Banks, insurance companies and pension funds in Switzerland employ some 200,000 full-time equivalent staff and generate around 9% of GDP. Switzerland is one of the world's leading financial centres. The financial sector also provides key services, including loans and other financial services, to businesses and individuals.
Banks and insurance companies
Insurance companies and banks are one of the cornerstones of the Swiss economy, generating around 9% of GDP. In 2022, the financial sector generated approximately CHF 69 billion in added value and employed around 218,000 full-time equivalent staff. The financial sector is export-driven, accounting for 23% of total services exports in 2021.
Global leader in cross-border wealth management
Switzerland is one of the most important financial centres in the world. At the end of 2022, the Swiss banking sector was the global leader in cross-border wealth management services, with a market share of 25%. In 2022, Swiss banks held CHF 7,847 billion in total assets under management, about half of which came from abroad.
There are 235 banks in Switzerland. In 2022, the two international banking giants UBS and Credit Suisse generated 40% of Swiss banks' total annual net turnover. In 2023, UBS acquired Credit Suisse. The remaining 60% of turnover was mainly derived from the 24 cantonal banks, international banks, Raiffeisen banks, stock exchange banks, regional banks, savings banks, and private banks. In addition to creating added value directly, Switzerland's diverse, regionally based banking sector provides key services, including loans and other financial services, to businesses and individuals.
Swiss insurance companies generate three quarters of their premiums abroad
Five broad categories of insurer operate in the Swiss insurance market: captive agents, life insurers, supplementary health insurance providers, reinsurance companies and non-life insurers. Non-life insurance is the largest segment. In 2021, Swiss insurance companies generated a total of CHF 225 billion in insurance premiums, about 76% of which came from abroad. The capital-intensive insurance industry makes a vital contribution to the economy both as taxpayer and investor: in 2021, investments from insurance companies in Switzerland totalled CHF 574 billion.
Of the 190 insurance companies in Switzerland, 6 are large groups. Zurich Insurance Group, one of the world's leading multi-line insurance companies, is Switzerland's largest private insurer, followed by Chubb, Swiss Re and Swiss Life.