Market Size of Sweden Life & Non-Life Insurance Industry
Study Period | 2020 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2020 - 2022 |
CAGR | 5.23 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Sweden Life & Non-Life Insurance Market Analysis
The Sweden Life and non-life Insurance market Gross Written Premiums is 41.44 USD Billion in the current year and is expected to register a CAGR of 5.23% over the forecasted period
Swedish insurance companies owned financial assets of about USD 565 billion at the beginning of the year, 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 the 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, liability motor insurance is mandatory for every registered car, and most car owners also buy insurance for vehicle damage, the largest amount of the aggregated non-life insurance premium income in the country comes from motor vehicle insurance amounting 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 Lansforsakringar. Lansforsakringar 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%.