Zurich, Switzerland – At the fourth Small and Mid‑Size Insurers Symposium, FINMA Director Stefan Walter outlined the regulator’s recent supervisory actions and future priorities for the Swiss insurance sector.
Walter said the forum provides a vital channel for direct dialogue with smaller insurers, which he described as essential for a practical, risk‑based supervisory approach. He noted that the sector’s stability and credibility are integral to the overall resilience of the Swiss financial centre.
The regulator’s 2025 Solvency Test reports showed largely unchanged solvency ratios across participating insurers, indicating a stable balance sheet environment. In the area of customer protection, FINMA highlighted its 2024‑25 interventions in supplemental health insurance, where it limited premium hikes and secured several premium reductions. The authority also praised progress made since 2020 in transparency and pricing of supplemental health benefits, while warning that contracts with doctors and clinics must meet regulatory standards, citing implementation gaps in the cantons of Geneva and Vaud that were largely resolved by spring 2025.
On intermediary oversight, FINMA rejected a number of applications from unqualified insurance intermediaries. In 2024 and 2025 the regulator logged 1,622 external tips concerning potential misconduct by intermediaries and insurers, launched investigations in 271 cases and identified roughly 1,000 market participants operating without proper licensing or qualifications. Many of these activities involved false advice, fraud or unsolicited cold‑calling in health insurance.
Walter turned to climate‑related risks, referencing the May 28, 2025 rockslide in Blatten, Valais, which caused insured losses estimated at CHF 320 million. He said that, despite the absence of major hail or flood events, natural‑catastrophe losses remained above average in 2025. The regulator underscored the need for insurers to incorporate climate risk into their risk‑management frameworks.
Since 2025 FINMA has published an annual climate‑risk report as part of its obligations under the CO₂ Act. The report details current climate exposures of Swiss financial institutions, the steps insurers are taking to address them, and FINMA’s own mitigation measures. Walter concluded that climate‑driven risks are expected to rise and that the regulator will continue to monitor and act to safeguard both customers and the stability of the Swiss financial market.
FINMA’s overarching mandate remains the protection of market participants and the maintenance of a stable, functional financial system, with particular emphasis on the insurance sector’s role in providing financial security, supporting the health system and upholding legal certainty.
