Pressure on Swiss insurers gives Europe glimpse into the future

摘要

Persistently low rates are putting pressure on Swiss insurance companies, an EY survey showed last week, potentially giving a glimpse into the future for the rest of Europe. Some 80% of the CEOs and other executive board members surveyed said the interest rate environment was the primary cause of the deterioration in their business situation. The study was conducted in collaboration with the University of St Gallen and covered 15 of the largest Swiss insurance companies. "Switzerland has been living with low rates for much longer than the rest of Europe and in fact now has negative rates," said Andrew Gallacher, head of advisory at EY for the insurance industry in Switzerland.