Earnings Slump in the Private Insurance Sector in 2001 – Though Premium Revenue Increases
The Swiss private insurers were able to improve their premium revenue in 2001. According to projected figures of the Swiss Insurance Association (SIA), growth of 4% to CHF 32.8 billion was achieved in direct Swiss life business, this growth being attributable almost exclusively to group business (occupational pensions). In direct Swiss non-life business, premiums increased by 3% to CHF 16.3 billion, in part as the consequence of rate adjustments in response to higher loss ratios. When combined with the reinsurance premiums, the private insurance sector was able to report premium revenue in excess of CHF 50 billion in the Swiss business for the first time in 2001.
Zurich, 23 January 2002 – The expansion course of the Swiss private insurance sector continued outside of Switzerland as well (branches and subsidiaries). According to SIA Chairman Hansjörg Frei (Winterthur) at the media conference on 23 January 2002 in Zurich, Swiss insurance companies garnered CHF 67.9 billion in premiums in the EU zone during 2001. In the rest of the world, i.e. in North America and some Asian countries in particular, premiums amounting to CHF 50.3 billion were taken in. Thus, in 2001 Swiss private insurance gleaned CHF 169.5 billion in premiums world-wide, of which CHF 70 billion was attributable to non-life insurance, CHF 55.8 billion to life insurance, and CHF 43.7 billion to reinsurance.
The 2001 earnings situation gave little cause for joy. According to the SIA chairman, the Swiss insurance sector reported on the whole depressed earnings. The ongoing decline in interest rates on bonds (which continues to make up the lion’s share of capital assets) pushed final returns down. Negative developments on the stock markets substantially limited opportunities for realizing capital gains. Moreover, the downward slide of stock prices also led to high depreciation. The financial results of those individual insurance companies in both the life and non-life sector whose significance over the last few years has grown considerably remained well below expectations. To be sure actuarial results improved in some non-life insurance lines, this being one of the few rays of light.
Other topical issues were also touched upon at the SIA media conference. Rudolf Kellenberger (Swiss Re) discussed the impact of September 11 on the insurance sector. Roland Chlapowski (Rentenanstalt / Swiss Life) dealt with controversial aspects relating to the first revision of the Federal Occupational Retirement, Survivors’ and Disability Pension Plans Act (BVG).
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Einheitskasse: Nein zu Bevormundung und leeren Versprechungen
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Die «Initiative für eine öffentliche Krankenkasse» schiesst am Ziel vorbei: Ein effizientes, bezahlbares Gesundheitswesen lässt sich nicht über ein staatliches Monopol erreichen. Mit der Einführung einer Einheitskasse würde ein bewährtes Modell qualitativ hochstehender medizinischer...
Teilzeitjob bei zwei Arbeitgebern – was ist mit der Pensionskasse?
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Je nachdem, wie hoch die Löhne bei den beiden Arbeitgebern sind, bieten sich verschiedene Regelungen der Pensionskassenunterstellung an. Massgebend sind dabei die Bestimmungen der Pensionskassenreglemente.
