Sweden Life & Non-Life Insurance Market – Growth, Trends, COVID-19 Impact and Forecast (2022-2027)

Sweden Life & Non-Life Insurance Market is segmented by Insurance Type (Life Insurance (Individual and Group), Non-Life Insurance (Motor, Home, Marine, and Other Non-Life Insurances)), and by Distribution Channel (Direct, Agency, Banks, and Other Distribution Channels).

Market Snapshot

Sweden insurance market
Study Period: 2018-2027
Base Year: 2021
CAGR: >5 %

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Market Overview

Swedish insurance companies owned financial assets of about USD 565 billion in beginning of 2021, which is more than Sweden’s GDP, most of the capital approximately 90% is managed by life insurance companies, while the rest is managed by non-life insurance companies. The reason behind life insurance companies has large assets and that these have grown over a long period is because paid-in premiums are managed and generated good returns.

During Pandemic total return on assets managed by Swedish life insurance companies amounted to 4.9%, lower than the average annual total return in the past ten years. In Sweden, a liability motor insurance is mandatory for every registered car, and most car owners also buy an insurance for vehicle damage, the largest amount of the aggregated non-life insurance premium income in the country comes from motor vehicle insurance amounted to USD 1.21 billion followed by home and private residence insurance with USD 0.86 billion.

In terms of premium income, the largest non-life insurance company in Sweden was Länsförsäkringar in late 2020. Länsförsäkringar was the third largest within the life insurance market with a market share of nearly 30 % during that period, whereas Folksam had a market share of approximately 16%.

Scope of the report

Life insurance provides a lump sum amount of sum assured at the time of maturity or in case of death of the policyholder. Non-life insurance policies offer financial protection to a person for health issues or losses due to damage to an asset. Sweden Life & Non-Life Insurance Market is segmented by insurance type (life insurance (individual and group), non-life insurance (motor, home, marine, and other non-life insurances)), and by distribution channel (direct, agency, banks, and other distribution channels).

By Type
Life insurance
Non- life insurance
Other insurance
By Distribution channel
Other Distribution Channels

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Key Market Trends

Continuous Rise in Non-life Insurance Premiums Driving the Market

The non-life insurance premiums paid to insurance companies in Sweden increased continuously during the period from 2010 to 2020. The value was 6.14 billion in 2010 but increased to USD 9.64 billion in 2020. Some life insurance companies also offer non-life insurance, mainly in the form of sickness, accident and healthcare insurance, just over 4% USD 0.38 billion of premium income for non-life insurance policies in the 2020 went to life insurance companies.

Motor insurance is the largest segment in non-life insurance market followed by corporate and real property insurance, then home insurance. Premium income for motor third party liability and motor vehicle insurance constituted more than one third of the non-life insurance companies’ premium income in 2020. Corporate and real property insurance and home and houseowner insurance each accounted for about one fifth (USD 2.06 billion and USD 1.83 billion respectively) of premium income for non-life insurance companies.

Sweden Internet Penetration

Surging Investments in InsurTech Companies in Sweden

The volume of fintech investment in Sweden increased steadily since 2019. Millennial consumers are emerging as a key demographic in the insurance market, companies that’s building a business catering specifically to their needs and priorities is announcing a round of funding to fuel its growth. As of the first half of 2021, a total of USD 1.68 billion were invested into fintech firms in Sweden. Stockholm-based companies accounted for most of the funding.

Insurely, an open insurance platform raised USD 20.21 million and Insurello raised USD 15.56 million, this investment round was led by Nordstjernan Growth, with participation from existing investors Schibsted and Inventure. Hedvig, a neo-insurer that provides property, travel, contents and accident insurance geared to the lifestyles of younger adults has raised USD 45 million in a Series B round of funding.

Sweden insurance market

Competitive Landscape

The report covers major players operating in Sweden Life & non-life insurance Market. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and service innovation, domestic to international companies are increasing their market presence by securing new contracts and tapping new markets. It has major players including Lansforsakringar, If Skadeforsakring, SEB Group, Folksam, and Trygg hansa.

Recent Development

  • On April 26, 2022, Insurtech company Insurely entered into strategic partnership with Nordic bank SEB, through the collaboration, the two companies will work towards making the insurance industry more open and obvious.
  • On October 13, 2021, Trygg-Hansa and Moderna Forsakringar formed a new joint venture, through the merger, a uniquely strong insurance company will be created which, through greater innovative power, will improve the customer offering.

Table of Contents


    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Insights on Various Regulatory Landscape

    5. 4.5 Insights on impact of technology and innovation in the market

    6. 4.6 Industry Attractiveness - Porters' Five Forces Analysis

      1. 4.6.1 Threat of New Entrants

      2. 4.6.2 Bargaining Power of Buyers

      3. 4.6.3 Bargaining Power of Suppliers

      4. 4.6.4 Threat of Substitutes

      5. 4.6.5 Intensity of Competitive Rivalry

    7. 4.7 Impact of COVID-19 on the Market


    1. 5.1 By Type

      1. 5.1.1 Life insurance

        1. Individual

        2. Group

      2. 5.1.2 Non- life insurance

        1. Motor

        2. Home

        3. Marine

        4. Other insurance

    2. 5.2 By Distribution channel

      1. 5.2.1 Direct

      2. 5.2.2 Agents

      3. 5.2.3 Banks

      4. 5.2.4 Other Distribution Channels


    1. 6.1 Market Concetration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 Lansforsakringar

      2. 6.2.2 If Skadeforsakring

      3. 6.2.3 SEB Group

      4. 6.2.4 Folksam

      5. 6.2.5 Trygg hansa

      6. 6.2.6 Moderna forsakringar

      7. 6.2.7 Dina forsakringar

      8. 6.2.8 ICA forsakringar

      9. 6.2.9 Telia

      10. 6.2.10 Afa Forsakringar

      11. 6.2.11 Alecta*

    3. *List Not Exhaustive


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Frequently Asked Questions

The Sweden Life & Non-Life Insurance Market market is studied from 2018 - 2027.

The Sweden Life & Non-Life Insurance Market is growing at a CAGR of >5% over the next 5 years.

Lansforsakringar, If Skadeforsakring, Folksam, Trygg hansa, Dina forsakringar are the major companies operating in Sweden Life & Non-Life Insurance Market.

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