Market Size of Sweden Life & Non-Life Insurance Industry
| 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 |
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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 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.
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Sweden Life & Non-Life Insurance Market Size Summary
The Sweden life and non-life insurance market is characterized by a significant volume of gross written premiums, with life insurance companies managing the majority of financial assets due to their long-term growth and returns on paid-in premiums. The non-life insurance sector is predominantly driven by motor vehicle insurance, which constitutes a substantial portion of the premium income, followed by corporate, real property, and home insurance. The market is witnessing a steady increase in non-life insurance premiums, reflecting a robust demand for various insurance products. Key players such as Lansforsakringar and Folksam hold substantial market shares, with Lansforsakringar being a leading company in both life and non-life segments.
The insurance market in Sweden is also experiencing a surge in fintech investments, particularly targeting millennial consumers. Companies like Insurely and Hedvig are leveraging this trend to cater to younger demographics, securing significant funding to enhance their offerings. The market is becoming increasingly competitive with technological advancements and service innovations, attracting both domestic and international players. Strategic partnerships and acquisitions, such as Verisk's acquisition of Mavera and Insurely's collaboration with SEB, are further shaping the landscape, aiming to expand market presence and improve service delivery in the region.
Sweden Life & Non-Life Insurance Market Size - Table of Contents
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1. MARKET DYNAMICS AND INSIGHTS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increase in Knowledge of consumer protection in Insurance products
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1.2.2 Fintech and Digital Insurance tools driving the market
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1.3 Market Restraints
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1.3.1 Decline Insurance penetration rate in Sweden
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1.3.2 Rising competition led to emergence of diversified insurance products
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1.4 Insights on Various Regulatory Landscape
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1.5 Insights on impact of technology and innovation in the market
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1.6 Industry Attractiveness - Porters' Five Forces Analysis
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1.6.1 Threat of New Entrants
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1.6.2 Bargaining Power of Buyers
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1.6.3 Bargaining Power of Suppliers
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1.6.4 Threat of Substitutes
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1.6.5 Intensity of Competitive Rivalry
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1.7 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Type
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2.1.1 Life insurance
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2.1.1.1 Individual
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2.1.1.2 Group
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2.1.2 Non- life insurance
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2.1.2.1 Motor
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2.1.2.2 Home
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2.1.2.3 Marine
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2.1.2.4 Other insurance
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2.2 By Distribution channel
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2.2.1 Direct
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2.2.2 Agents
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2.2.3 Banks
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2.2.4 Other Distribution Channels
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Sweden Life & Non-Life Insurance Market Size 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.
