Insurances - Nordics

Nordics

The Insurances market in the Nordics is expected to reach a projected market size (gross written premium) of US$144.60bn in 2024.
It is dominated by Life insurances, with a projected market volume of US$116.20bn in 2024.
The average spending per capita in the Insurances market is estimated to be US$5.15k in 2024.
When comparing globally, the United States is expected to have the highest nominal value, reaching US$3,788.0bn in 2024.
Looking ahead, the gross written premium is projected to have an annual growth rate (CAGR 2024-2029) of 3.52%, resulting in a market volume of US$171.90bn by 2029.
In global comparison, the United States is anticipated to generate the highest gross written premium in 2024, reaching US$3,788.0bn.
In the Nordics, the insurance market is experiencing a surge in demand for comprehensive health insurance coverage due to the region's robust healthcare system.

Market

Region

Region comparison

Currency

Analyst Opinion

The Insurances market in Nordics has been witnessing significant developments in recent years. Customer preferences in the Nordics region are shifting towards more personalized and digital insurance solutions, driven by the tech-savvy population and the convenience of online services. Customers are increasingly looking for tailored insurance products that meet their specific needs and lifestyle, leading to a rise in demand for usage-based and on-demand insurance offerings. Trends in the market show a growing focus on sustainability and ESG (Environmental, Social, and Governance) factors. Insurers in the Nordics are incorporating more sustainable practices into their business models, such as offering green insurance products and investing in environmentally friendly initiatives. This trend is in line with the region's strong commitment to sustainability and responsible business practices. Local special circumstances in the Nordics, such as the high level of trust in institutions and the social welfare systems, impact the insurance market. Customers in the region value security and reliability, which translates into a preference for insurance providers with a strong reputation and financial stability. This unique market environment influences the way insurers operate and market their products in the Nordics. Underlying macroeconomic factors, including stable economic growth and low interest rates, play a role in shaping the insurance market in the Nordics. Insurers are adapting their strategies to navigate the low-yield environment and maintain profitability. The economic stability in the region provides a favorable backdrop for insurance companies to innovate and expand their offerings to meet evolving customer needs.

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.