30
INTERNATIONAL MONETARY FUND
Table 3. Switzerland: Insurance Sector Premiums and Assets, 2008–2012
(In millions of Swiss francs, units of Swiss francs for the density)
Source: Authorities.
Note: Premiums correspond exclusively to domestic business. Only life and non-life assets are included.
*Measured as total premium as a percentage of GDP.
**Measured as total premium per capita.
60. FINMA modified requirements under the SST for 2013 to 2015. The Swiss authorities
passed and implemented SST, a state of the art solvency regime, ahead of any jurisdiction. This test
serves to properly assess the risks run by the insurers; its risk-sensitive provisions show, at an early
stage, the negative effects of the low interest rate environment on the solvency ratio, which led the
authorities to introduce temporary measures to dampen the effect. The temporary “anti-persistent
low interest rate environment measures” (APLIEM) have been taken with care; however, they have
reduced transparency and could delay supervisory actions. It is recommended to remove them, as
scheduled, in 2016.
61. The lack of Swiss government bonds to match long-term liabilities of life insurers
and pension funds could be a source of vulnerability. The Sw F 1 trillion of assets managed by
life insurers and pension funds is disproportionate to the Sw F 80 billion outstanding bonds
managed by the federal government. Liabilities are therefore matched by overseas assets, or assets
of greater risk.
2008
2009
2010
2011
2012
Gross premiums
Life
32,372
32,180
32,651
32,760
33,484
Nonlife
52,537
51,717
51,007
46,712
49,876
Total
84,909
83,897
83,658
79,472
83,360
Assets
Life
280,611
281,706
291,265
299,151
311,237
Nonlife
153,648
147,891
147,157
148,198
148,581
434,259
429,597
438,422
447,349
459,818
Penetration*
15.0
15.1
14.6
13.5
14.1
Density**
11,183
10,775
10,630
9,990
10,372
SWITZERLAND
INTERNATIONAL MONETARY FUND
Do'stlaringiz bilan baham: |
