Insurances - Switzerland

  • Switzerland
  • The projected market size (gross written premium) of the Insurances market in Switzerland is expected to reach US$51.61bn in 2024.
  • Among the different segments, Non-Life Insurances dominate the market with a projected market volume of US$28.63bn in 2024.
  • On average, each person in Switzerland is expected to spend US$5.83k on Insurances market in 2024.
  • In comparison to other countries, the United States is projected to have the highest nominal value in 2024, reaching US$3,788.0bn.
  • Looking ahead, the gross written premium is expected to have an annual growth rate (CAGR 2024-2029) of 2.04%, resulting in a market volume of US$57.10bn by 2029.
  • Once again, the United States is expected to generate the highest gross written premium among all countries, reaching US$3,788.0bn in 2024.
  • Switzerland's insurance market is known for its strong emphasis on risk management and high standards of customer service.
 
Market
 
Region
 
Region comparison
 
Currency
 

Analyst Opinion

Switzerland, known for its picturesque landscapes and high standard of living, has a well-developed insurance market that reflects the country's stability and prosperity.

Customer preferences:
Swiss customers in the insurance market tend to prioritize reliability and comprehensive coverage when selecting insurance products. They value long-term relationships with insurance providers and are willing to pay higher premiums for tailored solutions that offer a sense of security and stability.

Trends in the market:
One notable trend in the Swiss insurance market is the increasing demand for digital insurance solutions. Customers are looking for convenient online platforms that offer quick access to information and services. Insurtech companies are gaining traction in Switzerland by providing innovative digital solutions that cater to the evolving needs of tech-savvy consumers.

Local special circumstances:
Switzerland's position as a global financial hub and its strong regulatory framework contribute to the stability of the insurance market. The country's tradition of privacy and confidentiality also plays a role in shaping customer preferences, with individuals valuing discretion when it comes to their insurance matters.

Underlying macroeconomic factors:
The Swiss insurance market is influenced by the country's strong economy and high per capita income. As disposable incomes rise, individuals are more inclined to invest in insurance products for protection and wealth accumulation. Additionally, Switzerland's aging population and healthcare system dynamics impact the demand for insurance products, particularly in health and retirement planning.

Methodology

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.

Overview

  • Gross Written Premium
  • Gross Claim Payments
  • Loss Ratio
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
Please wait

Contact

Get in touch with us. We are happy to help.
Statista Locations
Contact Meredith Alda
Meredith Alda
Sales Manager– Contact (United States)

Mon - Fri, 9am - 6pm (EST)

Contact Yolanda Mega
Yolanda Mega
Operations Manager– Contact (Asia)

Mon - Fri, 9am - 5pm (SGT)

Contact Ayana Mizuno
Ayana Mizuno
Junior Business Development Manager– Contact (Asia)

Mon - Fri, 10:00am - 6:00pm (JST)

Contact Lodovica Biagi
Lodovica Biagi
Director of Operations– Contact (Europe)

Mon - Fri, 9:30am - 5pm (GMT)

Contact Carolina Dulin
Carolina Dulin
Group Director - LATAM– Contact (Latin America)

Mon - Fri, 9am - 6pm (EST)