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Switzerland Insurance Market Intelligence
Koncept Analytics, Jan 2010, Pages: 22
Switzerland has a long-established and well-developed insurance industry and is one of the leading insurance centers in the world. It ranks among the top five countries in the world, in terms of per capita expenditure on insurance. The industry has been in existence in the country for the last 150 years, which has led to increased penetration, thereby, accounting for the high number of insured population in the world. The insurance industry has witnessed an increase in premium, due to the country’s economic growth, mandatory insurance provision of the government as well as demand for products that offer retirement savings, income as well as risk protection. Increasing number of players, attractive premium rates, new innovative products, as well as awareness of risk-protection, savings and high incidence of disasters, have been the key drivers of the Swiss insurance market. The rising demand for life as well as accident, motor, property insurance, etc., have together boosted the insurance demand in the country.
The Swiss insurance market has reached its saturation level, thus products which can mainly cater to the needs of the increasing aging population as well as cover the rising health expenses will be in demand in near future. The life businesses have dominated the Swiss insurance market, on account of a growth in group as well as unit-linked life products. The non-life segment continued to exhibit increased premium growth as compared with the life segment in the country. This growth is mainly due to the growth in insurance rates in various segments. Growing number of claims due to increasing personal injuries as well as occurrence of natural disasters has led the insurers to increase premium rates, thereby leading to improving premium. With the increasing aging population and demand for retirement-savings products, the growth of the life segment is expected to be larger than the non-life segment.
The present report gives an overview of the Swiss insurance market along with an analysis of the country’s political structure and economic growth. The report provides an insight into the market size and growth in insurance premiums as well as life and non-life premiums. Insurance premiums are discussed in terms of life and non-life segments and the density and penetration levels. The various developments and drivers are also discussed and finally the projections regarding premium growth are given.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the Swiss insurance industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry and its sub-segments life and non-life insurance. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
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