Sweden Life Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2028

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Sweden Life Insurance Market Report Overview

The gross written premium of the Sweden life insurance market was SEK486.2 billion ($45.8 billion) in 2023 and is expected to achieve a CAGR of more than 9% during 2024-2028. The Sweden life insurance market research report provides an in-depth market analysis, including insights into the lines of business in the country’s life insurance industry. Furthermore, the report provides a detailed outlook by product category as well as values for key performance indicators, including direct written premium, penetration, and premium ceded and cession rates for the review and forecast periods.

Sweden Life Insurance Market Outlook, 2023-2028 (SEK Billion)

Sweden Life Insurance Market Outlook, 2023-2028 (SEK Billion)

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The Sweden life insurance market report also analyzes distribution channels operating in the segment and gives a comprehensive overview of the Swedish economy and demographics. It further evaluates the competitive landscape in the country, which entails segment dynamics, competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.

Market Size (2023) SEK486.2 billion ($45.8 billion)
CAGR (2024-2028) >9%
Forecast Period 2024-2028
Historical Period 2019-2023
Key Lines of Business ·       Pension

·       Endowment

·       Life PA&H

Key Distribution Channels ·       E-commerce

·       Insurance Brokers

·       Bancassurance

·       Direct Marketing

Leading Companies ·       Alecta Pension

·       Avanza Pension

·       Futur Pension

·       Swedbank

·       Nordea Life

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Sweden Life Insurance Market Trends

Digital initiatives and inflation are the recurring trends in the Swedish life insurance market. Furthermore, awareness about mental health and ESG initiatives will also propel the life insurance market demand in Sweden.

  • Inflation is a trending topic in Sweden as the government has taken several measures to reduce fuel taxes and energy prices which has a direct impact on the pricing of goods and services. The service costs remain high in the country. The rise in medical or healthcare-related costs enabled an increase in premiums in the personal accident and health (PA&H) LoB.
  • Various Swedish insurance providers are launching innovative digital initiatives in collaboration with insurtech companies. For instance, in March 2024, Swedbank selected Akur8’s artificial intelligence (AI)–driven platform to enhance its insurance pricing procedures. The platform’s machine learning technology enables faster and more informed pricing decisions, resulting in enhanced predictive accuracy and responsiveness to market dynamics.

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Sweden Life Insurance Market Segmentation by Lines of Business

Pension accounted for the highest Sweden life insurance market share in 2023

The key lines of business in the Swedish life insurance industry are pension, endowment, life PA&H, and other life insurance. The primary savings plans provided by Swedish life insurers are through private endowment, private pension, and occupational pension insurance. Employees in the public and commercial sectors can receive pension benefits through occupational pension plans. In Sweden, almost 90% of workers are protected by collectively bargained insurance coverage for which the employer foots the bill. Furthermore, the growth of pensions was supported by an increase in selection centers mediating the premium from employers to insurers.

Sweden Life Insurance Market Analysis by Lines of Business, 2023 (%)

Sweden Life Insurance Market Analysis by Lines of Business, 2023 (%)

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Sweden Life Insurance Market Segmentation by Distribution Channels

In 2023, e-commerce was the leading distribution channel in Sweden’s life insurance market

A few of the key distribution channels in the Swedish life insurance industry are e-commerce, insurance brokers, bancassurance, and direct marketing among others. Insurance brokers and bancassurance followed the lead and contributed to significant life insurance market sales.

Sweden Life Insurance Market Analysis by Distribution Channels, 2023 (%)

Sweden Life Insurance Market Analysis by Distribution Channels, 2023 (%)

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Sweden Life Insurance Market - Competitive Landscape

Alecta accounted for the highest share of the Sweden life insurance market in 2023.

A few of the leading life insurance companies in Sweden are:

  • Alecta Pension
  • Avanza Pension
  • Nordea Life
  • Futur Pension
  • Swedbank

Sweden Life Insurance Market Analysis by Companies, 2023 (%)

Sweden Life Insurance Market Analysis by Companies, 2023 (%)

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Sweden Life Insurance Market - Latest Developments

  • In March 2023, the Government of Sweden announced a requirement for the Swedish Pensions Agency to contribute 10% of its state pension savings to invest in companies that align with ESG standards. Around SEK954.8 billion ($90 billion) was invested in varied funds by such companies.
  • In November 2023, Bolttech announced a new partnership with European telecommunications companies (telcos) to offer device protection solutions to customers. The partnership aims to provide customers with access to device insurance embedded within the existing customer journey of mobile operators.

Segments Covered in the Report

Sweden Life Insurance Lines of Business Outlook (Value, SEK Billion, 2019-2028)

  • Pension
  • Endowment
  • Life PA&H
  • Others

Sweden Life Insurance Distribution Channel Outlook (Value, SEK Billion, 2019-2028)

  • E-commerce
  • Insurance Brokers
  • Bancassurance
  • Direct Marketing
  • Other Distribution Channels

Scope

  • Get a comprehensive analysis of the life insurance segment in Sweden.

  • Get historical values for the Sweden life insurance segment for the report’s review period and projected figures for the forecast period.
  • Analyze profiles of the top life insurance companies in Sweden and outline the key regulations affecting them.

Key Highlights

  • Key insights and dynamics of Sweden’s life insurance segment.
  • A comprehensive overview of Sweden’s economy, government initiatives, and investment opportunities.
  • Sweden’s insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
  • Sweden’s life insurance segment’s market structure gives details of lines of business.
  • Sweden’s life reinsurance business’s market structure gives details of premium ceded along with cession rates.
  • Distribution channels deployed by Sweden’s life insurers.
  • Details of the competitive landscape and competitors’ profiles.

Reasons to Buy

  • Make strategic business decisions using in-depth historical and forecast market data related to Sweden’s life insurance segment.
  • Understand the demand-side dynamics, key market trends, and growth opportunities in Sweden’s life insurance segment.
  • Assess the competitive dynamics in the life insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.

Alecta Pension
Avanza Pension
Skandia
Nordea Life
Futur Pension
Swedbank
AMF Pension
Handelsbanken Liv

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Trends and KPIs

Line of Business

Distribution Channel

Competitive Landscape

Deals and Jobs

Company Profiles

Appendix

Frequently asked questions

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