The life and non-life insurance market in Switzerland size was valued at USD XX Billion in 2022 and is projected to reach USD XX Billion by 2031, expanding at a CAGR of 3% during the forecast period, 2023 – 2031. Growth of the market is attributed to rapid development in health insurance sector, rising adaptation of digitalization in insurance sector, and increasing customers buying power.
Life insurance is a type of insurance that pays out a certain sum to the insured or their designated beneficiaries in the case of a specified event, such as the insured's death. Non-life insurance is a type of coverage that protects a person from financial losses and damages. Mortality protection and annuity are two types of life insurance.
Accident and health, as well as property and casualty insurance, make up the non-life insurance industry. At the time of maturity or in the event of the policyholder's death, life insurance pays a lump sum amount of the sum promised. Non-life insurance plans provide financial protection for a person in the event of health problems or asset damage.
Premium revenue, which is made up of both monthly and one-time premiums, remained constant. Individual life insurance, such as conventional individual endowment and individual annuity insurance, has suffered a drop as a result of the low-interest environment. These premiums also include vested benefits transferred when contracts are taken over, as well as new enrolments under existing contracts, totalling about CHF 11 billion.
The Covid-19 pandemic affected the life and non-life insurance market in Switzerland. Meanwhile governments are restraining the loss by taking part as insures of last resort. The Switzerland insurance market estimates have suffered along with broader markets.
The covid-19 pandemic is still growing; people are presently attentive to preserving their health instead of filing claims. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Market Trends, Drivers, Restraints, and Opportunities
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Enhanced claim management services are projected to fuel the market during the forecast period.
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Increasing confidence of customers in insurance sector is the major factor fueling the market.
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Fraud management initiatives by the industrial sector are anticipated to restrict the market growth in the coming years.
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Lack of awareness about insurance sector possesses a main challenge that can hamper the market expansion during the forecast period.
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R&D investment and technological advancement in life and non-life insurance market is projected to offer lucrative opportunities for the market players.
Scope of the Report
The report on the life and non-life insurance market in Switzerland includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Life and Non-life Insurance Market - Switzerland Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Type (Life and Non-life), Distribution Channel (Direct, Agency, Banks, and Others)
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Geographical Scope
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Switzerland
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Allianz Sussie Lebensversicherungsgesellschaft AG; Swiss Life AG; Basler Leben AG; AXA Leben AG; Helvetia Schweizeriche Lebensversicherungsgesellschaft AG
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Market Segment Insights
The non-life insurance segment is projected to represent a major market share
Based on type, the life and non-life insurance market in Switzerland is divided into life and non-life insurance. The non-life insurance segment is expected to represent a key share of the market during the forecast period. In 2019, the Swiss automobile market recovered at a modest pace.
In 2019, 311.5 thousand passenger automobiles were sold, up around 4% over the previous year's total. The automobile sector has a huge role in the Swiss economy. In Switzerland, sales of plug-in electric automobiles rose at a rapid pace, which is likely to aid the market's recovery in the future years.
The agency segment is expected to grow at a rapid pace
In terms of distribution channel, the life and non-life insurance market in Switzerland is segregated into direct, agency, banks, and others. The agency segment is expected to represent a key share of the market during the forecast period.
Growth of the market is attributed to increasing number of small & medium industries and increasing foreign ownership in some key market. The banks segment is anticipated to expand at a rapid pace during the forecast period due to factors such as rising disposable income and rapid innovations in life & non-life insurance industry.
Segments
The life and non-life insurance market in Switzerland has been segmented on the basis of
Type
Distribution Channel
- Direct
- Agency
- Banks
- Others
Key Players
- Allianz Sussie Lebensversicherungsgesellschaft AG
- Swiss Life AG
- Basler Leben AG
- AXA Leben AG
- Helvetia Schweizeriche Lebensversicherungsgesellschaft AG
Competitive Landscape
Key players competing in the life and non-life insurance market in Switzerland include Allianz Sussie Lebensversicherungsgesellschaft AG, Swiss Life AG, Basler Leben AG, AXA Leben AG, and Helvetia Schweizeriche Lebensversicherungsgesellschaft AG.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
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