Switzerland: Financial Sector Assessment Program-Technical Note on Insurance Regulation and Supervision

Switzerland has a large and sophisticated insurance market, which demonstrated resilience over time. The insurance industry, with overall premiums accounting for 60 percent of the Swiss GDP, has adapted to a long period of low interest rates and managed the impact of the COVID 19 pandemic. The sector has generally been profitable and has maintained a solvency position well above the minimum requirement. Industry concentration as well as strong international presence remain prominent features. Five Swiss insurers have been identified as Internationally Active Insurance Groups (IAIGs)1 and many others have sizable international presence.