The new BAK study shows: The financial sector remains a key driver of growth in Switzerland – and the insurance industry is once again the most productive and stable part of the system. Despite methodological adjustments in the national accounts, the analysis highlights the high value added, employment impact and fiscal importance of the sector.
The financial sector was also one of the most important pillars of the Swiss economy in 2024. Insurers and banks together generated gross value added of CHF 73.2 billion. 43 percent of this was attributable to insurance services. At CHF 489,900 per full-time job, the insurance sector confirmed itself as the most productive part of the financial industry, achieving a productivity factor of 2.6 higher than the overall economic average.
The study emphasizes that the insurance sector in particular has been able to achieve constant growth over two decades without any significant fluctuations. Non-life insurance makes the largest contribution to value creation. For Jan Schüpbach, Chief Economist of the Swiss Insurance Association SIA, it is clear that the sector acts as an anchor of stability for the Swiss economy.
New calculation methods influence comparability
As part of the 2025 revision of the national accounts, various methodological adjustments were made that change the retrospective assessment of value added. For example, fund costs, the definition of foreign branches and revised reinsurance data are now taken into account. These changes make a direct comparison with previous studies more difficult, but do not change the structural statement: the importance of insurers remains above average.
Jobs and tax power with high macroeconomic relevance
With 245,800 employees, the financial sector directly accounted for around 5.5% of all Swiss jobs in 2024. The trend is particularly dynamic among insurers, where employment has been steadily increasing since 2019. Zurich remains the largest financial labor market, followed by Geneva; in several cantons – including Lucerne, Basel-Stadt, Vaud and Bern – insurers employ more people than banks.
The sector also plays a significant role in fiscal terms: CHF 9.9 billion in tax revenue flowed to the federal government, cantons and municipalities in 2024. This means that more than one in eleven francs of tax revenue comes from income and profits from the financial sector.
Multiplier effects: Financial sector as a driver of the overall economy
In addition to direct value creation, the financial sector acts as an important client for other industries. Upstream services for IT, consulting or services along the value chains generate additional economic impetus. Added to this is the consumer power of employees.
These multiplier effects generated an additional CHF 38.7 billion in value added in 2024. In total, CHF 111.9 billion – or more than one in seven francs of value added – is attributable to activities in the financial sector. Similarly, for every job in the financial sector, on average one additional job is created in other sectors. In total, 523,700 jobs are directly or indirectly related to the financial sector.
Outlook: Insurers grow despite higher claims burden
Despite geopolitical uncertainties, the stock market year 2025 developed positively. Although BAK Economics is forecasting moderate overall economic growth of 1.1%, the demand for skilled workers remains high. An increase in employment of 0.4 percent is expected for the financial sector.
With growth of 1.8 percent in 2025, insurers are likely to expand significantly faster than the economy as a whole – despite an above-average claims burden. In the medium term, the authors of the study expect additional benefits from the economic upturn as well as population and economic growth. Real value added growth of 2.1% is forecast for 2026 and an average of 2.5% for 2027 to 2030. This means that the sector continues to be a reliable driver of employment.
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