Swiss private insurance in 2004: upward trend continues
Swiss private insurers fared significantly better in 2003 than they did in the two tumultuous preceding years and this positive trend continued in 2004.
Zurich, 26 January 2005 – The industry recovered to a very large extent thanks to stabilising financial markets, increasingly rigorous corporate strategies and, in particular, improved technical results. Many companies published better results than last year, although continuing historically low interest rates and a disappointingly weak performance by the equity markets impaired insurers’ profitability.
According to a Swiss Insurance Association (SIA) estimate, premium volume in Swiss non-life business grew by 4%, from CHF 19.4 billion in 2003 to CHF 20.2 billion in 2004. With the exception of some severe hail damage, Switzerland was spared major natural catastrophes (floods, landslides and windstorms) in 2004; however, premium income for Swiss life business (both individual and group) continued to decline, falling 7%, from CHF 32.2 billion to CHF 30 billion. In the individual life insurance sector, premium income declined by some 10%. Once again, life insurers’ balance sheets suffered from the negative performance of single-premium business. The SIA estimates that premium volume in group life business will have fallen by 6%.
In his address, SIA Chairman Albert Lauper reaffirmed the insurance industry’s willingness to engage in dialogue with stakeholders and drew his audience’s attention to the numerous pieces of legislation that were debated, passed or came into force in 2004. He described how the reform of the Insurance Supervisory Law had ushered in a fundamentally different regulatory philosophy. Lauper also highlighted the particular need for government action on occupational pension reform.
Bruno Pfister, Chairman of the SIA’s Economics and Finances Committee and Chief Financial Officer of Swiss Life, focused on the Swiss Solvency Test and the crucial role this plays in the new Insurance Supervisory Law. Fine-tuning this new legislation would, he stated, be a tough challenge both for insurers and insurance regulators in the coming months. Lucius Dürr, CEO of the SIA, discussed the issue of risk-adequate premiums and the vital importance in a deregulated market of charging premiums that accurately reflect the insured’s risk profile and match consumer requirements.
Speeches
Publications
Media releases
Reviews of the year
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