Tue, Feb 6th 2024
Swiss insurance industry thrives in 2023, with growth across non-life and individual life segments, despite a dip in group life insurance due to a shift towards semi-autonomous solutions.
Specifically, the premium volume of Swiss private insurers increased by 3.0% in the overall non-life business. However, the growth was not only due to higher premiums, but also “to the robust demand in society”, said Urs Arbter, Director of the Association, at a media conference on Tuesday.
For example, the increase in premium volumes for liability and property insurance was “largely” due to higher repair costs and increases in the value of insured property. However, growth in payroll and new products such as cyber insurance also drove up premium volumes, the report continued.
According to the SIA, there was also a slight increase in the supplementary health insurance portfolio. Here, the premium volume grew by 2.5 percent, although the premiums themselves only increased slightly.
A different picture emerges for daily sickness benefits. Here, the growth of 5.8 percent is primarily due to higher benefits in addition to the increase in wages.
In the life business, the volume of individual life insurance also increased by 5.8%, while group life insurance fell by 0.8%. The decline is mainly due to the fact that companies are increasingly opting for semi-autonomous solutions in occupational benefits insurance, where income (especially savings premiums) is not fully recognized in the insurers’ income statements, unlike in full insurance.
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