Insurance

    • 2.1. Non-Admitted Insurance Regulations
    • 2.2. Company Registration and Operation

      • 2.2.1. License
      • 2.2.2. Foreign Direct Investment / Ownership
      • 2.2.3. Minimum Capital Requirements
      • 2.2.4. Solvency Margins
      • 2.2.5. Reserve Requirements
      • 2.2.6. Statutory Return Requirements
      • 2.2.7. Fee Structure

    • 2.3. Taxation

      • 2.3.1. Tax on Insurance Premium
      • 2.3.2. Corporate Income Tax
      • 2.3.3. Corporate Capital Gains Tax
      • 2.3.4. Value Added Tax

    • 2.4. Legal System
    • 2.5. Policy Practice

  • 3. About GlobalData
  • 4. Contact Us

Table

Switzerland – Corporate Tax Rates for the Financial Year 2023

Figures

List of Tables

Switzerland – Corporate Tax Rates for the Financial Year 2021

Frequently asked questions

Switzerland Insurance Industry – Governance, Risk and Compliance thematic reports
Currency USD
$950

Can be used by individual purchaser only

$1,900

Can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company


Undecided about purchasing this report?

Enquire Before Buying Request a Free Sample

Get in touch to find out about multi-purchase discounts

reportstore@globaldata.com
Tel +44 20 7947 2745

Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.

Sample Report

Switzerland Insurance Industry – Governance, Risk and Compliance was curated by the best experts in the industry and we are confident about its unique quality. However, we want you to make the most beneficial decision for your business, so we offer free sample pages to help you:

  • Assess the relevance of the report
  • Evaluate the quality of the report
  • Justify the cost

Download your copy of the sample report and make an informed decision about whether the full report will provide you with the insights and information you need.

Below is a sample report to understand what you are buying

See what our customers are saying

“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.

GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”

Business Intelligence & Marketing Manager, SAL Heavy Lift

“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”

Market Analyst & Management, Liebherr-Werk

Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.

Head of Key Accounts, Saab AB

Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.

Marketing Intelligence Manager, Portugal Foods

Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.

I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.

I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.

Head of Customer Insight and Research, Standard Chartered

“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.

Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”

Head of Consumer Sensory Insights, Givaudan

GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise.  The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.

I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.

One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.

Senior Account Manager, TSYS

Related reports

View more Insurance reports
Business and Consumer Services
Global Hiring Activity - Trends and Signals 2023
$399 | January 2024
Business and Consumer Services
Aon - Digital Transformation Strategies
$1,495 | December 2023
Business and Consumer Services
Top Business and Professional Services Foreign Direct Investment Companies
$399 | November 2023
Go even deeper with GlobalData Intelligence Center

Every Company Report we produce is powered by the GlobalData Intelligence Center.

Subscribing to our intelligence platform means you can monitor developments at Switzerland Insurance Industry – Governance, Risk and Compliance in real time.

  • Access a live Switzerland Insurance Industry – Governance, Risk and Compliance dashboard for 12 months, with up-to-the-minute insights.
  • Fuel your decision making with real-time deal coverage and media activity.
  • Turn insights on financials, deals, products and pipelines into powerful agents of commercial advantage.