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The Insurance Industry in Iceland, Key Trends and Opportunities to 2018

  • ID: 3007462
  • October 2014
  • Region: Iceland
  • 153 pages
  • Timetric
1 of 4

FEATURED COMPANIES

  • Okkar líftryggingar hf.
  • Tryggingamiðstöðin hf.
  • MORE

The report provides in-depth industry analysis, information and insights into the insurance industry in Iceland, including:
- The Icelandic insurance industry’s growth prospects by insurance segment and category
- The competitive landscape in the Icelandic insurance industry
- The current trends and drivers of the Icelandic insurance industry
- Challenges facing the Icelandic insurance industry
- The detailed regulatory framework of the Icelandic insurance industry

Summary:

Iceland has shared a greater commercial relationship with its neighboring countries since 1990 and is a member of the European Free Trade Association (EFTA), the European Economic Area (EEA) and the North Atlantic Treaty Organization (NATO). The country participates in the Single Market through the EEA. However, the country underwent a major financial crisis due to the collapse of three major privately owned commercial banks, the global financial crisis and the subsequent EU debt crisis during 2008-2011. Economists believe that the collapse of the three largest Icelandic banks is the largest suffered by any country on a per capita basis - however, these events did not have any significant impact on the country’s insurance industry. The prime reason for this was that the READ MORE >

Note: Product cover images may vary from those shown
2 of 4

FEATURED COMPANIES

  • Okkar líftryggingar hf.
  • Tryggingamiðstöðin hf.
  • MORE

1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Icelandic Insurance Industry Overview
3.1 Icelandic Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
4 Industry Segmentation
4.1 Life Insurance
4.2 Non-Life Insurance
4.2.1 Property insurance
4.2.2 Motor insurance
4.2.3 Liability insurance
4.2.4 Marine, aviation and transit insurance
4.3 Personal Accident and Health Insurance
4.4 Reinsurance
5 Governance, Risk and Compliance
5.1 Legislation Overview and Historical Evolution
5.2 Legislation and Market Practice by Type of Insurance
5.2.1 Life insurance
5.2.2 Property insurance
5.2.3 Motor insurance
5.2.4 Marine, aviation and transit insurance
5.2.5 Personal accident and health insurance
5.3 Compulsory Insurance
5.3.1 Fire insurance on buildings
5.3.2 Iceland catastrophic insurance
5.3.3 Aircraft liability insurance
5.3.4 Motor third-party liability insurance
5.4 Supervision and Control
5.4.1 International Association of Insurance Supervisors (IAIS)
5.4.2 European Insurance and Occupational Pensions Authority (EIOPA)
5.4.3 Financial Supervisory Authority (FME)
5.5 Non-Admitted Insurance Regulations
5.5.1 Overview
5.5.2 Intermediaries
5.5.3 Market practices
5.5.4 Fines and penalties
5.6 Company Registration and Operations
5.6.1 Types of insurance organization
5.6.2 Establishing a local company
5.6.3 Foreign ownership
5.6.4 Types of license
5.6.5 Capital requirements
5.6.6 Solvency margins
5.6.7 Reserve requirements
5.6.8 Investment regulations
5.6.9 Statutory return requirements
5.6.10 Fee structure
5.7 Taxation
5.7.1 Insurance premium or policy taxation
5.7.2 Withholding taxes on premium paid overseas
5.7.3 Corporate tax
5.7.4 VAT
5.7.5 Captives
5.8 Legal System
5.8.1 Introduction
5.8.2 Access to court
5.8.3 Alternative dispute resolution (ADR)
6 Competitive Landscape
6.1 Overview
6.2 Leading Companies
6.2.1 Okkar líftryggingar hf. - company overview
6.2.2 Sjóvá-Almennar líftryggingar hf. - company overview
6.2.3 Vátryggingafélag Íslands hf. - company overview
6.2.4 Sjóvá-Almennar tryggingar hf. - company overview
6.2.5 Tryggingamiðstöðin hf. - company overview
7 Macroeconomic Indicators
7.1 GDP at Constant Prices (US$)
7.2 GDP at Current Prices (US$)
7.3 GDP per Capita at Current Prices (US$)
7.4 Inflation Rate
7.5 Labor Force
7.6 Unemployment Rate
7.7 Total Population
8 Appendix
8.1 Methodology
8.2 Contact
8.3 About
8.4 Services
8.5 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions
Table 2: Icelandic Insurance Gross Written Premium by Segment (ISK Billion), 2009-2013
Table 3: Icelandic Insurance Gross Written Premium by Segment (US$ Million), 2009-2013
Table 4: Icelandic Insurance Gross Written Premium by Segment (ISK Billion), 2013-2018
Table 5: Icelandic Insurance Gross Written Premium by Segment (US$ Million), 2013-2018
Table 6: Icelandic Insurance Segmentation by Gross Written Premium (% Share), 2009-2018
Table 7: Icelandic Insurance Direct Written Premium by Segment (ISK Billion), 2009-2013
Table 8: Icelandic Insurance Direct Written Premium by Segment (US$ Million), 2009-2013
Table 9: Icelandic Insurance Direct Written Premium by Segment (ISK Billion), 2013-2018
Table 10: Icelandic Insurance Direct Written Premium by Segment (US$ Million), 2013-2018
Table 11: Icelandic Insurance Segmentation by Direct Written Premium (Percentage Share), 2009-2018
Table 12: Icelandic Life Insurance - Gross Written Premium (ISK Million), 2009-2013
Table 13: Icelandic Life Insurance - Gross Written Premium (ISK Million), 2013-2018
Table 14: Icelandic Life Insurance - Direct Written Premium (ISK Million), 2009-2013
Table 15: Icelandic Life Insurance - Direct Written Premium (ISK Million), 2013-2018
Table 16: Icelandic Life Insurance - Paid Claims (ISK Million), 2009-2013
Table 17: Icelandic Life Insurance - Paid Claims (ISK Million), 2013-2018
Table 18: Icelandic Life Insurance - Incurred Loss (ISK Million), 2009-2013
Table 19: Icelandic Life Insurance - Incurred Loss (ISK Million), 2013-2018
Table 20: Icelandic Life Insurance - Loss Ratio (%), 2009-2013
Table 21: Icelandic Life Insurance - Loss Ratio (%), 2013-2018
Table 22: Icelandic Life Insurance - Combined Ratio (%), 2009-2013
Table 23: Icelandic Life Insurance - Combined Ratio (%), 2013-2018
Table 24: Icelandic Life Insurance - Total Assets (ISK Billion), 2009-2013
Table 25: Icelandic Life Insurance - Total Assets (ISK Billion), 2013-2018
Table 26: Icelandic Life Insurance - Total Investment Income (ISK Million), 2009-2013
Table 27: Icelandic Life Insurance - Total Investment Income (ISK Million), 2013-2018
Table 28: Icelandic Life Insurance - Retentions (ISK Million), 2009-2013
Table 29: Icelandic Life Insurance - Retentions (ISK Million), 2013-2018
Table 30: Icelandic Life Insurance - Total Investment (ISK Billion), 2009-2013
Table 31: Icelandic Non-Life Insurance - Gross Written Premium by Category (ISK Billion), 2009-2013
Table 32: Icelandic Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2009-2013
Table 33: Icelandic Non-Life Insurance - Gross Written Premium by Category (ISK Billion), 2013-2018
Table 34: Icelandic Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2013-2018
Table 35: Icelandic Non-Life Insurance - Direct Written Premium by Category (ISK Billion), 2009-2013
Table 36: Icelandic Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2009-2013
Table 37: Icelandic Non-Life Insurance - Direct Written Premium by Category (ISK Billion), 2013-2018
Table 38: Icelandic Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2013-2018
Table 39: Icelandic Non-Life Insurance - Paid Claims (ISK Billion), 2009-2013
Table 40: Icelandic Non-Life Insurance - Paid Claims (ISK Billion), 2013-2018
Table 41: Icelandic Non-Life Insurance - Incurred Loss (ISK Billion), 2009-2013
Table 42: Icelandic Non-Life Insurance - Incurred Loss (ISK Billion), 2013-2018
Table 43: Icelandic Non-Life Insurance - Loss Ratio (%), 2009-2013
Table 44: Icelandic Non-Life Insurance - Loss Ratio (%), 2013-2018
Table 45: Icelandic Non-Life Insurance - Combined Ratio (%), 2009-2013
Table 46: Icelandic Non-Life Insurance - Combined Ratio (%), 2013-2018
Table 47: Icelandic Non-Life Insurance - Total Assets (ISK Billion), 2009-2013
Table 48: Icelandic Non-Life Insurance - Total Assets (ISK Billion), 2013-2018
Table 49: Icelandic Non-Life Insurance - Total Investment Income (ISK Billion), 2009-2013
Table 50: Icelandic Non-Life Insurance - Total Investment Income (ISK Billion), 2013-2018
Table 51: Icelandic Non-Life Insurance - Retentions (ISK Billion), 2009-2013
Table 52: Icelandic Non-Life Insurance - Retentions (ISK Billion), 2013-2018
Table 53: Icelandic Non-Life Insurance - Total Investment (ISK Billion), 2009-2013
Table 54: Icelandic Property Insurance - Gross Written Premium (ISK Billion), 2009-2013
Table 55: Icelandic Property Insurance - Gross Written Premium (ISK Billion), 2013-2018
Table 56: Icelandic Motor Insurance - Gross Written Premium (ISK Billion), 2009-2013
Table 57: Icelandic Motor Insurance - Gross Written Premium (ISK Billion), 2013-2018
Table 58: Icelandic Liability Insurance - Gross Written Premium (ISK Billion), 2009-2013
Table 59: Icelandic Liability Insurance - Gross Written Premium (ISK Billion), 2013-2018
Table 60: Icelandic Marine, Aviation and Transit Insurance - Gross Written Premium (ISK Billion), 2009-2013
Table 61: Icelandic Marine, Aviation and Transit Insurance - Gross Written Premium (ISK Billion), 2013-2018
Table 62: Icelandic Personal Accident and Health Insurance - Gross Written Premium (ISK Billion), 2009-2013
Table 63: Icelandic Personal Accident and Health Insurance - Gross Written Premium (ISK Billion), 2013-2018
Table 64: Icelandic Personal Accident and Health Insurance - Direct Written Premium (ISK Billion), 2009-2013
Table 65: Icelandic Personal Accident and Health Insurance - Direct Written Premium (ISK Billion), 2013-2018
Table 66: Icelandic Personal Accident and Health Insurance - Paid Claims (ISK Billion), 2009-2013
Table 67: Icelandic Personal Accident and Health Insurance - Paid Claims (ISK Billion), 2013-2018
Table 68: Icelandic Personal Accident and Health Insurance - Incurred Loss (ISK Billion), 2009-2013
Table 69: Icelandic Personal Accident and Health Insurance - Incurred Loss (ISK Billion), 2013-2018
Table 70: Icelandic Personal Accident and Health Insurance - Loss Ratio (%), 2009-2013
Table 71: Icelandic Personal Accident and Health Insurance - Loss Ratio (%), 2013-2018
Table 72: Icelandic Personal Accident and Health Insurance - Combined Ratio (%), 2009-2013
Table 73: Icelandic Personal Accident and Health Insurance - Combined Ratio (%), 2013-2018
Table 74: Icelandic Personal Accident and Health Insurance - Total Assets (ISK Billion), 2009-2013
Table 75: Icelandic Personal Accident and Health Insurance - Total Assets (ISK Billion), 2013-2018
Table 76: Icelandic Personal Accident and Health Insurance - Total Investment Income (ISK Billion), 2009-2013
Table 77: Icelandic Personal Accident and Health Insurance - Total Investment Income (ISK Billion), 2013-2018
Table 78: Icelandic Personal Accident and Health Insurance - Retentions (ISK Billion), 2009-2013
Table 79: Icelandic Personal Accident and Health Insurance - Retentions (ISK Billion), 2013-2018
Table 80: Icelandic Personal Accident and Health Insurance - Total Investment Income (ISK Billion), 2009-2013
Table 81: Icelandic Reinsurance - Ceded by Insurance Segment (ISK Million), 2009-2013
Table 82: Icelandic Reinsurance - Ceded by Insurance Segment (US$ Million), 2009-2013
Table 83: Icelandic Reinsurance - Ceded by Insurance Segment (ISK Million), 2013-2018
Table 84: Icelandic Reinsurance - Ceded by Insurance Segment (US$ Million), 2013-2018
Table 85: Icelandic Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 86: Icelandic Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 87: Icelandic Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 88: Icelandic Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 89: Icelandic Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 90: Icelandic Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 91: Iceland - Life Insurance Regulatory Framework
Table 92: Iceland - Property Insurance Regulatory Framework
Table 93: Iceland - Motor Insurance Regulatory Framework
Table 94: Iceland - Corporate Tax Rates for the Financial Year 2013
Table 95: Icelandic Life Insurance - Segment Shares, 2012 and 2013
Table 96: Icelandic Non-Life Insurance - Segment Shares, 2012
Table 97: Icelandic Non-Life Insurance - Segment Share, 2013
Table 98: Okkar líftryggingar hf., Main Products
Table 99: Okkar líftryggingar hf., Key Employees
Table 100: Sjóvá-Almennar líftryggingar hf., Main Products
Table 101: Sjóvá-Almennar líftryggingar hf., Key Employees
Table 102: Vátryggingafélag Íslands hf., Main Products
Table 103: Vátryggingafélag Íslands hf., Key Employees
Table 104: Sjóvá-Almennar tryggingar hf., Main Products
Table 105: Sjóvá-Almennar tryggingar hf., Key Employees
Table 106: Tryggingamiðstöðin hf., Main Products
Table 107: Tryggingamiðstöðin hf., Key Employees

List of Figures
Figure 1: Icelandic Insurance Gross Written Premium by Segment (ISK Billion), 2009-2018
Figure 2: Icelandic Insurance Gross Written Premium Market Dynamics by Segment, 2009-2018
Figure 3: Icelandic Insurance Direct Written Premium by Segment (ISK Billion), 2009-2018
Figure 4: Icelandic Insurance Direct Written Premium Market Dynamics by Segment, 2009-2018
Figure 5: Icelandic Life Insurance - Gross Written Premium (ISK Million), 2009-2013
Figure 6: Icelandic Life Insurance - Gross Written Premium (ISK Million), 2013-2018
Figure 7: Icelandic Life Insurance - Direct Written Premium (ISK Million), 2009-2013
Figure 8: Icelandic Life Insurance - Direct Written Premium (ISK Million), 2013-2018
Figure 9: Icelandic Life Insurance - Paid Claims (ISK Million), 2009-2013
Figure 10: Icelandic Life Insurance - Paid Claims (ISK Million), 2013-2018
Figure 11: Icelandic Life Insurance - Incurred Loss (ISK Million), 2009-2013
Figure 12: Icelandic Life Insurance - Incurred Loss (ISK Million), 2013-2018
Figure 13: Icelandic Life Insurance - Loss Ratio (%), 2009-2013
Figure 14: Icelandic Life Insurance - Loss Ratio (%), 2013-2018
Figure 15: Icelandic Life Insurance - Combined Ratio (%), 2009-2013
Figure 16: Icelandic Life Insurance - Combined Ratio (%), 2013-2018
Figure 17: Icelandic Life Insurance - Total Assets (ISK Billion), 2009-2013
Figure 18: Icelandic Life Insurance - Total Assets (ISK Billion), 2013-2018
Figure 19: Icelandic Life Insurance - Total Investment Income (ISK Million), 2009-2013
Figure 20: Icelandic Life Insurance - Total Investment Income (ISK Million), 2013-2018
Figure 21: Icelandic Life Insurance - Retentions (ISK Million), 2009-2013
Figure 22: Icelandic Life Insurance - Retentions (ISK Million), 2013-2018
Figure 23: Icelandic Life Insurance - Total Investment (ISK Billion), 2009-2013
Figure 24: Icelandic Life Insurance - Penetration (% of GDP), 2009-2013
Figure 25: Icelandic Life Insurance - Premium Per-Capita (ISK), 2009-2013
Figure 26: Icelandic Non-Life Insurance - Gross Written Premium by Category (ISK Billion), 2009-2018
Figure 27: Icelandic Non-Life Insurance - Gross Written Premium by Category (%), 2013 and 2018
Figure 28: Icelandic Non-Life Insurance - Gross Written Premium Dynamics by Category, 2009-2018
Figure 29: Icelandic Non-Life Insurance - Direct Written Premium by Category (ISK Billion), 2009-2018
Figure 30: Icelandic Non-Life Insurance - Direct Written Premium by Category (%), 2013 and 2018
Figure 31: Icelandic Non-Life Insurance - Direct Written Premium Dynamics by Category, 2009-2018
Figure 32: Icelandic Non-Life Insurance - Paid Claims (ISK Billion), 2009-2013
Figure 33: Icelandic Non-Life Insurance - Paid Claims (ISK Billion), 2013-2018
Figure 34: Icelandic Non-Life Insurance - Incurred Loss (ISK Billion), 2009-2013
Figure 35: Icelandic Non-Life Insurance - Incurred Loss (ISK Billion), 2013-2018
Figure 36: Icelandic Non-Life Insurance - Loss Ratio (%), 2009-2013
Figure 37: Icelandic Non-Life Insurance - Loss Ratio (%), 2013-2018
Figure 38: Icelandic Non-Life Insurance - Combined Ratio (%), 2009-2013
Figure 39: Icelandic Non-Life Insurance - Combined Ratio (%), 2013-2018
Figure 40: Icelandic Non-Life Insurance - Total Assets (ISK Billion), 2009-2013
Figure 41: Icelandic Non-Life Insurance - Total Assets (ISK Billion), 2013-2018
Figure 42: Icelandic Non-Life Insurance - Total Investment Income (ISK Billion), 2009-2013
Figure 43: Icelandic Non-Life Insurance - Total Investment Income (ISK Billion), 2013-2018
Figure 44: Icelandic Non-Life Insurance - Retentions (ISK Billion), 2009-2013
Figure 45: Icelandic Non-Life Insurance - Retentions (ISK Billion), 2013-2018
Figure 46: Icelandic Non-Life Insurance - Total Investment (ISK Billion), 2009-2013
Figure 47: Icelandic Non-Life Insurance - Penetration (% of GDP), 2009-2013
Figure 48: Icelandic Non-Life Insurance - Premium Per Capita (ISK), 2009-2013
Figure 49: Icelandic Property Insurance - Gross Written Premium (ISK Billion), 2009-2013
Figure 50: Icelandic Property Insurance - Gross Written Premium (ISK Billion), 2013-2018
Figure 51: Icelandic Motor Insurance - Gross Written Premium (ISK Billion), 2009-2013
Figure 52: Icelandic Motor Insurance - Gross Written Premium (ISK Billion), 2013-2018
Figure 53: Icelandic Liability Insurance - Gross Written Premium (ISK Billion), 2009-2013
Figure 54: Icelandic Liability Insurance - Gross Written Premium (ISK Billion), 2013-2018
Figure 55: Icelandic Marine, Aviation and Transit Insurance - Gross Written Premium (ISK Billion), 2009-2013
Figure 56: Icelandic Marine, Aviation and Transit Insurance - Gross Written Premium (ISK Billion), 2013-2018
Figure 57: Icelandic Personal Accident and Health Insurance - Gross Written Premium (ISK Billion), 2009-2013
Figure 58: Icelandic Personal Accident and Health Insurance - Gross Written Premium (ISK Billion), 2013-2018
Figure 59: Icelandic Personal Accident and Health Insurance - Direct Written Premium (ISK Billion), 2009-2013
Figure 60: Icelandic Personal Accident and Health Insurance - Direct Written Premium (ISK Billion), 2013-2018
Figure 61: Icelandic Personal Accident and Health Insurance - Paid Claims by Category (ISK Billion), 2009-2013
Figure 62: Icelandic Personal Accident and Health Insurance - Paid Claims (ISK Billion), 2013-2018
Figure 63: Icelandic Personal Accident and Health Insurance - Incurred Loss (ISK Billion), 2009-2013
Figure 64: Icelandic Personal Accident and Health Insurance - Incurred Loss (ISK Billion), 2013-2018
Figure 65: Icelandic Personal Accident and Health Insurance - Loss Ratio (%), 2009-2013
Figure 66: Icelandic Personal Accident and Health Insurance - Loss Ratio (%), 2013-2018
Figure 67: Icelandic Personal Accident and Health Insurance - Combined Ratio (%), 2009-2013
Figure 68: Icelandic Personal Accident and Health Insurance - Combined Ratio (%), 2013-2018
Figure 69: Icelandic Personal Accident and Health Insurance - Total Assets (ISK Billion), 2009-2013
Figure 70: Icelandic Personal Accident and Health Insurance - Total Assets (ISK Billion), 2013-2018
Figure 71: Icelandic Personal Accident and Health Insurance - Total Investment Income (ISK Billion), 2009-2013
Figure 72: Icelandic Personal Accident and Health Insurance - Total Investment Income (ISK Billion), 2013-2018
Figure 73: Icelandic Personal Accident and Health Insurance - Retentions (ISK Billion), 2009-2013
Figure 74: Icelandic Personal Accident and Health Insurance - Retentions (ISK Billion), 2013-2018
Figure 75: Icelandic Personal Accident and Health Insurance - Total Investment (ISK Billion), 2009-2013
Figure 76: Icelandic Personal Accident and Health Insurance - Penetration (% of GDP), 2009-2013
Figure 77: Icelandic Personal Accident and Health Insurance - Premium Per Capita (ISK), 2009-2013
Figure 78: Icelandic Reinsurance - Ceded by Insurance Segment (ISK Billion), 2009-2018
Figure 79: Icelandic Reinsurance - Dynamics by Insurance Segment, 2009-2018
Figure 80: Icelandic Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Figure 81: Icelandic Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Figure 82: Icelandic Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Figure 83: Icelandic Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Figure 84: Icelandic Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Figure 85: Icelandic Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Figure 86: Iceland - Insurance Regulatory Framework
Figure 87: Iceland - Insurance Supervision and Control at Various Levels
Figure 88: Iceland - Insurance Regulatory Frameworks for Company Registration and Operation
Figure 89: Icelandic Life Insurance - Segment Shares, 2012 and 2013
Figure 90: Icelandic Non-Life Insurance - Segment Shares, 2012
Figure 91: Icelandic Non-Life Insurance - Segment Shares, 2013
Figure 92: Icelandic GDP at Constant Prices (US$ Billion), 2009-2013
Figure 93: Icelandic GDP at Current Prices (US$ Billion), 2009-2013
Figure 94: Icelandic GDP Per Capita at Current Prices (US$), 2009-2013
Figure 95: Icelandic Inflation Rate (%), 2009-2013
Figure 96: Icelandic Size of Labor Force (Million), 2008-2012
Figure 97: Icelandic Unemployment Rate (%), 2009-2013
Figure 98: Icelandic Total Population (Million), 2009-2013

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- Okkar líftryggingar hf.
- Sjóvá-Almennar líftryggingar hf.
- Vátryggingafélag Íslands hf.
- Sjóvá-Almennar tryggingar hf.
- Tryggingamiðstöðin hf.

Note: Product cover images may vary from those shown
4 of 4
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