Insurances: Budgets on an economy drive
COMPARIS ANALYSIS Premiums for comprehensive insurance have become significantly lower in the current year compared to the Corona year 2020. A three-year comparison even shows a reduction of 17 percent. Car insurance premiums in the Swiss online market are down 4.5 percent compared to the Corona year 2020. On average, comprehensive insurance still costs around CHF 800. Comparis mobility expert Andrea Auer: "The price pressure [...]
Car insurance premiums in the Swiss online market have fallen by 4.5 percent compared with the Corona year 2020. Comprehensive insurance still costs around CHF 800 on average.
Comparis mobility expert Andrea Auer: "The price pressure on the car insurance market remains high. Margins are very attractive, especially for purely digital providers. This is also shown by the fact that new providers keep entering the car insurance business."
Postfinance has already ventured into the auto insurance business in 2019, and later this month newcomer Wefox will also enter the Swiss market.
Upper middle class with biggest decline
A closer look at the vehicle classes shows that vehicles in the upper middle class have seen the biggest drop in premiums. Comprehensive insurance for such a vehicle currently costs an average of CHF 840.
Premiums for compact class vehicles and small cars show a somewhat less pronounced decline. Premiums for comprehensive insurance there cost around CHF 790 and CHF 700 respectively.
Digitization and new providers
Andrea Aure: "The market entry of new online providers has spurred digitization in addition to competition. In recent years, insurers have extended various stages from information gathering to claims processing to digital channels. Internal cost structures have thus been reduced, which ultimately also has a positive impact from the customer's perspective."
