Switzerland Insurance Industry – Governance, Risk and Compliance

The Switzerland insurance market report is the result of extensive research into the insurance regulatory framework in Switzerland. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident, and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together GlobalData’s research, modeling, and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation, and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

What are the market dynamics in Switzerland insurance industry?

Financial Market Supervisory Authority (FINMA), the regulator of the Swiss insurance industry 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 are granting licenses to conduct business, reviewing and approve business plans, monitoring activities, examining annual reports, checking solvency, reviewing and evaluate all relevant risks, approving mergers, portfolio transfers and the outsourcing of functions, checking reports on tied assets, implementing supervisory measures to protect insured persons against abusive practices and solvency risk, withdrawing licenses when activities are discontinued, and organizing run-offs and release from supervision.

Which are the key compulsory insurances in the Switzerland insurance market?

The key compulsory insurances in the Switzerland insurance industry are motor third-party liability insurance, aviation liability insurance, marine liability insurance, professional indemnity, social security insurance, private healthcare insurance, liability insurance, personal accident insurance, property insurance, transit insurance, and clinical trials liability insurance.

Which are the key associations in the Switzerland insurance market?

The key associations in the Switzerland insurance industry are The International Association of Insurance Supervisors (IAIS), Federation of European Risk Management Associations (FERMA), Swiss Insurance Association (SIA), and Swiss Association of Insurance and Risk Managers (SIRM).

The International Association of Insurance Supervisors (IAIS)

The IAIS formulates and issues global principles, standards. and guidance. It provides training and support on issues related to supervision and organizes meetings and seminars for supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability. It holds an annual conference where supervisors, industry representatives, and other professionals discuss developments in the industry and topics affecting regulation. 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 environment for the benefit and protection of policyholders, and to contribute to global financial stability.

Federation of European Risk Management Associations (FERMA)

FERMA, which was established in 1974, is a member of the International Federation of Risk and Insurance Management Associations (IFRIMA). Its purpose is to lead and enhance the effective practice of risk management, risk financing and insurance in Europe. Its main objectives include monitoring new regulations and standards, detecting early issues which can impact the risk management and insurance sectors, establishing technical alliances and ad hoc coalitions with other stakeholders, maintaining two-way communication with national associations on the development and application of risk management, setting up surveys and benchmarks to identify and share current practices, organizing conferences, seminars, and forums.

Swiss Insurance Association (SIA)

The SIA represents the Swiss private insurance industry. SIA’s members include national and international primary insurers and reinsurers. Its main objective is to protect the common interests of member companies and to develop a competitive and optimal environment for the country’s insurance business. The key functions of SIA include monitoring insurance operation and ensure an active communication policy for the insurance industry, promoting competition and regulation in the insurance industry, ensuring prevention activities, participating in the formulation of insurance law and supervision, designing and conduct programs for training, certificate and diploma courses.

Swiss Association of Insurance and Risk Managers (SIRM)

The SIRM, an organization whose objective is to promote and develop the insurance and risk management business in Switzerland was established on October 4, 1973. It is a member of the FERMA since 1990, and its key functions include working on improving knowledge of its member companies and provide a platform to share their experiences in the industry, promoting research and studies in the areas of its scope, sharing the findings and results of the studies conducted with the members.

For more insights on the governance, risk, and compliance of Switzerland insurance industry, download a free report sample

Market report scope

 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 pertaining to the country’s insurance regulatory framework.
• The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
• The report provides details of taxation imposed on insurance products and insurance companies.

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 Swiss 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 product.