Financial sector – growth despite major challenges
By request of the Swiss Bankers Association (SBA) and the Swiss Insurance Association (SVV) Polyomics conducted a study on value creation by the banks and insurance companies in Switzerland. The study shows the direct and indirect impact of the financial sector regarding value creation and employment.
The Swiss financial sector currently navigates in choppy waters. Negative interest rates, ever increasing regulation, digitisation and steadily intensifying competition are major challenges for banks and insurers alike. Nevertheless, the added value generated by the Swiss financial sector amounted to CHF 60 billion or 9.2% of the 2017 total gross value created in the country. Half of this stems from the insurance industry with its roughly 71,000 employees.
