Citing strong capitalization and conservative reserve practices, Standard & Poor’s rating service affirmed the stable outlook for the Swiss nonlife insurance market, which includes such global insurers as Zurich Financial Services and Winterhur.
Karin Clemens, S&P Associate Director in Frankfurt, indicated that while Switzerland didn’t appear to be as profitable as other areas, this was “largely due to the companies’ very conservative and partly hidden reserve levels, making it difficult to assess market performance.”
She that the larger companies would continue to put pressure on smaller and mid-sized companies in the Swiss market as they “accelerate their cost-cutting efforts and take advantage of inherent economies of scale, thereby further enhancing their ability to price business more competitively.”
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