Non-life insurances - Nordics

Nordics

The Non-life insurances market market in the Nordics is projected to reach a market size (gross written premium) of US$28.36bn in 2024.
In the same year, the average spending per capita in the Non-life insurances market market is estimated to amount to US$1,011.00.
Looking ahead, the gross written premium is expected to exhibit an annual growth rate (CAGR 2024-2029) of 2.03%, resulting in a market volume of US$31.36bn by 2029.
When compared globally, the United States is projected to generate the highest gross written premium of US$2,500.0bn in 2024.
In the Nordics, the non-life insurance market is experiencing a surge in demand due to increased awareness about the importance of insurance coverage.

Market

Region

Region comparison

Currency

Analyst Opinion

The Non-life insurances market in Nordics has been experiencing significant growth and development in recent years. Customer preferences in the Nordics region are shifting towards more comprehensive and personalized non-life insurance products. Customers are increasingly looking for policies that offer a wide range of coverage options tailored to their specific needs and preferences. This trend is driving insurance companies in the region to innovate and offer more flexible and customizable insurance solutions to meet the evolving demands of their customer base. Trends in the market indicate a growing focus on digitalization and technology integration in the non-life insurance sector in the Nordics. Insurers are investing in digital platforms and tools to enhance customer experience, streamline processes, and improve operational efficiency. Additionally, there is a noticeable trend towards sustainable and environmentally friendly insurance products, reflecting the region's strong emphasis on sustainability and corporate social responsibility. Local special circumstances in the Nordics, such as the high level of trust in insurance companies and the well-established welfare systems in the region, contribute to the positive growth trajectory of the non-life insurance market. The stable political and economic environment, as well as the high standard of living, create a conducive market landscape for insurance companies to thrive and expand their operations in the Nordics. Underlying macroeconomic factors, including the region's strong economic performance, low unemployment rates, and high disposable income levels, are also driving the growth of the non-life insurance market in the Nordics. The stable economic conditions and favorable regulatory environment provide insurance companies with opportunities for growth and innovation, further fueling the development of the market 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.