Non-life insurances - Switzerland

Switzerland

The Non-life insurance market in Switzerland is expected to reach a market size (gross written premium) of €26.28bn by 2024.
In the same year, the average spending per capita in the Non-life insurance market is projected to be €2.97k.
The market is anticipated to exhibit a compound annual growth rate (CAGR 2024-2029) of 2.34%, leading to a market volume of €29.50bn by 2029.
In comparison to other countries, the United States is projected to generate the highest gross written premium of €2,294.0bn 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.

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Analyst Opinion

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.

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.