General Liability Insurance - Iceland

The General Liability Insurance market market in Iceland is projected to reach a market size (gross written premium) of US$43.85m in 2024.
The average spending per capita in the General Liability Insurance market market is estimated to be US$116.10 in 2024.
The gross written premium is expected to show an annual growth rate (CAGR 2024-2029) of 3.26%, resulting in a market volume of US$51.48m by 2029.
In global comparison, the United States is expected to generate the highest gross written premium, with an estimated value of US$178.4bn in 2024.
Iceland's General Liability Insurance market is witnessing increased demand due to the country's growing tourism industry.

Definition:

General liability insurance is a type of coverage that offers protection to businesses and individuals against financial losses resulting from third-party claims of bodily injury, property damage, or personal injury. When you have general liability insurance, you pay regular premiums to an insurer, and in return, the insurer helps cover legal costs, settlements, and damages if you or your business are found liable for causing harm to others. This insurance is vital for shielding individuals and businesses from the financial repercussions of legal claims and liabilities arising from accidents or incidents that occur on their premises or as a result of their actions.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, and the share of insureds in the total population for over 50 countries.

Liability insurance booked for individuals and businesses

Motor vehicles liability
Aircraft liability
Liability for ships
Reinsurance

The General Liability Insurance market in Iceland has been experiencing significant growth and development in recent years. Customer preferences in Iceland are shifting towards more comprehensive and tailored General Liability Insurance coverage, as businesses seek to protect themselves from a wide range of potential risks and liabilities. This trend mirrors the global market, where businesses are increasingly recognizing the importance of robust liability insurance policies. Trends in the Icelandic market show a growing demand for General Liability Insurance products that offer coverage for emerging risks such as cyber liability and environmental liability. This reflects a broader trend in the insurance industry, where insurers are expanding their product offerings to address evolving business needs. Local special circumstances in Iceland, such as its unique geographical location and exposure to natural disasters, are driving the demand for specialized General Liability Insurance products. Businesses in Iceland are increasingly looking for insurance coverage that can protect them against specific risks that are prevalent in the region. Underlying macroeconomic factors, such as Iceland's stable economic growth and increasing foreign investment, are also contributing to the development of the General Liability Insurance market. As the economy continues to expand, businesses are recognizing the need for comprehensive insurance coverage to safeguard their operations and assets. Overall, the General Liability Insurance market in Iceland is evolving to meet the changing needs of businesses in the region, with a focus on comprehensive coverage, specialized products, and tailored solutions to address specific risks and liabilities.

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.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.