Insurances

The Insurances market in Sweden is projected to reach a market size (gross written premium) of US$68.58bn in 2024.
Life insurances dominates the market with a projected market volume of US$60.35bn in 2024.
The average spending per capita in the Insurances market amounts to US$6.42k in 2024.
From a global comparison perspective, it is shown that the highest nominal value is reached the United States, with a projected market size of US$3.8tn in 2024.
The gross written premium is expected to show an annual growth rate (CAGR 2024-2029) of 4.69%, resulting in a market volume of US$86.23bn by 2029.
In global comparison, the United States is expected to generate the most gross written premium, with a projected market size of US$3.8tn in 2024.
The insurance market in Sweden is experiencing a growing demand for cyber insurance due to the country's high level of digitalization and emphasis on data protection.

Definition:

Insurance is a financial arrangement that provides individuals or businesses with protection against unexpected financial losses. In exchange for regular payments, known as premiums, an insurance policyholder is covered in case of specific events, such as accidents, illnesses, or damage to property. When a covered event occurs, the insurance company compensates the policyholder, helping them recover from the financial impact of the loss or damage. Gross written premium (GWP) is the main indicator of the insurance market. It is the total amount of money that an insurance company collects from policyholders for their insurance coverage before deducting expenses or commissions.

Structure:

The insurance market comprises life and non-life insurances. The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, loss ratio – calculated as gross claim payments divided by gross written premium, for selected European countries the distribution channels of insurance bookings, and the share of insureds in the total population for over 50 countries for live, health, motor vehicle, property, general liability, and legal insurances.

Life insurances
Non-life insurances

Some non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

Sweden's insurance market is experiencing significant growth and development, driven by several key factors shaping the industry landscape in the country.

Customer preferences: Swedish consumers are increasingly seeking insurance products that offer comprehensive coverage and innovative solutions to meet their evolving needs. There is a growing demand for digital insurance services, with customers preferring convenient online platforms for policy management and claims processing. Additionally, there is a rising interest in sustainable and socially responsible insurance options, reflecting a broader global trend towards ethical consumerism.

Trends in the market: One notable trend in the Swedish insurance market is the increasing popularity of insurtech solutions, which leverage technology to streamline processes, enhance customer experience, and create more personalized insurance products. Insurers in Sweden are also focusing on developing new products in response to changing customer needs, such as customized insurance packages for specific demographics or industries. Moreover, partnerships between traditional insurance companies and insurtech startups are becoming more common, driving innovation and competitiveness in the market.

Local special circumstances: Sweden's insurance market is characterized by a high level of digitalization and technological advancement, with insurers investing in cutting-edge tools like artificial intelligence and data analytics to improve risk assessment and pricing strategies. The regulatory environment in Sweden also plays a significant role in shaping the insurance market, with stringent consumer protection laws and data privacy regulations influencing product development and distribution practices.

Underlying macroeconomic factors: The stable and prosperous economy of Sweden contributes to the growth of the insurance market, as consumers have the financial means to purchase insurance products and protect their assets. Additionally, the country's aging population and increasing life expectancy are driving demand for retirement and healthcare insurance solutions. Economic stability and a strong social welfare system provide a solid foundation for the insurance industry to thrive and innovate in Sweden.

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.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.