Life And Non-Life Insurance Market In Switzerland Market Size (2024 - 2029)

Switzerland Life & Non-Life Insurance Market Analysis

The Life And Non-Life Insurance Market In Switzerland Market size is estimated at USD 175.67 million in 2024, and is expected to reach USD 256.92 million by 2029, growing at a CAGR of 7.90% during the forecast period (2024-2029).

Post-COVID-19, the gross written premium of the insurance market in Switzerland has observed a continuous increase, leading to an increasing number of insurance providers entering the market. Among the types of insurance products, non-life insurance exists with a significantly higher share in comparison to life insurance products in the market. The rising level of household disposable income is leading to an increasing number of people making expenditure to prevent themself from unexpected losses through life and non-life insurance products. Among the types of insurance products in the country, health insurance is among the most common types of insurance, with almost 95% of the population having access to it, after which comes property, casualty, and casualty insurance.

Over the period users purchasing insurance products through online channels had observed a continuous increase with the insurance providers offering a wide range of life as well as non life insurance products. Among the non-life insurance in the country, accident and health insurance are observing a continuous rise in net written premiums, with an existing share of more than 50% among the products. With rising urbanization and the level of employment, Zurich, Geneve, and Basel are among the cities in the countries providing an increasing number of customers to insurance businesses with a rising growth prospectus. These trends are leading to Switzerland emerging as a major market for insurance providers.

Switzerland Life & Non-Life Insurance Industry Segmentation

Insurance exists as a legal agreement between an insurer and an insured where the insured receives financial assistance in the occurrence of an unobserved event. The insurance products are divided into categories of life and non-life, where life insurance protects against human injury, and non-life insurance protects physical assets. The study gives a brief description of Switzerland's life & non-life insurance market. It includes details on market sales of different types of insurance products, investments by insurance companies, and the launch of new insurance products in Switzerland. The life and non-life insurance market in Switzerland is segmented by insurance type (life insurance (individual and group) and non-life insurance (home, motor, and other non-life insurance)) and by distribution channel (direct, agency, banks, and other distribution channels). The report also covers the market sizes and forecasts for the Switzerland life & non-life insurance market in value (USD) for all the above segments.