Insurance to Overtake Banking in Switzerland
Saturday, 05 13 2017, Category: Insurance and Reinsurance, Country: Switzerland
The Alpine country’s less fashionable insurers, long overshadowed by glamorous private banks around Zurich’s posh Paradeplatz and Lake Geneva, are on course to surpass banks as a bigger contributor to the Swiss economy for the first time since 1993.
Insurance will overtake financial services as a proportion of Switzerland’s 650 billion Swiss franc ($649 billion) economy in 2018 based on the average growth rate of the past decade, according to Reuters calculations.
It underscores banks’ waning power in the aftermath of the financial crisis as well as the damaging impact of a global crackdown on tax evasion, which has eroded the importance of Switzerland’s bank secrecy laws.
Source: Insurance Journal