Market Trends of Life And Non-Life Insurance Industry In Switzerland
Increasing Sales of Non-Life Insurance Products
Gross written premium of non-life insurance in Switzerland has observed a continuous increase over the years, existing at a value of more than USD 28 Billion last year. The non-life insurance segments of health insurance and motor insurance are among the segments occupying a major share of the market. With a rise in the non-life insurance business, their gross claim payment has also observed a continuous increase over the years. Among the driving factors, post-rising sales of motor vehicles, and rising asset value are among the factors contributing to an expansion of non-life insurance products in Switzerland. Property insurance is an emerging non-life insurance category in the country, with around 30% of the population having access to it. These trends are leading to non-life insurance emerging as a major product in Switzerland.
Rising Insurance Sales through Online Channels
Adoption of online insurance facilities in Switzerland is observing a continuous increase over the years with an increasing number of insurance offering a wide range of insurance products through online channels. Switzerland exists as a country with more than 150 insurance companies and rising technologies of insurtech and online banking services are leading them to invest in providing digital insurance services. Swiss Life, AXA, Helvetia, Baloise, and Zurich are among the leading insurance providers in Switzerland making available digital insurance services to the population as well. Among the driving factors, rising internet usage penetration in the country at more than 91% is further acting acting a catalyst for the expansion of insurance products through online channels.
