Private insurance is an important pillar of the Swiss economy. This industry is also very well positioned on an international level due to its various insurance groups operating worldwide as global players. The appeal of our domestic market for the international insurance industry is evidenced by the strong presence of leading foreign insurers in Switzerland.

In such an environment, the competition between the insurance companies is particularly fierce; new products are constantly being developed and novel distribution channels assessed (the Internet, cooperation with banks and other financial services providers etc.).

The cross-border distribution of insurance products, as permissible today within the EU, is in general not open to Swiss-based insurers. The entire life insurance business is exempt from the scope of application of the bilateral agreements between Switzerland and the EU. With respect to the non-life insurance business, only the freedom of establishment applies in relation to the EU. Switzerland remains in this respect an "island". Nonetheless, there is a clear trend towards cross-border sales and cooperation, which the increased use of the Internet only accentuates.

Accordingly, product development in the field of insurance is extensive and innovative. Besides from traditional life insurance, unit-linked life insurance and similar products have for instance been created to better take into consideration the policyholders' increasing need for accumulation of personal provisions and active participation in the financial markets. The field of Alternative Risk Transfer (ART), in which risk cover is obtained directly on the capital market, also offers alternatives to traditional insurance.

From a legal perspective, private insurance is demanding and requires expertise in various fields of law, such as regulatory law, contract law, company law and tax law.

The ALTENBURGER Insurance Team has the know-how required to assist Swiss as well as foreign insurance companies, insurance intermediaries and providers of insurance-related products in arranging their business and projects in conformity to Swiss law. Our activities in insurance cover in particular the following areas:

• Insurance supervision
• Insurance contract law
• Taxes
• M&A

For details, please see Key Strength: Insurance