Executive Summary

On April 1, 2026, the Federal Council approved the 2025 annual report of the Swiss Export Risk Insurance (SERV). SERV recorded new business of over 4.3 billion francs, significantly higher than the previous year, and achieved a positive annual result of 27.3 million francs. Total exposure stock increased to just under 11.4 billion francs (+15 %). Due to increased demand, the Federal Council is raising the commitment framework from 14 to 16 billion francs. In early 2026, SERV also took over leadership of the Major Infrastructure Project mandate (GIP mandate) from SECO.

Persons

  • Federal Council (collegial body; decision-maker)

Topics

  • Export risk insurance
  • Swiss export economy
  • Federal finances
  • Major infrastructure projects

Clarus Lead

The capacity increase of SERV signals growing geopolitical uncertainty for Swiss exporters: with over 81 % utilization of the previous framework, demand for coverage has increased significantly. The assumption of the GIP mandate positions SERV as the central coordination point for "Team Switzerland Infrastructure" and expands its strategic role in export promotion. A planned partial revision of the Export Risk Insurance Act (public consultation from 2026) indicates structural adjustment needs.

Detailed Summary

In 2025, SERV approved a total of 588 insurance applications at a similar level to the previous year, but the volume of newly approved business (new exposure) increased significantly to approximately 4.3 billion francs. This increase results from two factors: individual major projects and increased hedging demand from the export economy in the current economic environment. The largest country engagement concentrates on Turkey with just over 1.4 billion francs; by sector, mechanical engineering dominates with over 2.3 billion francs.

SERV has a solid capital base of just over 3 billion francs and operates on a self-sustaining basis. The increase in the commitment framework from 14 to 16 billion francs is made without financial impact on the federal budget. At the same time, SERV took over leadership of the Major Infrastructure Project mandate (GIP mandate) from the State Secretariat for Economic Affairs (SECO) in early 2026. In 2025, it supported five major infrastructure projects with a total contract value of over 503 million francs, in which 47 Swiss sub-suppliers participated.

Key Messages

  • SERV records significant growth with 4.3 billion francs in new business; total stock grows 15 % to 11.4 billion francs
  • Federal Council increases commitment framework from 14 to 16 billion francs to meet increased demand in an uncertain environment
  • SERV assumes leadership of Major Infrastructure Project mandate and becomes central coordination point for "Team Switzerland Infrastructure"

Critical Questions

  1. Evidence/Data Quality: Which specific economic factors or geopolitical events in 2025 led to the 15 % increase in total exposure stock? Are sector or country default risks adequately reflected in risk modeling?

  2. Conflicts of Interest: How is SERV's independence ensured when prioritizing major infrastructure projects versus smaller exporters? Is there a conflict of interest between profitability and universal export promotion?

  3. Causality/Alternatives: Is the increase in the commitment framework to 16 billion francs the optimal response, or should alternative instruments (e.g., risk premiums, deductibles) be considered?

  4. Feasibility/Risks: What reinsurance strategies does SERV secure with a capacity increase of 2 billion francs? How robust is the capital base of 3 billion francs against multiple defaults in high-risk countries such as Turkey?

  5. Regulatory Changes: What specific legislative changes are expected in the planned partial revision of the SERVG (public consultation 2026)? How will these affect business operations?

  6. Major Projects Mandate: How will the new coordination function of "Team Switzerland Infrastructure" be operationally implemented? What resources and expertise does SERV need for this?

Source Index

Primary Source: 2025 Annual Report of the Swiss Export Risk Insurance SERV – www.serv-ch.com/gb | Federal Council Press Release, 01.04.2026

Verification Status: ✓ 01.04.2026

This text was created with the support of an AI model. Editorial responsibility: clarus.news | Fact-checking: 01.04.2026