Eco­nom­ic per­for­mance

18 November 2021

Providing insurance services to businesses and the general population is part of the core infrastructure of a healthy economy. The added value generated by the insurance industry contributes a relevant amount to the country’s gross domestic product.

Value creation by the Swiss insurance industry
Direct gross value created by insurance companies 2016 2017 2018 2019 2020
Life insurance 3,6 4,9 6,1 3,9 n/a
Non-life insurance 9,3 8,1 9,3 10,7 n/a
Reinsurance 7,9 7,5 6,5 6,4 n/a
Gross added value created by private insurers in CHF bn 20,8 20,4 21,9 21,0 n/a
           
Related services (e.g. brokerage) 3,1 3,0 3,0 3,9 n/a
Social insurances 5,6 5,8 6,5 6,0 n/a
Gross added value created by the insurance industry in CHF bn 29,4 29,2 31,5 30,8 28,6
Share of gross value added in Switzerland 4,6% 4,5% 4,6% 4,6% 4,2%

 

The economic significance of Swiss private insurers can also be measured based on their tax contributions. On the one hand, these companies pay taxes to the federal government, cantons and municipalities; on the other hand, the people working in the insurance industry contribute to the industry’s performance in the form of their income tax.

Fiscal effects of the insurance industry
Direct taxation in CHF billion 2016 2017 2018 2019 2020
Corporate taxes and employee income taxes 2,7 2,8 2,7 3,3 2,9

These data do not reflect VAT, withholding taxes and stamp duties
Source: BAK Economics / Polynomics / Federal Statistical Office