Insurances / Assecurance

Zurich is also an important location for insurance companies. Some 23,000 employees work in that field dealing with all aspects of insurance. Some of the insurance groups based here have a strong international focus and figure among the world’s top league. Several reinsurance companies have moved to Zurich in recent years.

From Zurich for the entire world

About one third of the insurance companies in Switzerland have their headquarters or a branch office in the Canton of Zurich. This makes Zurich by far the most important and best-capitalised insurance centre of the country.

Swiss insurance companies strong at home and abroad

Insurances assume risks of companies and private persons and cover them. They also provide the necessary instruments for financial protection against various risks. The insurance market in Switzerland is very well-developed, reaching a share of almost 4.5% of the national value added. Insurance penetration in the Swiss market is very high: a typical Swiss person will spend about 7,400 USD per year on insurances (not counting social security). Thus, in Switzerland, more money per capita is spent on insurances than in almost any other nation in the world. The Swiss insurance companies generate roughly two thirds of their premium volume abroad; about sixty per cent of their employees work outside of Switzerland.

Reinsurances – Zurich as an important location

Zurich is well on track to becoming a European hub for reinsurance companies. On the one hand, this is apparent in the significant premium volume of over thirty-eight billion Swiss francs generated by the twenty reinsurance companies under Swiss supervision. On the other hand, it is reflected in the numerous reinsurance companies that have moved to Zurich in recent years. In addition to these twenty reinsurance companies, there are approximately ten captives in Zurich. Swiss Re, one of the world’s leading reinsurers, has been domiciled in Zurich since 1863. Zurich is a popular location for reinsurance companies because of the high quality of life here which helps attract specialists from all over the world. Furthermore, the proximity to the universities stimulates application-oriented research and innovation and provides the reinsurance companies with a pool of highly qualified professionals.