Market Trends of Sweden Life & Non-Life Insurance Industry
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 last ten years. The value was 6.14 billion ten years ago but increased to USD 9.64 billion in the current year. Some life insurance companies also offer non-life insurance, mainly in the form of sickness, accident, and healthcare insurance, just over 4% of USD 0.38 billion of premium income for non-life insurance policies in the current year went to life insurance companies.
Motor insurance is the largest segment in the 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 the current year. Corporate and real property insurance and home and house owner 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.
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, and companies that are building a business catering specifically to their needs and priorities are announcing a round of funding to fuel their growth. As of the first half of last year, a total of USD 1.68 billion were invested in 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, content, and accident insurance geared to the lifestyles of younger adults has raised USD 45 million in a Series B round of funding.
