General Liability Insurance - Sweden

The General Liability Insurance market market in Sweden is expected to reach a market size (gross written premium) of US$397.40m in 2024.
The average spending per capita in the General Liability Insurance market market is projected to amount to US$37.23 in the same year.
Looking ahead, the gross written premium is anticipated to have an annual growth rate (CAGR 2024-2029) of 2.78%, resulting in a market volume of US$455.80m by 2029.
It is worth noting that in a global comparison, the United States is predicted to generate the highest gross written premium with US$178.4bn in 2024.
The General Liability Insurance market in Sweden is experiencing an increase in demand due to the country's strict regulations and high focus on risk management.

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 Sweden has been experiencing notable developments and trends in recent years. Customer preferences in the General Liability Insurance market in Sweden are shifting towards more comprehensive coverage options that provide protection against a wide range of risks. Customers are increasingly looking for tailored insurance solutions that address their specific needs and offer greater peace of mind. This trend mirrors the global market, where consumers are seeking more personalized and flexible insurance products. Trends in the market indicate a growing demand for General Liability Insurance in Sweden, driven by the increasing awareness among businesses about the importance of mitigating risks. With the evolving regulatory landscape and the rise of litigation cases, companies are recognizing the need for robust liability coverage to safeguard their operations and assets. As a result, insurance providers are expanding their product offerings and enhancing their services to cater to this growing demand. Local special circumstances in Sweden, such as the high level of digitalization and technological advancements, are influencing the General Liability Insurance market. The country's strong emphasis on innovation and sustainability is prompting insurance companies to develop new digital platforms and tools to streamline processes and improve customer experience. Additionally, the presence of stringent regulations and quality standards in Sweden is shaping the insurance landscape and driving insurers to uphold high levels of service and compliance. Underlying macroeconomic factors, including the stable economic growth and low interest rates in Sweden, are also contributing to the developments in the General Liability Insurance market. The favorable economic conditions are supporting business expansion and investment activities, leading to an increased demand for liability insurance among companies. Moreover, the low interest rate environment is prompting insurers to explore new strategies for managing risks and optimizing their portfolios in order to maintain profitability in the market.

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.