Market developments among insurers

The merger of Baloise Holding Ltd and Helvetia Holding Ltd on 5 December 2025 has created an insurance group with a market share of around 20% across all business lines.

On 28 May 2025, the village of Blatten in Canton Valais was buried under a major rockfall. According to an initial estimate, this led to insured losses of around CHF 320 million, including losses from business interruptions. Claims expenses due to natural events were therefore above average in 2025 despite the absence of major hail and flood damage.

However, the non-life insurance business remained profitable overall, and the premium volume increased again slightly. 

According to the most recent figures (see the 2024 insurance market report from September 2025), gross premiums written by life insurers fell by 8.4% in 2024. One large life insurer transferred the business of a branch office abroad to a subsidiary in the same country. This alone triggered a 4.9% fall in gross premiums. Market shares of premiums remained largely stable, with Swiss Life as the largest life insurance company increasing its share by 0.2 percentage points to 41.0%. The total assets of life insurers decreased by 5.8%. In contrast, investment income rose by 15.2% and the total annual profit of all life insurers by 21.7%.

The premium rates in the area of reinsurance for natural catastrophes have risen in recent years, and the market conditions for reinsurers have improved. However, a slowdown was observed in 2025 in renewals of reinsurance policies. Non-traditional forms of reinsurance, such as bonds with securitised catastrophe risks, experienced sustained high demand. Investors’ risk appetite remained high, which resulted in a further increase in the volume of new issuances.

Estimated global losses resulting from natural hazards of around USD 107 billion are expected for 2025, with Swiss reinsurers bearing a share of this. The 2025 figure was slightly lower than the average of the last ten years, with the wild and forest fires in Los Angeles accounting for the largest losses of USD 40 billion. Global economic losses resulting from natural hazards are estimated at around USD 220 billion for 2025. The frequently quoted protection gap comprising the difference between insured losses and economic losses therefore remains.

In Switzerland, the estimated claims expenditure of the natural perils pool of private insurers for 2025 totals around CHF 350 million. This amount includes the “Blatten” loss event (rockfall on 28 May 2025).

In the USA, the number of court proceedings involving ever-higher payments in the liability sector rose again in 2025. This contributed to a further rise in loss amounts with corresponding adjustments to the technical provisions of Swiss reinsurers. 

The table below shows the premium trends in supplementary health insurance over the past decade for supplementary outpatient insurance, dental insurance and for semi-private and private wards. The table contains the average premiums per insured person (average per capita premiums) on the market. When interpreting the figures, it should be borne in mind that, in addition to price trends, changes to the portfolio structure and to the policies also have an impact, for example. Supplementary outpatient insurance tended to become more expensive, while supplementary inpatient insurance displayed the opposite trend. 

FINMA received a large number of requests for new licences in the insurance sector in 2025. Applications for such licensing came from the entire spectrum of the insurance market.

As the majority of these applications were not received until the second half of 2025, only one life insurer and one captive relocated to Switzerland from abroad were granted their requested licences in the year under review.

Of the five market exits in 2025, four were non-life insurers, three of which were branches of foreign insurance companies.