Swiss private insurers and their employees pay CHF 2.7 billion in direct taxes per year. Their indirect tax payments amount to CHF 1.7 billion. The canton of Zurich also profits from its status as a reinsurance hub.
The economic standing of the Swiss private insurance industry can be measured by their contribution to the country’s tax revenue. In 2016, they generated CHF 2.7 billion in tax payments to the Confederation, the cantons and minicipalities – money that can be invested for the common good to finance schools, roadworks and other public services.
Combined with indirect tax payments such as value-added tax and stamp duties, fiscal revenues from the insurance industry amounted to CHF 4.4 billion or 3.2% of the state’s (Confederation, cantons and municipalities) total fiscal revenue.
Insurance companies are headquartered throughout the country in various cantons, cities and municipalities. The canton of Zurich is has become a proper insurance hub – namely for reinsurers.
A solid, viable framework for the insurance industry is therefore in the interest of the entire Swiss economy.