Swiss Private Insurance Sector — a Difficult Year
The Swiss private insurance segment is looking back on a difficult 2002. This is all the less pleasant as 2001 marked a year characterized by substantial slumps in revenues. The main cause for these less-than-favorable results reported by many companies lies in the continued bear stock markets and ongoing drop in interest rates. This was reported in today’s media conference held by the Swiss Insurance Association (SIA) in Zurich. The pressure on financial results, combined with a pronounced need to take write-downs, could not be offset in many cases, despite good technical results in part.
Zurich, 22 January 2003 – According to the SIA’s estimates, premium revenues in the Swiss non-life business increased in 2002 by 4% from CHF 17.6bn to CHF 18.3bn; among other things, this increase is associated with rate adjustments in response to higher loss ratios in various insurance lines. In the Swiss life business, the increase amounted to approximately 6%, i.e. from CHF 33.1bn to CHF 35.1bn, with the pension products offered by insurers continuing to be in good demand in both the individual and group business. According to the SIA’s projections, the number of those employed in the Swiss private insurance sector dropped in 2002 from 48,000 to 46,000, or by approximately 4%.
In his review of this past turbulent year, SIA Chairman Hansjörg Frei focussed on the combined ratio for the most part. The ratio between loss and costs on the one hand and premiums on the other is excessive in many cases. It would require considerable effort to take actuarial realities more into account. To be sure, insufficient premiums or excessive costs have been offset and overcompensated by high capital gains. Joe Bättig, chairman of the SIA’s Life Committee, dealt with the future of occupational pension schemes. In his talk, he focussed on the complex question of transparency, among other things. To improve it, he said insurers had developed detailed proposals which will be implemented without delay. Albert Lauper, SIA Vice Chairman, presented an educational offensive of the private insurers. Apart from his clear-cut admission to an undiminished commitment to occupational training he underscored the significance of continuing education and training for those in the field service.
Speeches
Publications
Media releases
Reviews of the year
Einheitskasse: Nein zu Bevormundung und leeren Versprechungen
www.svv.ch
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?
www.svv.ch
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.
