Financial centre: banks and insurance companies
Switzerland is one of the leading, most stable and competitive financial centres in the world. Over one fifth of the world's cross-border assets are managed by banks in Switzerland. Switzerland is also one of the most important centres for insurance and reinsurance and is a leader in transaction financing. The financial sector is therefore of great importance to the Swiss economy.
The Swiss financial centre is largely based in two cities with an international reputation – Zurich and Geneva – with Lugano being the third most important location. Banks and insurance companies are cornerstones of the economy, generating around 9% of gross domestic product and employing well over 200,000 people.
As one of the world's largest and most important financial centres, the Swiss financial sector is also among the best regulated and supervised. Switzerland implements international standards in relation to tax matters, the fight against money laundering and terrorist financing, and financial market stability. At the same time, it creates the regulatory framework that enables the financial centre to offer high-quality products and services and to be innovative.
Banking and insurance sector
The Swiss banking sector is a global leader in cross-border asset management. In 2024, Swiss banks held CHF 9.284 trillion in total assets under management, about half of which came from abroad. There are around 230 banks in Switzerland, over 80 of which are foreign-owned. The major international bank UBS – which acquired Credit Suisse in 2023 – held around 40% of the total assets of all banks in Switzerland. The remaining 60% was mainly held by the 24 cantonal banks, foreign 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.
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. Insurance companies generate a premium volume of over CHF 150 billion per year. The capital-intensive insurance industry makes a vital contribution to the economy both as taxpayer and investor: investments from insurance companies in Switzerland add up to over CHF 500 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.
Financial market policy
The Federal Council's financial market policy is aimed at strengthening the Swiss financial centre in the long term and securing its role as a globally competitive, stable and innovative hub. To this end, it creates reliable, internationally recognised framework conditions and focuses on stability, transparency and compliance with international standards. The pursuit of this strategy entails prioritising the regulation of systemically important banks, the promotion of digitalisation and sustainability, and the improvement of market access.
Digitalisation, fintech and new technologies
The Swiss financial centre is one of the world's leading locations for innovation in the financial sector. Banks, insurers and fintechs are driving digitalisation, for example through the use of AI, data-based processes and modern online services. Switzerland is home to over 500 fintech companies and a strong blockchain ecosystem centred around Zug's Crypto Valley. They benefit from an innovation-friendly and technology-neutral regulatory framework.
Sustainable finance
The Swiss financial centre is systematically developing itself into a leading international centre for sustainable financial services. The federal government has established a market- and principles-based framework and promotes transparency, for example through the climate reporting that has been mandatory for large companies, banks and insurers since 2024. With its measures, the financial centre is increasingly focusing on the integration of climate and environmental risks, the avoidance of greenwashing and the promotion of innovative solutions such as impact investments and green fintech. Switzerland is thus making a major contribution to the global transition towards a low-emissions and resilient economy. Swiss cities rank at the top of the Global Green Finance Index: in 2025, Zurich ranked first, while Geneva followed in fourth place.