Insurers – a pillar of the Swiss economy
The insurance sector is one of Switzerland’s largest and most productive industries. The Swiss insurance industry embodies safety, trust and reliability – and has been doing so for over 150 years. Insurers free up policyholder resources, they pave the way for economic and societal innovation and development.
The Swiss insurance industry has chosen a solid and successful path. Their strength and stability have been demonstrated beyond doubt during the 2007/2008 financial crisis. It accounts for some 4.6% of the total value created by the Swiss economy and for some 50% of the total value created by the Swiss financial sector, a performance which is comparable to that of the Swiss banks. By productivity, the Swiss insurers even rank first and constitute an important mainspring of the Swiss economy:
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Insurance companies employ over 46,000 people and offering 2,000 apprenticeships;
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Insurers provide the markets with liquidity, thereby helping to stabilise the financial system;
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Insurance companies provide services for companies and individuals, contributing to their safety and enabling them to focus on other goals.
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Insurers are major investors and significant taxpayers.
Safety and well-being
Safe conditions are a prerequisite for people to thrive and act successfully. Both individuals and companies therefore have a pronounced need to transfer risk to insurance companies and to take out coverage for extraordinary costs or losses in case a risk materialises. Solid insurance coverage is one of the key factors determining private consumer spending.
Safety for business ventures
Insurance it one of the foundations working economies and markets rely on. Companies are able to free up capital by transferring their business or operative risks to external partners. Reinvested, the capital enables them to grow their business and create added value. Unlike bank loans, which are limited to putting additional means at the disposal of entrepreneurs, insurance coverage offers both financial means and protection against business risks.
