Switzerland is among the 20 largest insurance markets in the world. In no other country is such a large amount spent on insurance for domestic risks as in Switzerland. With gross value added of just under CHF 20 billion, the equivalent of around 4 percent of the national total, the insurance industry is a key pillar of the Swiss economy. It is also of considerable importance within the financial sector, playing a decisive role in enhancing diversification.
What types of insurance are legally required in Switzerland?
Basic health and accident insurance.
Cars and other vehicles must be insured to operate legally.
Building insurance (property owners only).
Fire insurance (self-owned and rented properties alike, usually part of building insurance).
Social security or unemployment insurance (AI/AVS/APG) is also compulsory.
- The Financial Market Supervisory Authority is responsible for governing and regulating the Swiss insurance industry. - FDI of up to 100% is permitted in the Swiss insurance industry. - Swiss Solvency Test, a risk based solvency standard, similar to Solvency II in the EU, was introduced into the Swiss insurance industry in 2008. - Non-admitted insurance is not permitted in the Swiss insurance industry, except for marine, aviation and transit insurance. - Motor, marine, aviation liability and health insurance are the key classes of compulsory insurance in the Swiss insurance industry.
The Swiss Insurance Association SIA is the umbrella organisation representing the private insurance industry. Its membership consists of some 80 primary insurance companies and reinsurers with 50,000 employees in Switzerland, generating over 90 per cent of the premium volume in private insurance.
The SIA is mainly active in the following fields:
social security (occupational pensions, life insurance , medical insurance, accident insurance)
insurance law and supervision
competition and regulation, economic and fiscal policy
climate and environment protection
health promotion activities
education and training
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