Sweden Life & Non-Life Insurance Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 5.23 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Sweden Life & Non-Life Insurance Market Analysis
The Sweden Life and non-life Insurance market Gross Written Premiums is 41.44 USD Billion in the current year and is expected to register a CAGR of 5.23% over the forecasted period
Swedish insurance companies owned financial assets of about USD 565 billion at the beginning of the year, 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. 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%.
Sweden Life & Non-Life Insurance Market Trends
Continuous Rise in Non-life Insurance Premiums Driving the Market
The non-life insurance premiums paid to insurance companies in Sweden increased continuously during the last ten years. The value was 6.14 billion ten years ago but increased to USD 9.64 billion in the current year. 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 the current year 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 the current year. Corporate and real property insurance and home and house owner 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 last year, a total of USD 1.68 billion were invested in 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.
Sweden Life & Non-Life Insurance Industry Overview
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.
Sweden Life & Non-Life Insurance Market Leaders
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Lansforsakringar
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If Skadeforsakring
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Folksam
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Trygg hansa
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Dina forsakringar
*Disclaimer: Major Players sorted in no particular order
Sweden Life & Non-Life Insurance Market News
- In December 2022, Verisk a leading global data analytics provider acquired Mavera, a Sweden-based InsurTech firm with a strong regional presence and established customer base for its personal injury claims management platform. Acquisition of Nordic personal injury market leader Mavera will support verisk's expansion in Continental Europe
- In April 2022, Insurtech company Insurely entered into a strategic partnership with Nordic bank SEB, through the collaboration, the two companies will work towards making the insurance industry more open and obvious.
Sweden Life & Non-Life Insurance Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Increase in Knowledge of consumer protection in Insurance products
- 4.2.2 Fintech and Digital Insurance tools driving the market
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4.3 Market Restraints
- 4.3.1 Decline Insurance penetration rate in Sweden
- 4.3.2 Rising competition led to emergence of diversified insurance products
- 4.4 Insights on Various Regulatory Landscape
- 4.5 Insights on impact of technology and innovation in the market
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4.6 Industry Attractiveness - Porters' Five Forces Analysis
- 4.6.1 Threat of New Entrants
- 4.6.2 Bargaining Power of Buyers
- 4.6.3 Bargaining Power of Suppliers
- 4.6.4 Threat of Substitutes
- 4.6.5 Intensity of Competitive Rivalry
- 4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
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5.1 By Type
- 5.1.1 Life insurance
- 5.1.1.1 Individual
- 5.1.1.2 Group
- 5.1.2 Non- life insurance
- 5.1.2.1 Motor
- 5.1.2.2 Home
- 5.1.2.3 Marine
- 5.1.2.4 Other insurance
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5.2 By Distribution channel
- 5.2.1 Direct
- 5.2.2 Agents
- 5.2.3 Banks
- 5.2.4 Other Distribution Channels
6. COMPETITIVE LANDSCAPE
- 6.1 Market Concetration Overview
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6.2 Company Profiles
- 6.2.1 Lansforsakringar
- 6.2.2 If Skadeforsakring
- 6.2.3 SEB Group
- 6.2.4 Folksam
- 6.2.5 Trygg hansa
- 6.2.6 Moderna forsakringar
- 6.2.7 Dina forsakringar
- 6.2.8 ICA forsakringar
- 6.2.9 Telia
- 6.2.10 Afa Forsakringar
- 6.2.11 Alecta*
- *List Not Exhaustive
7. MARKET FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
** Subject To AvailablitySweden Life & Non-Life Insurance Industry Segmentation
Life insurance provides a lump sum amount of sum assured at the time of maturity or in case of death of the policyholder. Non-life insurance policies offer financial protection to a person for health issues or losses due to damage to an asset. Sweden Life & Non-Life Insurance Market is segmented by insurance type (life insurance (individual and group), non-life insurance (motor, home, marine, and other non-life insurances)), and by distribution channel (direct, agency, banks, and other distribution channels). The report offers market size and forecast for the Sweden life & non-life insurance market in value (USD billion) for all the above segments.
| By Type | Life insurance | Individual |
| Group | ||
| By Type | Non- life insurance | Motor |
| Home | ||
| Marine | ||
| Other insurance | ||
| By Distribution channel | Direct | |
| Agents | ||
| Banks | ||
| Other Distribution Channels |
Sweden Life & Non-Life Insurance Market Research FAQs
What is the current Sweden Life & Non-Life Insurance Market size?
The Sweden Life & Non-Life Insurance Market is projected to register a CAGR of 5.23% during the forecast period (2024-2029)
Who are the key players in Sweden Life & Non-Life Insurance Market?
Lansforsakringar, If Skadeforsakring, Folksam, Trygg hansa and Dina forsakringar are the major companies operating in the Sweden Life & Non-Life Insurance Market.
What years does this Sweden Life & Non-Life Insurance Market cover?
The report covers the Sweden Life & Non-Life Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Sweden Life & Non-Life Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Sweden Life & Non-Life Insurance Industry Report
Statistics for the 2024 Sweden Life & Non-Life Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Sweden Life & Non-Life Insurance analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
