Non-life business continued it trajectory of the past few years and recorded 4.7 per cent growth on the previous year, according to data provided by Finma. “This saw it exceed a long-standing growth average. It’s also a sign of the robust demand of the previous year,” says Urs Arbter, director of the SIA, commenting on the association’s corresponding forecast back in January 2023. This was particularly marked in the fire, natural hazard and property damage insurance segment, which grew by 12.5 per cent, attributable primarily to higher insured values. In motor vehicle insurance, premium volumes remained largely constant, although the sector insured a higher priced and larger vehicle portfolio. However, rising premiums are expected in the near term, reflecting long-term cost increases.

The premium volume growth in the supplementary health insurance sector reflects the growing costs in the healthcare market. This has led to a slight increase in premiums in individual supplementary health insurance policies in particular. At the same time, slight portfolio growth is expected. Premium volumes in group supplementary health insurance (particularly daily sickness benefits insurance) are increasing too. This is attributable to rising salaries as well as premium increases due to higher pay-outs, as a result of mental illness, for example.

At 3 per cent, the accident insurance sector recorded a slightly above-average increase in premium volumes. This is attributable on the one hand to a risk-based adjustment of premiums, since non-occupational accidents in particular have increased over the past few years. On the other hand, premium volumes are rising here too due to continually rising salaries. This is due to ongoing growth in the number of companies in Switzerland – in line with general economic growth.

After a sharp decline in premium volumes in some areas of life insurance business from 2020, growth in unit-linked insurance products and capital redemption transactions in the individual life segment in 2022 brought an overall premium volume that was almost on a par with the previous year’s level. Single premiums in particular are seeing growth in comparison with previous years. However, group business continues to decline.

The Swiss reinsurance market grew by 13 per cent in 2022. Despite slight long-term average growth of 3 per cent per year, premium volumes are fluctuating significantly year on year. This volatility is primarily attributable to the fact that the market has a strong international character and premium volumes are heavily dependent on companies’ -internal retrocessions, which are adjusted in the wake of changes to tax regulations, for example.