Non-life insurances - Sweden

Sweden

The Non-life insurance market in Sweden is expected to witness significant growth in the coming years.
According to projections, the market size, measured by gross written premium, is forecasted to reach US$8.66bn SEK in 2024.
This indicates a strong potential for the insurance sector in the country.
Furthermore, the average spending per capita in the Non-life insurance market is estimated to be US$811.50 SEK in 2024.
This figure highlights the individual's willingness to invest in insurance coverage to protect their assets and mitigate risks.
Looking ahead, the gross written premium is anticipated to experience a steady annual growth rate of 2.96% between 2024 and 2028.
This positive trend is expected to drive the market volume to reach US$9.73bn SEK by the end of 2028.
These numbers indicate a prosperous future for the Non-life insurance industry in Sweden.
In a global context, it is worth noting that the United States is set to dominate the market in terms of gross written premium.
In 2024, the US is projected to generate a substantial amount of US$3,371.0bn SEK.
This highlights the size and significance of the US insurance market on a global scale.
Overall, the Non-life insurance market in Sweden is poised for growth, with favorable projections indicating increasing market size and individual spending.
As the sector continues to evolve, it will be interesting to observe how these trends unfold and shape the insurance landscape in the country.
The non-life insurance market in Sweden is experiencing a surge in demand due to the country's high level of social welfare and emphasis on risk management.

Market

Region

Region comparison

Currency

Analyst Opinion

The Non-life insurances market in Sweden has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Sweden are increasingly prioritizing non-life insurance products that offer comprehensive coverage and competitive pricing. They are also placing a strong emphasis on digitalization and convenience when it comes to purchasing and managing their insurance policies.

Trends in the market: One notable trend in the Swedish non-life insurance market is the increasing demand for innovative insurance products tailored to specific needs, such as cyber insurance and climate-related coverage. Additionally, there is a growing trend towards sustainable and environmentally friendly insurance options, reflecting the country's commitment to sustainability.

Local special circumstances: Sweden's stable economy and high standard of living have contributed to a strong demand for non-life insurance products. The country's well-developed regulatory framework and emphasis on consumer protection have also played a role in shaping the non-life insurance market in Sweden.

Underlying macroeconomic factors: The growth of the non-life insurance market in Sweden can be attributed to various macroeconomic factors, including the country's low unemployment rate, steady GDP growth, and increasing disposable income levels. Additionally, Sweden's aging population and changing demographics have created new opportunities for non-life insurance providers to offer products tailored to the needs of older consumers.

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.