Non-Life Insurance in Sweden, Key Trends and Opportunities to 2019
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The Swedish Financial Supervisory Authority, or Finansinspektionen (FI), operates under the Ministry of Finance, and is responsible for supervising insurers. Following a merger between the Private Insurance Supervisory Service and the Bank Inspection Board in 1991, the FI took over responsibility for insurance supervision. The FI is responsible for maintaining financial stability, regulating market behavior, combating illegal practices and protecting consumer interests. Insurance and reinsurance companies are obliged to provide information about their financial status to the FI, which can, at any time, conduct on-site inspections of insurers’ operations.
Non-life insurance was the second-largest segment of the Swedish insurance industry in 2014, accounting for 25.3% of the industry’s direct written premium. The non-life gross written premium rose from SEK83.9 billion (US$11.6 billion) in 2010 to SEK93.9 billion (US$13.7 billion) in 2014, at a review period (2010 to 2014) compound annual growth rate (CAGR) of 2.9%. This can be attributed to rises in construction activity and vehicle sales. The non-life gross written premium is expected to increase from SEK93.9 billion (US$13.7 billion) in 2014 to SEK116.6 billion (US$14.9 billion) in 2019, at a forecast period CAGR of 4.4%.
Scope
• An analysis of the key trends, drivers and challenges for the non-life insurance segment in Sweden
• An examination of the various distribution channels
• A detailed overview of the competitive landscape in the non-life insurance segment
• The key regulatory policies affecting the Swedish non-life insurance industry
• An exhaustive list of parameters in the non-life insurance industry in Sweden, including: written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions
• Profiles of the leading non-life insurance companies in Sweden and an outline of the key regulations affecting them
• A detailed analysis of the key categories in the non-life insurance segment, and market forecasts to 2019
• Historical values for the Swedish non-life insurance segment for the report’s 2010 to 2014 review period, with projected figures up to 2019
• The non-life insurance segment’s outlook by product category
• A comprehensive overview of the Swedish economy and associated demographics
• A comparison of the Swedish insurance industry with its regional counterparts
• Detailed analysis of natural hazards and their impact on the Swedish insurance industry
Key Highlights
What was the second-largest non-life category in 2014? What percentage of the total direct written premium did this account for in the same year?
Which category of insurance is solely provided by private insurers on a voluntary basis? What is the key driver behind this?
What is an integral part of insurance distribution in Sweden?
Which new regulatory framework came into force on January 1, 2016?
Reasons to Buy
• Make strategic business decisions in the Swedish non-life insurance segment utilizing GlobalData’s in-depth historic and forecast market data
• Evaluate competitor performance and assess potential areas for growth
• Analyze the growth opportunities in key product categories and better position yourself maximize your return on investment
• Investigate key regulations governing the Swedish insurance industry and their potential impact on the industry’s future, to ensure you remain compliant
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