Property Insurance - Sweden | Statista Market Forecast

The Property Insurance market market in Sweden is expected to reach a projected market size (gross written premium) of US$3.87bn in 2024.
Furthermore, the average spending per capita in the Property Insurance market market is estimated to be US$362.90 in the same year.
It is anticipated that the gross written premium will exhibit an annual growth rate (CAGR 2024-2029) of 3.07%, leading to a market volume of US$4.51bn by 2029.
When compared globally, the United States is projected to generate the highest gross written premium of US$240.4bn in 2024.
Sweden's property insurance market is witnessing a surge in demand due to the country's robust housing market and increasing awareness about the need for comprehensive coverage.

Definition:

The property insurance market encompasses insurance products that protect individuals and businesses from financial losses related to damage or loss of property, such as homes, commercial buildings, or personal belongings. Policyholders pay regular premiums to insurance providers, and in return, these insurers offer coverage for events like fire, theft, natural disasters, and other property-related risks. Property insurance is crucial for safeguarding assets and providing financial assistance to repair or replace property damaged or lost due to covered incidents.

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.

Insurance for all damage or loss of property caused by fire and natural forces
Insurance for all damage or loss of property caused by crime

All other insurance types, such as life insurance and health insurance
Reinsurance

Sweden's Property Insurance market is experiencing steady growth and development, driven by various factors influencing consumer preferences, market trends, local circumstances, and macroeconomic conditions. Customer preferences in the Swedish Property Insurance market are shifting towards comprehensive coverage options that provide protection against a wide range of risks. Customers are increasingly seeking policies that offer flexibility, customization, and value-added services such as 24/7 emergency assistance and digital claims processing. This trend mirrors the global shift towards personalized insurance solutions tailored to individual needs and preferences. Trends in the Swedish Property Insurance market are also influenced by the country's unique geographical and climatic conditions. Sweden's exposure to natural disasters such as floods, storms, and wildfires has led to an increased demand for insurance coverage against these risks. Insurers are adapting by offering specialized products that address specific local challenges, such as flood protection in low-lying areas and fire-resistant building materials in high-risk zones. Local special circumstances, such as the high rate of home ownership in Sweden and the strict building regulations in place, further shape the dynamics of the Property Insurance market. The prevalence of single-family homes and condominiums in the housing market has created opportunities for insurers to develop targeted insurance products for homeowners. Additionally, the stringent construction standards enforced by authorities have led to a lower frequency of property damage claims, contributing to the overall profitability of insurers operating in the market. Underlying macroeconomic factors play a crucial role in driving the growth of the Property Insurance market in Sweden. The country's stable economy, low unemployment rate, and high disposable income levels have increased the affordability of insurance products for consumers. Moreover, the government's initiatives to promote disaster preparedness and risk mitigation have raised awareness about the importance of property insurance among the population, leading to a higher uptake of policies across the country.

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.

Berkshire Hathaway, State Farm, and Progressive Corp are just some of the biggest property and casualty insurance companies in the world - all of which hail from the United States. Property and casualty insurance is a type of insurance which covers risks related to loss or damage of property. This type of insurance has two major areas: protection of physical objects and protection against legal liability. In total, the value of gross premiums written by the U.S. property and casualty insurance sector exceeded 850 billion U.S. dollars in 2022. In the same year, 35 percent of the U.S. P&C premiums were written by private passenger auto insurance companies.