Life insurance - Sweden | Statista Market Forecast

The Life insurance market market in Sweden is expected to witness significant growth in the upcoming years.
According to projections, the market size, measured by the gross written premium, is estimated to reach US$60.35bn in 2024.
Additionally, the average spending per capita in the Life insurance market market is anticipated to amount to US$5.65k in the same year.
Looking ahead, the Life insurance market market in Sweden is expected to continue its positive trajectory.
With an annual growth rate (CAGR 2024-2029) of 4.99%, the gross written premium is forecasted to reach US$76.98bn by 2029.
In a global comparison, it is worth noting that the United States is projected to generate the highest gross written premium in the Life insurance market market.
In 2024, it is estimated to reach a staggering US$1.3tn.
These numbers highlight the significant potential and importance of the Life insurance market market in Sweden, as well as its global standing in comparison to other countries.
In Sweden, the life insurance market is experiencing a shift towards personalized policies that cater to individual needs and preferences.

Definition:

Life insurance is a type of financial product that provides financial security for individuals and their families. In simple terms, when you buy a life insurance policy, you pay regular premiums to the insurance company. In return, if you were to pass away while the policy is in effect, your designated beneficiaries receive a lump sum payment, known as the death benefit, which can help them cover living expenses and financial needs. Life insurance is designed to provide peace of mind and support for loved ones in the event of the policyholder's death. Gross written premium (GWP) is the main indicator of the insurance market. It is the total amount of money that an insurance company collects from policyholders for their insurance coverage before deducting expenses or commissions.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, loss ratio – calculated as gross claim payments divided by gross written premium, and the share of insureds in the total population for over 50 countries.

Death benefit insurance
Endowment insurance
Disability insurance
Dowry insurance
Birth insurance
Term life insurance
Whole life insurance
Universal life insurance
Burial insurance
Other types of life insurance

Health Insurance
All non-life insurance types
Reinsurance

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.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

The biggest life insurance market globally is the United States, and it was almost twice as large as the second-biggest market, China. People take out life insurance to financially support their loved ones after their death. The payout is often used to cover funeral expenses, replace income earned by the deceased, or pay for children's education. It can be paid out in a lump sum or as an annuity, which is paid in regular installments for either a specified time or for the lifetime of the beneficiary. In 2022, the United States was the leading life insurance premium writing country, with a total value of life direct premiums written exceeding 600 billion U.S. dollars. The second and third-largest life insurance markets were China and the United Kingdom, respectively.