Insurance, Reinsurance and Risk — a part of the book Basel as an International Financial Centre by Dr Alexander Ressos.
Part I returns to a subject that Part D introduced from the perspective of economic history. Banking and the Bank for International Settlements have given Basel its reputation as a financial centre in the eyes of the wider world, yet the city has relied on a second pillar for more than a century and a half. Insurance companies founded in Basel in the 1860s grew into one of the largest insurance groups of Switzerland, managed some of the largest pools of long-term capital in the country and developed expertise in the pricing of risk that complemented the credit expertise of the banks. Since the completion of the merger between Baloise and Helvetia at the end of 2025, the city has also been the legal seat of the largest multi-line insurer of Switzerland.1 The weight of insurance in the Basel financial centre has therefore grown at the very moment when the private banking sector of the city has continued to shrink.
Insurance differs from banking in its time horizon. A bank lends for months or years and refinances itself with deposits that customers may withdraw at short notice. A life insurer, by contrast, promises payments that may fall due fifty or sixty years after the contract was concluded, while a property insurer must be able to pay for losses that occur once in a century. The regulation, the investment policy and the business strategy of insurers follow from these long horizons.2 They also explain why insurers react to changes in interest rates, longevity and natural catastrophes in ways that differ from the reactions of banks, which is why a separate part of this book is devoted to them.
The five chapters of Part I follow the main strands of the modern insurance business as it presents itself in and around Basel. Chapter I describes Baloise and the consolidation of Swiss insurance that culminated in the merger with Helvetia, before turning to reinsurance, the cantonal building insurers and the unresolved question of insurance against earthquakes. Chapter II examines insurance supervision under the Insurance Supervision Act and the Swiss Solvency Test, together with the relationship of Swiss law to the European Solvency II regime. Chapter III treats life insurance wrappers as instruments of wealth planning for private clients, while Chapter IV discusses the pension funds and investment foundations through which a large part of Swiss retirement savings is invested. Chapter V concludes with the captives of the Basel pharmaceutical groups and with alternative forms of risk transfer.
This part belongs to Basel as an International Financial Centre by Dr Alexander Ressos, published here in full, section by section.
Baloise and the Consolidation of Swiss Insurance — conclusion
The history of Basel insurance in the past half century has been a history of consolidation. Read more Basel · Insurance, Reinsurance and RiskFrom the history to the present
Part D, Chapter IV, traced the origins of insurance in Basel to the fire that destroyed a large part of the town of Glarus in May 1861. Read more Basel · Insurance, Reinsurance and RiskThe holding structure of the Bâloise group
The legal structure of the Basel insurance group took its modern form in the second half of the twentieth century. Read more Basel · Insurance, Reinsurance and RiskExpansion into Germany, Belgium and Luxembourg
Germany had been the most important foreign market of the Basel insurers since the nineteenth century. Read more Basel · Insurance, Reinsurance and RiskBanking within an insurance group
Baloise was one of the few Swiss insurance groups that owned a bank. Baloise Bank SoBa, based in Solothurn, emerged from the acquisition of the Solothurner Bank SoBa by the group around the turn of… Read more Basel · Insurance, Reinsurance and RiskSimply Safe and the ecosystem experiment
In 2016, Baloise launched a strategy under the name Simply Safe. The strategy aimed at simplifying the group, increasing profitability and preparing the company for the digital transformation of… Read more Basel · Insurance, Reinsurance and RiskInvestor pressure and the strategic review
The disappointing performance of Baloise attracted the attention of activist investors. Read more Basel · Insurance, Reinsurance and RiskThe Swiss insurance market around 2000
The consolidation of Swiss insurance in the first quarter of the twenty-first century cannot be understood without the crisis that struck the industry around 2001 and 2002. Read more Basel · Insurance, Reinsurance and RiskWinterthur, AXA and foreign ownership
The crisis also triggered the first large sale of a Swiss insurer to a foreign group. Read more Basel · Insurance, Reinsurance and RiskHelvetia and its Basel roots
Helvetia, the partner of Baloise in the merger of 2025, was a company from St Gallen whose origins went back to the same years as those of the Basel insurers. Read more Basel · Insurance, Reinsurance and RiskMutuals and cooperatives
The consolidation of Swiss insurance has not affected all forms of ownership equally. Read more Basel · Insurance, Reinsurance and RiskThe merger of Helvetia and Baloise
On 22 April 2025, Helvetia and Baloise announced their intention to merge. The two boards described the transaction as a merger of equals that would create the second largest insurance group of… Read more Basel · Insurance, Reinsurance and RiskRationale: scale, cost and technology
The two companies justified the merger primarily with the advantages of scale. Insurance is a business with high fixed costs for information technology, actuarial and risk management functions,… Read more Basel · Insurance, Reinsurance and RiskApprovals and completion
The merger required the approval of the shareholders of both companies, of the Swiss Competition Commission, of FINMA and of the supervisory and competition authorities in the other countries where… Read more Basel · Insurance, Reinsurance and RiskGovernance, seats and shareholders
The governance of the merged group reflected the principle of equality between the two partners. Read more Basel · Insurance, Reinsurance and RiskConsequences for employment in Basel and St Gallen
The cost synergies announced at the time of the merger implied a substantial reduction of employment. Read more Basel · Insurance, Reinsurance and RiskReinsurance and Basel
Reinsurance, the insurance of insurers, is concentrated in Switzerland in Zurich, where Swiss Re has its head office. Read more Basel · Insurance, Reinsurance and RiskThe Basel insurance cluster
Insurance in Basel is more than one large group. The city is home to the head office of the merged Helvetia Baloise group, to regional offices of other Swiss and foreign insurers, to brokers serving… Read more Basel · Insurance, Reinsurance and RiskCantonal building insurance
The protection of buildings against fire and natural hazards in Switzerland is organised in two different systems. Read more Basel · Insurance, Reinsurance and RiskThe natural hazards pool
In the cantons without a public monopoly, private insurers cover buildings and contents against natural hazards under a regime defined by federal law. Read more Basel · Insurance, Reinsurance and RiskThe earthquake of 1356 and seismic risk today
On 18 October 1356, an earthquake destroyed much of Basel. Contemporary sources describe the collapse of churches, towers and houses, followed by a fire that burned for days in the wooden city. Read more Basel · Insurance, Reinsurance and RiskThe unfinished debate on earthquake insurance
Despite the known hazard, there is no general obligation in Switzerland to insure buildings against earthquakes. A few cantonal building insurers provide limited cover. Read more Basel · Insurance, Reinsurance and RiskHealth insurance in Basel
Health insurance, the largest line of insurance by number of policyholders, is organised under a separate regime. Read more Basel · Insurance, Reinsurance and RiskInsurance Supervision: ISA and the Swiss Solvency Test — conclusion
Swiss insurance supervision has developed from the early federal supervision of 1885 to a modern risk-based regime administered by FINMA. Read more Basel · Insurance, Reinsurance and RiskA long-term promise under supervision
An insurance contract is a promise whose value depends almost entirely on the future solvency of the party that gives it. Read more Basel · Insurance, Reinsurance and RiskFrom the Federal Office of Private Insurance to FINMA
For more than a century, Swiss insurance supervision was the task of a specialised federal office. Read more Basel · Insurance, Reinsurance and RiskThe Insurance Supervision Act of 2004
The Insurance Supervision Act of 17 December 2004 entered into force on 1 January 2006 and replaced the act of 1978 together with several older statutes. Read more Basel · Insurance, Reinsurance and RiskThe Insurance Supervision Ordinance and FINMA's circulars
The VAG is a framework act. Its operational detail is set out in the Insurance Supervision Ordinance of the Federal Council (AVO) of 9 November 2005 and in the FINMA Insurance Supervision Ordinance… Read more Basel · Insurance, Reinsurance and RiskThe architecture of the Swiss Solvency Test
Before the SST, Swiss insurers calculated their solvency under the so-called Solvency I rules, which were modelled on the European directives of the 1970s. Read more Basel · Insurance, Reinsurance and RiskMarket-consistent valuation and the risk margin
The SST requires a market-consistent valuation of all assets and liabilities. Assets traded in liquid markets are valued at market prices. Read more Basel · Insurance, Reinsurance and RiskStandard models and internal models
To calculate the target capital, the insurer must model the possible changes in its risk-bearing capital over one year. Read more Basel · Insurance, Reinsurance and RiskThe SST in practice: 2008 and the years of low interest rates
The first test of the SST came with the financial crisis of 2007 to 2009, which hit during the transitional period. Read more Basel · Insurance, Reinsurance and RiskPublic disclosure and the Financial Condition Report
For many years, the results of the SST were known only to the supervisor and the insurer. Read more Basel · Insurance, Reinsurance and RiskTied assets
A central and specifically Swiss instrument of policyholder protection is the tied assets (gebundenes Vermögen). Read more Basel · Insurance, Reinsurance and RiskGovernance, risk management and ORSA
The VAG of 2004 already required insurers to have an organisation that enables them to identify, assess, monitor and control their risks. Read more Basel · Insurance, Reinsurance and RiskThe revision of 2024
The VAG of 2004 was revised in a project that began with a consultation in 2016 and ended with the adoption of the amending act by Parliament on 18 March 2022. Read more Basel · Insurance, Reinsurance and RiskRestructuring and resolution of insurers
The most significant innovation of the revision was the introduction of a restructuring regime. Read more Basel · Insurance, Reinsurance and RiskInsurance intermediaries
The VAG distinguishes between tied and untied insurance intermediaries. An untied intermediary, typically a broker, is in a relationship of trust with the policyholder and acts in the policyholder's… Read more Basel · Insurance, Reinsurance and RiskThe Insurance Contract Act and its revision
The Insurance Contract Act of 1908, whose origins were described in Part D, governs the contractual relationship between the insurer and the policyholder. Read more Basel · Insurance, Reinsurance and RiskHealth insurance between FOPH and FINMA
Swiss health insurance is divided between two systems with different supervisors. Compulsory basic health insurance under the Federal Health Insurance Act of 1994 is provided by health insurers… Read more Basel · Insurance, Reinsurance and RiskSwitzerland and the European Union: the 1989 Agreement
The relationship between Swiss insurance law and European law rests on a treaty concluded more than three decades ago. Read more Basel · Insurance, Reinsurance and RiskSolvency II equivalence
When the European Union adopted Solvency II in 2009, it provided for the recognition of the solvency regimes of third countries as equivalent in three areas: the supervision of reinsurance activities… Read more Basel · Insurance, Reinsurance and RiskThe "Swiss finish" debate
The term "Swiss finish" is usually associated with the banking sector, where Switzerland imposed capital requirements on its large banks that exceeded the Basel minimum. Read more Basel · Insurance, Reinsurance and RiskThe United Kingdom and the Berne Financial Services Agreement
After the United Kingdom left the European Union, Switzerland and the United Kingdom began to negotiate an agreement on financial services based on the mutual recognition of their regulatory regimes. Read more Basel · Insurance, Reinsurance and RiskThe IAIS and the Insurance Capital Standard
Part F of this book described the IAIS, which has its seat in Basel, together with its standards, including the Insurance Core Principles, ComFrame and the Insurance Capital Standard (ICS) adopted in… Read more Basel · Insurance, Reinsurance and RiskNatural catastrophes and climate risk
Natural catastrophe risk has always been central to the SST, which requires insurers to model losses from storms, floods, hail and earthquakes. Read more Basel · Insurance, Reinsurance and RiskLong-term guarantees and the interest rate cycle
The years of low interest rates exposed a structural weakness of life insurance: the guarantee of a minimum interest rate over decades. Read more Basel · Insurance, Reinsurance and RiskSupervision of a Basel group
The merger of Baloise and Helvetia, discussed in chapter I of this part, brings these themes together. Read more Basel · Insurance, Reinsurance and RiskLife Insurance Wrappers for Private Clients — conclusion
The life insurance wrapper shows how a nineteenth-century instrument of popular saving has become an instrument of cross-border wealth planning. Read more Basel · Insurance, Reinsurance and RiskFrom popular saving to private placement
Part D traced how life insurance became, in the second half of the nineteenth century, one of the principal forms of saving for the Swiss population, and how the actuarial tradition of Basel shaped… Read more Basel · Insurance, Reinsurance and RiskWhat a wrapper is
A life insurance wrapper is a life insurance contract, usually concluded against a single premium, whose value depends on the performance of assets allocated to the policy. Read more Basel · Insurance, Reinsurance and RiskThe parties and their roles
A life insurance policy involves up to four persons whose roles must be kept apart. Read more Basel · Insurance, Reinsurance and RiskDedicated funds and investment freedom
The core of a private placement policy is the fund to which it is linked. Insurers distinguish between external funds, which are investment funds open to the public and selected by the policyholder… Read more Basel · Insurance, Reinsurance and RiskLuxembourg and the triangle of security
Luxembourg has become the largest European centre for cross-border unit-linked life insurance. Read more Basel · Insurance, Reinsurance and RiskLiechtenstein and the EEA passport
Liechtenstein offers a second European base for wrapper insurers. As a member of the European Economic Area, it applies the Solvency II framework and its insurers may sell policies in the European… Read more Basel · Insurance, Reinsurance and RiskIreland, Bermuda and the wider market
Ireland is the third European location for cross-border life insurance. Irish insurers, many of them subsidiaries of British groups, sell unit-linked policies into the United Kingdom and continental… Read more Basel · Insurance, Reinsurance and RiskSwiss insurers and the Basel players
Swiss insurance groups have played a prominent role in the cross-border wrapper market. Read more Basel · Insurance, Reinsurance and RiskCustodian banks in Basel, Zurich and Geneva
The custodian bank holds the assets of the dedicated fund in the name of the insurer. Read more Basel · Insurance, Reinsurance and RiskBeneficiary designation under Swiss law
Swiss law grants the policyholder wide freedom to designate beneficiaries. Under the Insurance Contract Act, the policyholder may designate a third party as beneficiary without the consent of the… Read more Basel · Insurance, Reinsurance and RiskProtection against creditors
The protection of life insurance policies against the policyholder's creditors is among the features most often cited in favour of the instrument. Under Swiss law, two rules achieve this effect. Read more Basel · Insurance, Reinsurance and RiskSuccession and the compulsory share
The statement that insurance proceeds fall outside the estate is correct as a description of the beneficiary's direct claim against the insurer. Read more Basel · Insurance, Reinsurance and RiskDivorce and matrimonial property
In divorce, a life insurance policy is treated as an asset of the spouse who holds the policy, regardless of the designation of beneficiaries. Read more Basel · Insurance, Reinsurance and RiskSwiss taxation
The Swiss tax treatment of life insurance distinguishes between periodic premium policies and single premium policies, and between policies that serve pension provision and those that do not. Read more Basel · Insurance, Reinsurance and RiskGerman taxation
Germany is the most important foreign market for policies administered from Basel, with rules more detailed than those of any other country examined here. Read more Basel · Insurance, Reinsurance and RiskFrance and Italy
France is the country in which life insurance has the most prominent place in wealth planning. Read more Basel · Insurance, Reinsurance and RiskSpain and the United Kingdom
Spain treats life insurance gains as savings income on surrender or maturity. Unit-linked policies benefit from deferral only if the policyholder cannot choose individual assets and the investments… Read more Basel · Insurance, Reinsurance and RiskThe United States
The United States has the strictest and most formalised rules. A contract counts as life insurance for federal tax purposes only if it meets the definition of the Internal Revenue Code, which… Read more Basel · Insurance, Reinsurance and RiskCRS, FATCA and the end of discretion
The automatic exchange of information has changed the market more profoundly than any tax provision. Read more Basel · Insurance, Reinsurance and RiskMisuse and enforcement
The most prominent case of enforcement concerned the Swiss Life group. In May 2021, Swiss Life Holding and its subsidiaries in Liechtenstein, Luxembourg and Singapore entered into a deferred… Read more Basel · Insurance, Reinsurance and RiskDue diligence under the Anti-Money Laundering Act
Swiss insurers that offer direct life insurance or sell or distribute shares in collective investment schemes are financial intermediaries under the Anti-Money Laundering Act. Read more Basel · Insurance, Reinsurance and RiskProduct rules: IDD, PRIIPs and the FinSA regime
Within the European Union, life insurance policies with an investment component are insurance-based investment products. Read more Basel · Insurance, Reinsurance and RiskProspectus liability and the information duties of insurers
The information that the insurer provides about the product is of particular importance for wrapper policies, since the policyholder bears the investment risk and depends on accurate statements about… Read more Basel · Insurance, Reinsurance and RiskPortability and change of residence
A wrapper policy is designed for the tax law of a particular country. When the policyholder moves to another country, the policy may lose its advantages or acquire disadvantages. Read more Basel · Insurance, Reinsurance and RiskPension Funds and Investment Foundations — overview and summary
Swiss pension funds hold more capital than any other group of domestic investors. Their combined assets exceed the annual economic output of the country, while the sums they manage on behalf of… Read more Basel · Insurance, Reinsurance and RiskThe three-pillar principle and its constitutional basis
The Swiss pension system rests on a principle that was written into the Federal Constitution by popular vote on 3 December 1972. Read more Basel · Insurance, Reinsurance and RiskThe BVG of 1982 and the architecture of the second pillar
The Federal Act on Occupational Retirement, Survivors' and Disability Pension Plans (BVG in German, LPP in French) was adopted on 25 June 1982 and entered into force on 1 January 1985. Read more Basel · Insurance, Reinsurance and RiskVested benefits and the mobility of pension capital
The original BVG did not ensure that an employee who changed jobs could take the full value of his or her pension savings to the new employer. Read more Basel · Insurance, Reinsurance and RiskThe conversion rate and the minimum interest rate
Two parameters dominate the economics of the compulsory minimum. The first is the minimum conversion rate, which determines the annual pension paid for each franc of retirement capital. Read more Basel · Insurance, Reinsurance and RiskReforms at the ballot box: from 2010 to 2024
The history of attempts to adjust the conversion rate is a history of defeats. On 7 March 2010, voters rejected a reduction of the rate from 6.8 to 6.4 per cent by a majority of about seventy-three… Read more Basel · Insurance, Reinsurance and RiskAHV 21 and the thirteenth pension
The first pillar has followed its own path. On 25 September 2022, voters accepted the reform AHV 21 by a narrow margin. Read more Basel · Insurance, Reinsurance and RiskThe landscape of Swiss pension funds
The number of pension funds has fallen steadily for decades. In the late 1980s there were several thousand institutions, many of them small company funds. Read more Basel · Insurance, Reinsurance and RiskThe Pensionskasse Basel-Stadt
The pension fund of the canton of Basel-Stadt, the Pensionskasse Basel-Stadt (PKBS), is the largest pension institution in the region outside the corporate sector. Read more Basel · Insurance, Reinsurance and RiskThe Basellandschaftliche Pensionskasse
The neighbouring canton followed a similar but distinct path. The Basellandschaftliche Pensionskasse (BLPK) insures the employees of the canton of Basel-Landschaft, of most of its municipalities and… Read more Basel · Insurance, Reinsurance and RiskCorporate funds and collective foundations in Basel
The company pension funds of the large Basel employers are among the most important institutional investors in the region. Read more Basel · Insurance, Reinsurance and RiskThe investment rules of the BVV 2
The investment of pension fund assets is governed by the Ordinance on Occupational Retirement, Survivors' and Disability Pension Plans (BVV 2), in particular its Articles 49 to 59. Read more Basel · Insurance, Reinsurance and RiskThe prudent person and the extension of limits
The quantitative limits are not as rigid as their wording suggests. Article 50 paragraph 4 BVV 2 allows a fund to extend the investment possibilities beyond the limits if its investment regulations… Read more Basel · Insurance, Reinsurance and RiskInvestment foundations
Investment foundations (Anlagestiftungen) occupy a special place in the Swiss pension system. They are foundations that pool the assets of pension funds for collective investment. Read more Basel · Insurance, Reinsurance and RiskSupervision: the OAK BV and the BSABB
The supervision of occupational provision was restructured by the amendment of the BVG of 19 March 2010 on the structural reform, which entered into force in stages in 2011 and 2012. Read more Basel · Insurance, Reinsurance and RiskInsurers and the full-insurance model
Swiss life insurers have offered occupational pensions since long before the BVG. Under the full-insurance model (Vollversicherung), an employer joins a collective foundation sponsored by an insurer,… Read more Basel · Insurance, Reinsurance and RiskThe legal quote and the price of guarantees
The participation of insurers in occupational provision is regulated by a special rule intended to prevent them from retaining too large a share of the profits. Read more Basel · Insurance, Reinsurance and RiskLow interest rates, negative rates and the technical interest rate
From 2015 to 2022, Swiss pension funds operated in an environment without historical precedent. Read more Basel · Insurance, Reinsurance and RiskCoverage ratios and restructuring
The coverage ratio expresses the relationship between the assets of a pension fund available to cover its liabilities and the actuarially required pension capital. Read more Basel · Insurance, Reinsurance and RiskStewardship, voting duties and ESG
Pension funds are among the largest shareholders of Swiss listed companies, which gives their voting behaviour considerable weight. Read more Basel · Insurance, Reinsurance and RiskReal estate, infrastructure and venture capital
Swiss real estate occupies a central place in pension fund portfolios. Through direct holdings, investment foundations and listed or unlisted real estate funds, pension funds are among the largest… Read more Basel · Insurance, Reinsurance and RiskCross-border workers and pension capital
The Basel region employs more cross-border workers than almost any other part of Switzerland. Read more Basel · Insurance, Reinsurance and RiskWealthy individuals and 1e plans
Occupational pensions also serve as a planning instrument for persons with high incomes. Read more Basel · Insurance, Reinsurance and RiskCaptives and Alternative Risk Transfer — overview and summary
When an industrial group decides how to protect itself against the loss of a factory, a recall of a medicine or a claim from a patient in a clinical trial, it faces a choice that goes back to the… Read more Basel · Insurance, Reinsurance and RiskWhat a captive is
A captive insurance company is an insurance or reinsurance undertaking that belongs to a group whose principal business lies outside insurance and whose purpose is to insure the risks of that group. Read more Basel · Insurance, Reinsurance and RiskFronting, retention and the international programme
The fronting insurer carries a risk that is easy to overlook. It is liable to the insured subsidiaries in full, whatever the captive pays it under the reinsurance contract. Read more Basel · Insurance, Reinsurance and RiskOrigins: Fred Reiss, Ohio and Bermuda
Self-insurance by industrial companies is an old practice, since some trading companies in Europe established their own insurers in the nineteenth century. Read more Basel · Insurance, Reinsurance and RiskThe captive domiciles
A captive domicile competes on several dimensions at once. Groups look for a supervisor that understands captives and applies proportionate capital and reporting requirements. Read more Basel · Insurance, Reinsurance and RiskSwitzerland as a captive domicile
Switzerland is a significant captive domicile of the second rank, behind Luxembourg, Ireland and Bermuda. Read more Basel · Insurance, Reinsurance and RiskWhy the Basel groups use captives
The pharmaceutical and chemical groups of Basel face a risk profile that makes captives attractive. Read more Basel · Insurance, Reinsurance and RiskProduct liability, clinical trials and environmental risks
Product liability is the risk that most occupies the insurance managers of the pharmaceutical groups. Read more Basel · Insurance, Reinsurance and RiskCaptives and transfer pricing
Because a captive receives premiums from companies of the same group, every premium is a related-party transaction. Read more Basel · Insurance, Reinsurance and RiskControlled foreign company rules and the global minimum tax
Groups whose parent company is resident in a country with controlled foreign company rules must also ask whether the profits of a captive abroad will be taxed at home. Read more Basel · Insurance, Reinsurance and RiskRegulation and governance of captives
Whatever its domicile, a captive is a regulated insurer. It needs a licence, minimum capital, a board, a risk management function, an actuary, an auditor and, in most domiciles, a compliance… Read more Basel · Insurance, Reinsurance and RiskFrom captives to the capital markets
Captives are the oldest instrument of what the insurance industry calls alternative risk transfer, a term that covers all techniques for transferring or financing risks outside traditional insurance… Read more Basel · Insurance, Reinsurance and RiskCatastrophe bonds and insurance-linked securities
A catastrophe bond is issued by a special purpose vehicle, usually domiciled in Bermuda, the Cayman Islands, Ireland or another jurisdiction with suitable legislation. Read more Basel · Insurance, Reinsurance and RiskParametric insurance, industry loss warranties and sidecars
The catastrophe bond is the best known instrument of insurance-linked finance, but it is accompanied by several others. Read more Basel · Insurance, Reinsurance and RiskInsurance-linked securities managers in Switzerland
Switzerland has become one of the principal centres for the management of insurance-linked securities. Read more Basel · Insurance, Reinsurance and RiskCatastrophic transport and logistics risks
Part D described how a landlocked city became a centre of transport insurance in the nineteenth century. Read more Basel · Insurance, Reinsurance and RiskFine-art insurance
Part H noted that the works shown at Art Basel each June are insured from the wall of the lender to the booth and back, and that the fair concentrates an insured value of billions of francs in a few… Read more Basel · Insurance, Reinsurance and RiskCyber risks and the new captives
Cyber risk has become the fastest growing new line of business for captives. Commercial cyber insurance is expensive, limits are small in relation to the potential losses of large groups and the… Read more Basel · Insurance, Reinsurance and RiskClimate risk, sustainability and the protection gap
Climate change affects every instrument discussed in this chapter. Insured losses from natural catastrophes have exceeded one hundred billion US dollars in several recent years, according to Swiss… Read more Basel · Insurance, Reinsurance and RiskThe practice of structuring
For the advisers of an industrial group, the establishment of a captive is a project that combines insurance, regulatory, tax and corporate law. Read more