The Swiss insurance industry has recorded a slight decline in premiums in the year 2009 mainly due to the decline in the growth of the life insurance segment. The non-life insurance segment remained almost flat recording growth of approximately 0.69% in 2009.
Increasing life expectancy rate, increasing health care cost and rising health related problems are some of the most important drivers of the life insurance segment. Pension schemes, health insurance and retirement products would gain importance driving the overall insurance industry of Switzerland.
With the economic crisis every sector saw a decline in the growth rate and same was true for the Swiss insurance industry but with recovering economy, improving living standard, increasing disposable income and increasing savings the investment in various financial products including insurance products is expected to increase which would in turn boost the growth of the Swiss insurance industry.
The Swiss insurance industry is characterized by a healthy mix of insurance companies. Zurich financial services dominate both the segments life as well as non-life market. Swiss Life accounting for approximately 29.6% of the total life insurance segment is the second largest players in life insurance segment.