Market Insights Financial Insurances Non-life insurances

General Liability Insurance - Nordics

Nordics

The General Liability Insurance market market in the Nordics is projected to reach a gross written premium of US$1.87bn in 2024.
The average spending per capita in this market is estimated to be US$66.75 in the same year.
With an annual growth rate of 4.15%, the gross written premium is expected to increase to US$2.20bn by 2028.
In comparison to other countries, the United States is anticipated to generate the highest gross written premium of US$179.7bn in 2024.
In the Nordics, the General Liability Insurance market is experiencing a shift towards more comprehensive coverage options to address emerging risks.

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Analyst Opinion

The General Liability Insurance market in Nordics is experiencing steady growth and development. Customer preferences in the Nordics region show a strong inclination towards comprehensive coverage and personalized services. Customers prioritize insurance providers that offer tailored solutions to meet their specific needs and provide transparent communication throughout the insurance process. Trends in the market indicate a shift towards digitalization and the adoption of advanced technology in underwriting, claims processing, and customer service. Insurers in the Nordics are investing in digital platforms to enhance customer experience, improve operational efficiency, and offer innovative insurance products. Local special circumstances in the Nordics, such as the high standard of living, strict regulatory environment, and strong emphasis on sustainability, influence the General Liability Insurance market. Insurers in the region are adapting their offerings to align with local regulations and sustainability practices to cater to the environmentally conscious Nordic customer base. Underlying macroeconomic factors, including stable economic growth, low unemployment rates, and increasing awareness of risk management, contribute to the growth of the General Liability Insurance market in the Nordics. The stable economic environment provides opportunities for insurers to expand their customer base and introduce new insurance products to meet the evolving needs of businesses in the region.

Methodology

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.