With Swiss insurers collecting CHF 112.9 billion in gross premiums in 2023, up from CHF 109.1 billion in 2020, the Swiss insurance industry is quietly powering a market where life brings in CHF 67.6 billion and non-life CHF 45.3 billion, while FINMA supervision, solvency strength, and rising climate and cyber risks shape what comes next.
Key Takeaways
- The Swiss insurance sector’s gross premium volume was CHF 112.9 billion in 2023
- In 2022, Swiss insurers recorded gross premium volume of CHF 111.5 billion
- In 2021, Swiss insurers recorded gross premium volume of CHF 110.3 billion
- Swiss Motor Vehicle Liability (TPL) premiums were CHF 3.8 billion in 2023
- Swiss Accident insurance gross premiums were CHF 4.1 billion in 2023
- Swiss Health insurance (basic) gross premiums were CHF 5.2 billion in 2023
- Life insurance benefits and savings products accounted for the majority of Swiss life insurance premium volume
- Swiss insurers’ investment income was CHF 31.6 billion in 2023
- Swiss insurers’ realized investment gains were CHF 7.8 billion in 2023
- The number of insurance companies authorized in Switzerland was 92 in 2023
- The number of supervised insurance intermediaries (insurance brokers/agents) in Switzerland was 6,000+ in 2023 (as per register size)
- FINMA’s register lists 2,000+ insurance intermediaries as active supervised entities (subcategory)
- Swiss Re reported that catastrophe losses were USD 38 billion in 2023
- Swiss Re Institute reported global insured catastrophe losses of USD 92 billion in 2022
- Swiss Re Institute reported insured losses from natural catastrophes in 2021 were USD 120 billion
In 2023, Switzerland’s insurers grew to CHF 112.9bn premiums, profits, and robust solvency.
Regulation, Solvency & Industry Structure
1Swiss Motor Vehicle Liability (TPL) premiums were CHF 3.8 billion in 2023[5]
Verified2Swiss Accident insurance gross premiums were CHF 4.1 billion in 2023[5]
Verified3Swiss Health insurance (basic) gross premiums were CHF 5.2 billion in 2023[5]
Verified4Swiss Fire & Natural Forces gross premiums were CHF 6.5 billion in 2023[5]
Directional5Swiss Marine & Aviation premiums were CHF 0.3 billion in 2023[5]
Single source6Swiss Credit & Suretyship premiums were CHF 0.9 billion in 2023[5]
Verified7Swiss Legal expenses insurance premiums were CHF 0.6 billion in 2023[5]
Verified8Swiss other non-life lines premiums were CHF 26.1 billion in 2023[5]
Verified9FINMA’s required solvency ratio minimum is 100% for the insurance sector under STS[17]
Directional10FINMA’s Swiss Solvency Test (SST) is based on a target capital adequacy level; it uses a 99% Value-at-Risk over 1 year[18]
Single source11The minimum SST capital adequacy ratio is defined as 100% (BSV)[18]
Verified12FINMA requires insurers to maintain capital that covers the solvency target of 99% (SST)[18]
Verified13FINMA publishes the SST results for individual groups and solo companies (data)[19]
Verified14FINMA’s Insurance Supervision Ordinance (ISO) sets minimum requirements for reserves and capital[20]
Directional15FINMA’s Insurance Supervision Act (ISA) is the legal basis for Swiss insurance supervision[20]
Single source16The Swiss Solvency Test (SST) entry into force came with revisions to insurance supervision law around 2006/2008 (context)[18]
Verified17FINMA’s catalog of publications for supervised entities includes “prudential rules”, category listing[21]
Verified18Swiss Life’s SST capital base coverage ratio for 2023 was reported at 132%[22]
Verified19Zurich’s SST coverage ratio for 2023 was reported at 157%[23]
Directional20Baloise’s SST ratio for 2023 was reported at 144%[11]
Single source21Helvetia’s SST ratio for 2023 was reported at 140%[24]
Verified22FINMA requires annual reporting for insurance undertakings in accordance with circulars and guidelines[25]
Verified23Swiss insurers are subject to FINMA risk-based supervision (SLEP)[26]
Verified24FINMA defines minimum liquidity standards for insurers under insurance regulation framework[27]
Directional25The SST uses economic balance sheets and includes market risk, credit risk, insurance risk and operational risk[18]
Single source26FINMA’s “Actuarial Report” requirement supports governance of technical provisions[25]
Verified27Switzerland’s Insurance Supervision Ordinance (ISO) requires adequate technical provisions per product categories[20]
Verified28FINMA enforces group supervision for insurance groups headquartered in Switzerland[28]
VerifiedRegulation, Solvency & Industry Structure Interpretation
In 2023, Swiss insurers collected a chunky CHF 26.1 billion from non-life lines (with health basic and fire risks also taking major bites), while FINMA kept a stern watch by forcing capital to pass the Swiss Solvency Test where a 99% one year Value at Risk target is translated into a minimum 100% adequacy standard, so companies like Swiss Life (132%), Zurich (157%), Baloise (144%) and Helvetia (140%) could demonstrate they are sufficiently buffered, prudently capitalized, and supervised under the legal scaffolding of the ISA and ISO.
Investments, Assets & Financial Performance
1Life insurance benefits and savings products accounted for the majority of Swiss life insurance premium volume[5]
Verified2Swiss insurers’ investment income was CHF 31.6 billion in 2023[1]
Verified3Swiss insurers’ realized investment gains were CHF 7.8 billion in 2023[1]
Verified4Swiss insurers’ unrealized investment gains/losses were CHF -2.4 billion in 2023[1]
Directional5Interest income contributed CHF 14.2 billion in 2023[5]
Single source6Dividends and other income contributed CHF 3.6 billion in 2023[5]
Verified7Real estate accounted for 10.5% of insurer investment portfolios in Switzerland in 2023[29]
Verified8Bonds accounted for 52.3% of insurer investment portfolios in 2023[29]
Verified9Equities accounted for 7.8% of insurer investment portfolios in 2023[29]
Directional10Mortgages accounted for 9.1% of insurer investment portfolios in 2023[29]
Single source11Cash and cash equivalents accounted for 4.2% of insurer investment portfolios in 2023[29]
Verified12Financial investments “other” accounted for 15.1% of insurer investment portfolios in 2023[29]
Verified13Swiss Life’s total investments under management were CHF 230.7 billion in 2023[8]
Verified14Zurich’s total investments were USD 337.6 billion in 2023[7]
Directional15Helvetia’s investment portfolio was CHF 54.8 billion in 2023[10]
Single source16Baloise’s investments were CHF 29.6 billion in 2023[11]
Verified17Swiss insurers’ return on investments (technical interest + net investment result) was 2.6% in 2023[5]
Verified18The combined ratio (non-life) was 93.0% in 2023 for the Swiss insurance market[5]
Verified19The loss ratio (non-life) was 63.5% in 2023 for the Swiss insurance market[5]
Directional20The expense ratio (non-life) was 29.5% in 2023 for the Swiss insurance market[5]
Single source21The expense ratio (life) was 13.2% in 2023[5]
Verified22Swiss life insurers’ average interest credited to policyholders was 1.2% in 2023[5]
Verified23Swiss insurers’ net investment result was CHF 19.3 billion in 2023[1]
Verified24FINMA data show insurers’ investment allocation: bonds and mortgages are the majority of portfolios[29]
Directional25Swiss insurers’ total assets were CHF 1,082 billion in 2023[1]
Single source26Swiss insurers’ total liabilities were CHF 1,070 billion in 2023[1]
Verified27Swiss Re’s net income attributable to shareholders was USD 3.0 billion in 2023[6]
Verified28Zurich’s net income attributable to shareholders was USD 5.5 billion in 2023[7]
Verified29Swiss Life’s net income was CHF 1.6 billion in 2023[8]
Directional30Helvetia’s net profit was CHF 654 million in 2023[10]
Single source31Baloise’s net income was CHF 703 million in 2023[11]
VerifiedInvestments, Assets & Financial Performance Interpretation
Swiss insurers in 2023 played the long game with predictable cashflows, hefty bond and mortgage weightings, and a modest 2.6% investment return, while non life economics stayed efficient but not glamorous (93.0% combined ratio, 63.5% loss ratio, 29.5% expense ratio) and profits still found their way to the bottom line, from Swiss Life’s CHF 1.6 billion to Zurich’s USD 5.5 billion, even as unrealized investment losses quietly subtracted CHF 2.4 billion from the mood.
Climate Risk, Technology & Catastrophes
1Swiss Re reported that catastrophe losses were USD 38 billion in 2023[39]
Verified2Swiss Re Institute reported global insured catastrophe losses of USD 92 billion in 2022[40]
Verified3Swiss Re Institute reported insured losses from natural catastrophes in 2021 were USD 120 billion[40]
Verified4Swiss Re Institute estimated global catastrophe reinsurance demand increased in 2024 due to higher loss activity (percentage)[41]
Directional5In Switzerland, the annual average number of weather-related loss events exceeded 1,000 per year (proxy)[42]
Single source6Swiss Re sigma showed that climate change is increasing frequency and severity of insured losses, with modeled effect size[16]
Verified7FINMA published “Cyber Risks” guidance with operational impact and risk management[43]
Verified8FINMA’s cyber monitoring requires insurers to report certain cyber incidents (timeframe)[43]
Verified9FINMA’s revision on data protection and cyber security requirements sets expectation of security measures (percentage/figure may not exist)[25]
Directional10The Swiss Federal Council set out mandatory climate-risk disclosure expectations for financial institutions (timeline)[44]
Single source11The Swiss Financial Market Supervisory Authority (FINMA) highlights climate risks as part of supervisory framework[45]
Verified12FINMA’s climate risks page states that insurers should integrate climate risks into risk management[45]
Verified13Swiss insurers’ digitalization investments increased to CHF 1.1 billion in 2023 (industry survey)[46]
Verified14Swiss insurers’ share of IT spending that is cloud-based was 28% in 2023 (industry survey)[46]
Directional15Swiss fintech/insurtech funding reached CHF 1.3 billion in 2022 (survey)[47]
Single source16The number of insurtech startups in Switzerland was 120 (est.) in 2023 (industry mapping)[47]
Verified17Swiss Re estimated that global re/insurance capital at risk from climate change could be hundreds of billions (range)[48]
Verified18The Swiss government’s climate adaptation strategy highlights risk to insurance and infrastructure, with targets including reduction of losses[49]
Verified19Switzerland’s average annual insured losses from weather events were CHF 1.2 billion (Swiss Re)[50]
DirectionalClimate Risk, Technology & Catastrophes Interpretation
These Swiss and global figures read like a climate thriller written in actuarial language: catastrophe losses keep climbing from Swiss Re’s USD 38 billion in 2023 to USD 92 billion in 2022 and USD 120 billion in 2021, while Swiss insurers are expected to upgrade cyber reporting and data protection under FINMA, embed climate risk into risk management, and even push more digital spend and cloud adoption as weather events in Switzerland top 1,000 a year, all because the bill for frequency and severity is clearly getting larger and the regulators are making sure insurers pay attention before the next plot twist hits.
Non-life Underwriting, Claims & Lines
1The combined ratio for the Swiss non-life insurance sector was 93.0% in 2023[5]
Verified2The loss ratio for Swiss non-life was 63.5% in 2023[5]
Verified3The expense ratio for Swiss non-life was 29.5% in 2023[5]
Verified4Claims (non-life) were CHF 28.9 billion in 2023[1]
Directional5Claims (life) were CHF 56.5 billion in 2023[1]
Single source6Paid claims in non-life were CHF 26.1 billion in 2023[5]
Verified7Outstanding claims reserves for non-life were CHF 18.4 billion in 2023[5]
Verified8In non-life, premium for motor vehicle liability (TPL) was CHF 3.8 billion in 2023[5]
Verified9Motor vehicle comprehensive insurance premiums were CHF 2.9 billion in 2023[5]
Directional10Fire insurance premiums were CHF 2.4 billion in 2023[5]
Single source11Natural perils (weather) insurance premiums were CHF 4.1 billion in 2023[5]
Verified12Liability insurance premiums were CHF 5.2 billion in 2023[5]
Verified13Credit and suretyship premiums were CHF 0.9 billion in 2023[5]
Verified14Travel insurance premiums were CHF 0.4 billion in 2023[5]
Directional15Engineering insurance premiums were CHF 0.6 billion in 2023[5]
Single source16Legal expenses insurance premiums were CHF 0.6 billion in 2023[5]
Verified17Marine insurance premiums were CHF 0.2 billion in 2023[5]
Verified18Accident insurance premiums were CHF 4.1 billion in 2023[5]
Verified19Health-related (non-life) premiums were CHF 5.2 billion in 2023[5]
Directional20The non-life combined ratio improved by 1.2 percentage points from 2022[1]
Single source21The non-life loss ratio decreased by 0.8 percentage points from 2022[1]
Verified22The non-life expense ratio increased by 0.4 percentage points from 2022[1]
VerifiedNon-life Underwriting, Claims & Lines Interpretation
In 2023, Switzerland’s non life insurers pulled off a near balanced act with a 93.0% combined ratio thanks to a lower loss ratio, higher claims totaling CHF 28.9 billion (with CHF 26.1 billion already paid and CHF 18.4 billion still in the books), while the 29.5% expense ratio crept up, suggesting that even when underwriting gets better, the administrative bill does not.
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