Non-life insurances - Switzerland

The Non-life insurance market in Switzerland is expected to reach a market size (gross written premium) of US$28.63bn by 2024.
In the same year, the average spending per capita in the Non-life insurance market is projected to be US$3.23k.
The market is anticipated to exhibit a compound annual growth rate (CAGR 2024-2029) of 2.50%, leading to a market volume of US$32.40bn by 2029.
In comparison to other countries, the United States is projected to generate the highest gross written premium of US$2.5tn in 2024.
Switzerland's non-life insurance market is experiencing a surge in demand due to the country's high standard of living and focus on risk management.

Definition:

Non-life insurance, also known as general insurance, covers a wide range of insurance products that protect against financial losses related to events other than death. Non-life insurance is designed to provide policyholders with financial support and protection in various circumstances, like car accidents, property damage, and medical expenses.

Structure:

The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, and the loss ratio – calculated as gross claim payments divided by gross written premium.

Health insurances
Motor Vehicle insurances
Property insurances
General Liability insurances
Legal insurances

Live insurances
Other non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

The Non-life insurances market in Switzerland is experiencing a steady growth trajectory, driven by various factors shaping consumer preferences and the overall economic landscape. Customer preferences in the Swiss non-life insurance market have been leaning towards comprehensive coverage options that provide a wide range of protections. Customers are increasingly seeking customizable policies that cater to their specific needs, such as property insurance for high-value assets and liability insurance for professional services. This trend mirrors the global shift towards personalized insurance solutions that offer greater flexibility and peace of mind to policyholders. Trends in the Swiss non-life insurance market indicate a rise in demand for cyber insurance as businesses and individuals become more digitally connected. With the increasing frequency of cyber threats and data breaches, there is a growing awareness of the importance of having adequate protection against cyber risks. As a result, insurance providers in Switzerland are expanding their offerings to include specialized cyber insurance products to meet this emerging need. Local special circumstances in Switzerland, such as its reputation for stability and security, play a significant role in shaping the non-life insurance market. The country's strong regulatory framework and high standards of living contribute to a sense of trust and reliability among consumers, making them more inclined to invest in insurance products for added financial security. Additionally, Switzerland's position as a global financial hub attracts businesses and individuals with complex insurance needs, further driving the demand for specialized non-life insurance solutions. Underlying macroeconomic factors, including Switzerland's robust economy and low unemployment rates, provide a favorable environment for the growth of the non-life insurance market. As disposable incomes rise and businesses expand, there is an increased capacity for insurance purchases among both individual and corporate customers. Moreover, the country's stable political climate and emphasis on risk management create a conducive setting for insurance providers to innovate and offer new products that cater to evolving customer needs.

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.