Swiss Financial Market Supervisory Authority FINMA

Annual Report 2013

Insurance companies

Overview of insurance companies

The persistent phase of low interest rates continues to affect the insurance industry, posing major challenges for life insurers in particular. Nevertheless, the sector as a whole is in stable to good condition. FINMA is watching developments closely, addressing problem areas by conducting supervisory consultations, risk dialogues and supervisory reviews.


Swiss Qualitative Assessment:
SQA II results published

In April 2013, FINMA published the results of the second Swiss Qualitative Assessment (SQA II). SQA is the qualitative parallel to SST, focusing on corporate governance, risk management and the internal control systems of insurance companies. SQA II identified positive trends in many areas, such as increased awareness among boards of directors with respect to their supervisory obligations. It also found areas where some insurers can improve, namely in connection with certain aspects of risk management and compliance. A part of SQA also includes holding risk dialogues with members of boards of directors, executives and key people who hold control functions at companies. This dialogue helps to identify areas in which further steps are needed or where there is room for improvement. SQA III is planned for 2015.


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