The Non-life insurances market in Northern Europe is experiencing a significant growth trajectory.
Customer preferences: Customers in Northern Europe are increasingly seeking non-life insurance products that offer comprehensive coverage and innovative features. They prioritize insurers that provide personalized services, convenient digital platforms, and quick claims processing. Additionally, there is a rising demand for sustainable and environmentally friendly insurance options in line with the region's focus on sustainability.
Trends in the market: In Sweden, there is a growing trend towards digitalization and InsurTech solutions, leading to an increase in online insurance purchases and policy management. Norway is witnessing a shift towards value-added services bundled with insurance products to enhance customer loyalty. Denmark is experiencing a rise in demand for cyber insurance as businesses prioritize protection against digital threats. Finland, on the other hand, is seeing a surge in pet insurance as more households consider pets as family members and seek comprehensive coverage for their well-being.
Local special circumstances: Northern Europe's strict regulatory environment and high standards for consumer protection contribute to the market's stability and reliability. The region's well-established social welfare systems also influence the type of non-life insurance products preferred by customers. For instance, there is a strong emphasis on health and travel insurance due to the comprehensive healthcare coverage provided by the government.
Underlying macroeconomic factors: The stable economic conditions in Northern Europe, coupled with high disposable incomes, have increased the affordability of non-life insurance products. The region's aging population and changing demographics have led to an increased awareness of the importance of insurance coverage for retirement planning and long-term care. Furthermore, the competitive landscape among insurance providers has resulted in product innovation and competitive pricing to cater to the evolving needs of customers in the region.
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.
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