Sweden, known for its high standard of living and welfare system, has a well-developed life insurance market that reflects the country's focus on financial security and stability.
Customer preferences: Swedish customers tend to prioritize long-term financial planning and security, making life insurance a popular choice. The preference for comprehensive coverage and stable returns drives the demand for various life insurance products in the market.
Trends in the market: One notable trend in the Swedish life insurance market is the increasing popularity of unit-linked insurance products. These products offer flexibility and investment opportunities, appealing to customers looking for potential returns on their premiums. Additionally, there is a growing interest in sustainable and socially responsible insurance options, aligning with Sweden's strong focus on environmental and social issues.
Local special circumstances: Sweden's unique social welfare system, which provides a safety net for its citizens, influences the life insurance market. While the state offers comprehensive social benefits, many Swedes still opt for private life insurance to supplement their coverage and ensure additional financial security for themselves and their families.
Underlying macroeconomic factors: The stability of the Swedish economy and low interest rates play a significant role in shaping the life insurance market. Low interest rates may encourage individuals to seek alternative ways to grow their savings, such as through investment-linked insurance products. Economic stability also fosters confidence among consumers, encouraging them to invest in long-term financial planning through life insurance policies.
Data coverage:
Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.Modeling approach / Market size:
Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.
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