Switzerland Life Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2028
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Switzerland Life Insurance Market Report Overview
The gross written premium of Switzerland life insurance market was CHF27.2 billion ($28.8 billion) in 2023 and is expected to achieve a CAGR of more than 3% during 2024-2028. The Switzerland life insurance market research report provides in-depth market analysis, including insights into the lines of business in the country’s life 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 Life Insurance Market Outlook, 2023-2028 (CHF Billion)
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The Switzerland life 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.
Market Size (2023) | CHF27.2 billion ($28.8 billion) |
CAGR (2024-2028) | >3% |
Forecast Period | 2024-2028 |
Historical Period | 2019-2023 |
Key Lines of Business | · Endowment
· Pension · Whole Life · Capitalization · Life PA&H · General Annuity |
Leading Companies | · Swiss Life
· Helvetia Schweizerische Leben · Basler Leben · AXA Leben · Allianz Suisse Leben · Zurich Leben · Generali Personenversicherungen · Others |
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Switzerland Life Insurance Market Trends
Digitalization, inclusive insurance, and health insurance are the recurring trends in the Switzerland life insurance market. For instance, to attain a good usage of digitalization, in October 2023, Appian and Swiss Re partnered to launch a streamlined underwriting platform called Connected Underwriting Life Workbench, aiming to automate workflows for insurers. The solution offers a unified interface for risk assessment, exception handling, and decision-making, leveraging AI-driven automation to enhance efficiency. It integrates with Swiss Re’s Magnum Pure underwriting solution and focuses on optimizing underwriting processes for insurers.
Switzerland Life Insurance Market Segmentation by Lines of Business
Pension was the leading life insurance line of business in 2023
The key lines of business in the Switzerland life insurance industry are endowment, pension, whole life, capitalization, Life PA&H, and general annuity. Although pension was the leading line of business, the system faces sustainability worries due to demographic changes. The multi-pillar structure, with public, occupational, and private savings schemes, is challenged by an aging population, increased life expectancy, and limited funding, prompting adequacy concerns for the future.
Switzerland Life Insurance Market Analysis by Lines of Business, 2023 (%)
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Switzerland Life Insurance Market - Competitive Landscape
Swiss Life was the largest life insurer in 2022
A few of the leading life insurance companies in Switzerland are:
- Swiss Life
- Helvetia Schweizerische Leben
- Basler Leben
- AXA Leben
- Allianz Suisse Leben
- Zurich Leben
- Generali Personenversicherungen
- Others
Switzerland Life Insurance Market Analysis by Companies, 2022 (%)
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Switzerland Life Insurance Market - Latest Deals
A few of the latest deals in the Switzerland Life insurance market are:
- On December 23, The Baloise Group sold its majority stake in Haakon, a specialist reinsurance broker domiciled in Basel (Switzerland), to Howden Schweiz, part of the Howden Global Insurance Group.
- On June 2023, Howden, an insurance broker based in London, announced the expansion on its offering in Switzerland with the acquisition of insurance brokers of RVA Versicherungsbroker and Argenius Risk Experts. The transaction is expected to strengthen Howden’s offering to large institutions and SMEs.
Segments Covered in the Report
Switzerland Life Insurance Lines of Business Outlook (Value, CHF Billion, 2019-2028)
- Endowment
- Pension
- Whole Life
- Capitalization
- Life PA&H
- General Annuity
Scope
This report provides a comprehensive analysis of the life insurance segment in Switzerland –
- It provides historical values for Switzerland life’s insurance segment for the report’s 2019–23 review period, and projected figures for the 2024–28 forecast period.
- It profiles the top life insurance companies in Switzerland and outlines the key regulations affecting them.
Key Highlights
• Key insights and dynamics of Switzerland’s life 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 life insurance segment’s market structure giving details of lines of business.
• Switzerland’s life reinsurance business’ market structure giving details of premium ceded along with cession rates.
• Distribution channels deployed by Switzerland’s life 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 life insurance segment.
- Understand the demand-side dynamics, key market trends, and growth opportunities in Switzerland’s life insurance segment.
- Assess the competitive dynamics in the life insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
Allianz Suisse Leben
Helvetia Schweizerische Leben
Zurich Leben
Basler Leben
Generali Personenversicherungen
AXA Leben
Schweizerische Mobiliar Leben
Table of Contents
Frequently asked questions
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What was the Switzerland life insurance market gross written premium in 2023?
The gross written premium of the Greek life insurance market was CHF27.2 billion ($28.8 billion) in 2023.
-
What is the growth rate of the Switzerland life insurance market?
The life insurance market in Switzerland is expected to achieve a CAGR of more than 3% during 2024-2028.
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Which line of business held the largest share of the Switzerland life insurance market?
Pension was the leading life insurance line of business in 2023.
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Which are the key companies operating in the Switzerland life insurance market?
A few of the leading life insurance companies in Switzerland are Swiss Life, Helvetia Schweizerische Leben, Basler Leben, AXA Leben , Allianz Suisse Leben, Zurich Leben, Generali Personenversicherungen, and others.
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