Insurance Companies
Zurich is the world's third most important center for insurance companies after London and New York. About 20,000 employees in Zurich and the surrounding area deal with all aspects of the insurance business. Reinsurance companies in particular have located their operations here in recent years.
From Zurich for the Whole World
About one third of Switzerland's insurance companies have their headquarters or a branch in Canton Zurich, which is by far the country's largest insurance center and the one with the most capital. Several of the insurance groups based here have a strong international focus and are numbered among the global leaders.
Swiss Insurers: Strong at Home and Abroad
Insurance companies take on risks from companies and private individuals, and provide cover for these risks. They also provide the instruments required for financial hedging against various risks. Switzerland's insurance market is very well developed, and this sector accounts for 4.5% of the country's aggregate value added. The penetration rate in the Swiss market is very high: the annual per capita expenditure on insurance in Switzerland is about USD 6,400 (excluding social security contributions), placing the country in the first position in 2010.
Swiss insurance companies earn about two thirds of their premium volume abroad, and over 60% of their employees operate beyond Switzerland's borders. Life and non-life insurers together with reinsurers manage capital assets of CHF 600 billion.
Information on Private Pensions (including Endowment Insurance) and Occupational Pensions (Pension Funds).
Reinsurance - Zurich's key location
Zurich is well on its way to establishing itself as a European hub for reinsurers. This trend is evident from both the impressive premium volume of over CHF 30 billion generated by the more or less 70 reinsurers overseen by the Swiss supervisory authorities, and from the influx of reinsurers to Zurich in recent years. Furthermore, one of the globally leading reinsurers has based its headquarters in Zurich since 1863. Zurich is popular among reinsurers as a business centre because they can attract specialists from all over the world to work in the city, thanks to its high quality of life. The proximity of universities of applied sciences is also conducive to application-based research and innovation, and offers reinsurers a pool of highly skilled workers. And Zurich's – indeed Switzerland's – administrative, legal and regulatory framework is regarded globally as being exemplary. Read more ...
A pool of talents for the reinsurance business: Andreas Molck-Ude, CEO of NEW Re discusses the decision of New Re to move to Zurich
New Re is an international reinsurance company that is a 100% subsidiary of Munich Re. The company was founded in Zurich in 1926, but moved to Geneva shortly afterwards. Since the end of 2009 New Re is back in Zurich due to the great pool of talents. Andreas Molck-Ude, CEO of New Re recommends reinsurers to relocate to Zurich. Read the interview.
Insurance Intermediaries
According to the Federal Law on the Supervision of Private Insurance (Art. 40, VAG), insurance intermediaries are persons or entities which offer or conclude insurance contracts. They include brokers, independent insurance advisors and the sales forces of the insurance companies themselves. Insurance intermediaries with no legal, economic or other ties to an insurance company must be entered in a register kept by the Federal Financial Market Supervisory Authority (FINMA).
Where to Find Insurance Intermediaries Close to You:
Insurance Intermediaries – FINMA website