Credit insurer Allianz Trade expects around 15,000 corporate bankruptcies in Switzerland in 2026, according to its insolvency report published on 27 October 2026. This would be an all-time record for bankruptcies in Switzerland: more than double the 2022 figure and around three times the average before the Covid-19 pandemic. The new insolvency law, in force since 2025, accounts for much of this increase.
Bankruptcies in Switzerland: a forecast, not yet a fact
The figure of 15,000 is a projection for the whole of 2026, not a count. Allianz Trade sees it as the sixth consecutive rise in corporate bankruptcies in Switzerland. The previous years had therefore already shown an increase, according to the insurer.
For 2027 and 2028, Allianz Trade expects a stabilisation, but at the new, high level. The insurer is therefore not forecasting a return to pre-2025 figures. 2clics was already following the rise in bankruptcies in Switzerland over the course of 2026.
| Period | Type of figure | Corporate bankruptcies in Switzerland |
|---|---|---|
| Pre-pandemic average | Actual | Around one third of the level forecast for 2026 |
| 2022 | Actual | Less than half of the level forecast for 2026 |
| 2026 | Forecast | Around 15,000, an all-time record |
| 2027 and 2028 | Forecast | Stabilisation at the new high level |
How much is down to the new insolvency law?
The new insolvency law weighs heavily in this total, according to Allianz Trade. "The new insolvency law is largely responsible for the high number of insolvencies," says Jan Möllmann, CEO of Allianz Trade in Switzerland. In his view, the law leads to a mechanical increase in the number of proceedings opened against companies.
This detail changes how the record should be read. According to swissinfo.ch, the "unprecedented" wave of bankruptcies is only partly explained by the economic and financial difficulties of companies. Part of the increase is therefore due to the procedure itself.
Two readings of the same indicator thus coexist. The number of bankruptcies reflects real pressure on some companies. It also reflects a change in the rules in 2025. Comparisons with 2022 or with the pre-pandemic period therefore mix these two effects.
Which economic factors are weighing on companies?
Allianz Trade cites several sources of pressure on Swiss companies:
- weaker economic growth than expected;
- high energy costs;
- persistently higher interest rates;
- a growing number of active companies, which intensifies competition.
This last factor mainly affects young companies, which are financially less robust, according to the study. For the economic context, 2clics has also covered the growth of the Swiss economy in 2026.
How are bankruptcies developing worldwide?
Corporate bankruptcies are also rising globally, according to Allianz Trade. The insurer places the turning point in 2028: the peak, pushed back by one year, would be followed by a slight decline.
- 2025: 6% rise in corporate bankruptcies worldwide (actual);
- 2026: 5% rise (forecast);
- 2027: a further 1% rise (forecast), making a fifth consecutive year of increases;
- 2028: a slight 1% decline (forecast).
The jobs at risk run into the millions. Around 2.7 million jobs would be directly threatened by bankruptcies worldwide in 2026 and 2027, 180,000 more than in 2025. Europe accounts for nearly 60% of them, or 1.6 million. France, Germany and the United Kingdom are the hardest hit. North America has 650,000 jobs at risk.
Artificial intelligence (AI) is not, at this stage, a general driver of bankruptcies, according to the analysis. It could, however, speed up the shake-out in small, poorly diversified markets. Companies that adopt it early gain an advantage over latecomers. This part of the analysis covers eight European Union economies and nine sectors.
What this means for a Swiss SME
For an SME, the risk also comes from its business partners. A customer's bankruptcy can leave invoices unpaid. A supplier's bankruptcy can interrupt deliveries. With a forecast of 15,000 cases, this risk concerns more companies than in 2022.
Certain profiles deserve closer attention, according to the study:
- young companies, more vulnerable to increased competition;
- construction, retail and services, cited as the sectors most exposed internationally;
- indebted companies, whose margins are squeezed by the cost of financing.
The burden of interest rates remains tangible. In Western Europe, a one-point rise in bank lending rates would cost companies 6 to 10 billion euros in additional interest, according to Allianz Trade. The mechanical share of the increase is also a reminder that a record number of proceedings does not mean a crisis of the same magnitude in every sector.
What we do not know yet
- The breakdown of forecast bankruptcies in Switzerland by sector is not yet known.
- Nor is the breakdown by canton or region.
- The exact share of the increase due to the new insolvency law has not been quantified.
- The number of jobs at risk in Switzerland has not been specified.
- The actual number of bankruptcies in 2026 will only be established after the end of the year.
