Private insurers annually contribute CHF 2 billion in taxes
Swiss private insurers and their employees pay CHF 2 billion in direct taxes per year. 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 2022, they generated CHF 2 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 (Source: BAK Economics, Study on the importance of the Swiss financial sector, 2023.
Combined with indirect tax payments such as value-added tax and stamp duties, fiscal revenues from the insurance industry amounted to more than CHF 4 billion or 3% 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.
