Switzerland Insurance, Companies & Insurance Quote
Swiss do not mind spending lots of money on insurance. Though, some are compulsory such as state pension contributions, unemployment insurance and pension fund that are deducted from salaries, it is also a must to privately arrange for health insurance by every resident.
Personal liability insurance is expected to be taken even by the tenants as a condition of lease. It was recorded in 2004 that any average Swiss family spends more than 22% on insurance in Switzerland as household budget.
The insurance sector in 2008 in Switzerland is 25% and is forecasted to grow by 1.5% CAGR for the period 2009-2014. The life insurance for a period of 2009-14 is forecasted a growth of 0.4% CAGR and non-life insurance for the same period at 2.4% CAGR.
Swiss people are heavily insured and this reflects social insurance namely health insurance and other commercial types of businesses. However, insurers in Swiss rely on foreign business for premium income.
The sector of insurance in Switzerland was deregulated in 1990s and a fixed tariff was abolished for third party vehicle insurance. Conversely, in 1999 the companies providing insurance in Switzerland crossed more than 100.
Switzerland has nearly one-third of reinsurance of the world and the insurance investments represent the Swiss capital market, besides the firms doing Switzerland insurance have invested in foreign real estate.
There are many types of insurance in Switzerland that are compulsory including third party vehicle liability, pension, fire, workers compensation, nuclear power station, unemployment, aircraft, old age and disability insurance. The total income in 1999 was 48 million of the Switzerland insurance market, making it the 12th largest globally.
Major insurance companies
The financial market is well developed and well equipped, besides growing very fast. The insurance providers in Switzerland include life and non-life insurance companies and the major life insurance companies are Winterthur Leben Insurance, Basler Leben Insurance, Allianz Suisse Leben Insurance, Rentenanstalt Insurance, Zurich Leben Insurance and Pax Insurance.
The insurance providers in Switzerland dealing with non-life insurance companies are Zurich Insurance, Allianz Suisse Insurance, Visana Insurance, Swiss Mobilar Insurance, CSS Insurance and Swiss National Insurance. Baloise insurance group is gaining market position and is trying to acquire the sixth largest position in the business of non-life insurance.