Sweden Life & Non-Life Insurance Market – Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Sweden Life & Non-Life Insurance Market – Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The Sweden Life & Non-Life Insurance market is expected to reach USD XX billion, registering a CAGR of 5.23% over the next five years.

Swedish insurance companies owned financial assets of about USD 565 billion at the beginning of 2021, which is more than Sweden’s GDP, most of the capital approximately 90% is managed by life insurance companies, while the rest is managed by non-life insurance companies. The reason behind life insurance companies has large assets and that these have grown over a long period is because paid-in premiums are managed and generated good returns.

During the Pandemic total return on assets managed by Swedish life insurance companies amounted to 4.9%, lower than the average annual total return in the past ten years. In Sweden, liability motor insurance is mandatory for every registered car, and most car owners also buy insurance for vehicle damage, the largest amount of the aggregated non-life insurance premium income in the country comes from motor vehicle insurance amounting to USD 1.21 billion followed by home and private residence insurance with USD 0.86 billion.

In terms of premium income, the largest non-life insurance company in Sweden was Lansforsakringar in late 2020. Lansforsakringar was the third largest within the life insurance market with a market share of nearly 30 % during that period, whereas Folksam had a market share of approximately 16%.

Key Market TrendsContinuous Rise in Non-life Insurance Premiums Driving the Market

The non-life insurance premiums paid to insurance companies in Sweden increased continuously during the period from 2010 to 2020. The value was 6.14 billion in 2010 but increased to USD 9.64 billion in 2020. Some life insurance companies also offer non-life insurance, mainly in the form of sickness, accident, and healthcare insurance, just over 4% of USD 0.38 billion of premium income for non-life insurance policies in 2020 went to life insurance companies.

Motor insurance is the largest segment in the non-life insurance market followed by corporate and real property insurance, then home insurance. Premium income for motor third-party liability and motor vehicle insurance constituted more than one-third of the non-life insurance companies’ premium income in 2020. Corporate and real property insurance and home and houseowner insurance each accounted for about one-fifth (USD 2.06 billion and USD 1.83 billion respectively) of premium income for non-life insurance companies.

Surging Investments in InsurTech Companies in Sweden

The volume of fintech investment in Sweden increased steadily since 2019. Millennial consumers are emerging as a key demographic in the insurance market, and companies that are building a business catering specifically to their needs and priorities are announcing a round of funding to fuel their growth. As of the first half of 2021, a total of USD 1.68 billion were invested into fintech firms in Sweden. Stockholm-based companies accounted for most of the funding.

Insurely, an open insurance platform raised USD 20.21 million and Insurello raised USD 15.56 million, this investment round was led by Nordstjernan Growth, with participation from existing investors Schibsted and Inventure. Hedvig, a neo-insurer that provides property, travel, content, and accident insurance geared to the lifestyles of younger adults has raised USD 45 million in a Series B round of funding.

Competitive Landscape

The report covers major players operating in Sweden's Life & non-life insurance Market. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and service innovation, domestic to international companies are increasing their market presence by securing new contracts and tapping new markets. It has major players including Lansforsakringar, If Skadeforsakring, SEB Group, Folksam, and Trygg hansa.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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