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The Insurance Industry in Iceland, Key Trends and Opportunities to 2017 - Product Image

The Insurance Industry in Iceland, Key Trends and Opportunities to 2017

  • Published: July 2013
  • Region: Iceland
  • 124 Pages
  • Timetric

FEATURED COMPANIES

  • Guard Life Insurance Ltd
  • Líftryggingamiðstöðin hf.
  • Tryggingamiðstöðin hf.
  • MORE

The size and importance of the Icelandic economy is relatively small in the Nordic region. However, the country came to prominence during the 2008 financial crisis after its three major commercial banks collapsed and had to be refinanced by the government. This had serious consequences for the Icelandic economy with the per capita disposable income and national currency decelerating sharply. The market capitalization of the Icelandic Stock Market (ICEXI) also declined by 90% during the financial crisis. However, these events did not have a significant impact on the country’s insurance industry. The prime reason for this was that the Icelandic insurance industry was dominated by the non-life insurance segment. Growth in non-life insurance is driven by the favorable regulatory framework. The Financial Supervisory Authority (FME) established several provisions relating to compulsory insurance and covers a wide range of categories such as motor and fire insurance.

Synopsis

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 READ 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
3.4 Regulation

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 by Insurance Segment, 2008-2017

5 Competitive Landscape
5.1 Overview
5.2 Leading Companies
5.2.1 Sjóvá-Almennar líftryggingar hf. Kt - company overview
5.2.2 Tryggingamiðstöðin hf. - company overview
5.2.3 VIS Insurance Ltd (Vátryggingafélag Íslands hf.) - company overview
5.2.4 Guard Life Insurance Ltd - company overview
5.2.5 Líftryggingamiðstöðin hf. - company overview

6 Macroeconomic Indicators
6.1 GDP at Constant Prices (US Dollars)
6.2 GDP Per Capita at Constant Prices (US Dollars)
6.3 GDP at Current Prices (US Dollars)
6.4 Market Capitalization Trend - Iceland Stock Market (ICEXI), Iceland
6.5 Inflation Rate (%)
6.6 Arable Land
6.7 Exports as a Percentage of GDP
6.8 Imports as a Percentage of GDP
6.9 Construction Net Output at Current Prices, (US Dollars)
6.10 Construction Net Output at Current Prices as a Percentage of GDP
6.11 Number of Air Passengers
6.12 Healthcare Expenditure (% of GDP)
6.13 Healthcare Expenditure Per Capita
6.14 Total Population
6.15 Employed Population
6.16 Annual Disposable Income
6.17 Annual Disposable Income per Capita

7 Appendix
7.1 Methodology
7.2 Contact Us
7.3 About Timetric
7.4 Disclaimer

List of Tables

Table 1: Insurance Industry Definitions
Table 2: Icelandic Insurance - Overall Written Premium by Segment (ISK Billion), 2008-2012
Table 3: Icelandic Insurance - Overall Written Premium by Segment (US$ Million), 2008-2012
Table 4: Icelandic Insurance - Overall Written Premium by Segment (ISK Billion), 2012-2017
Table 5: Icelandic Insurance - Overall Written Premium by Segment (US$ Million), 2012-2017
Table 6: Icelandic Insurance - Segmentation (% Share), 2008-2017
Table 7: Icelandic Life Insurance - Written Premium (ISK Million), 2008-2012
Table 8: Icelandic Life Insurance - Written Premium (ISK Million), 2012-2017
Table 9: Icelandic Life Insurance - Paid Claims (ISK Million), 2008-2012
Table 10: Icelandic Life Insurance - Paid Claims (ISK Million), 2012-2017
Table 11: Icelandic Life Insurance - Incurred Loss (ISK Million), 2008-2012
Table 12: Icelandic Life Insurance - Incurred Loss (ISK Million), 2012-2017
Table 13: Icelandic Life Insurance - Loss Ratio (%), 2008-2012
Table 14: Icelandic Life Insurance - Loss Ratio (%), 2012-2017
Table 15: Icelandic Life Insurance - Combined Ratio (%), 2008-2012
Table 16: Icelandic Life Insurance - Combined Ratio (%), 2012-2017
Table 17: Icelandic Life Insurance - Total Assets (ISK Billion), 2008-2012
Table 18: Icelandic Life Insurance - Total Assets (ISK Billion), 2012-2017
Table 19: Icelandic Life Insurance - Total Investment Income (ISK Million), 2008-2012
Table 20: Icelandic Life Insurance - Total Investment Income (ISK Million), 2012-2017
Table 21: Icelandic Life Insurance - Retentions (ISK Million), 2008-2012
Table 22: Icelandic Life Insurance - Retentions (ISK Million), 2012-2017
Table 23: Icelandic Non-life Insurance - Written Premium by Category (ISK Billion), 2008-2012
Table 24: Icelandic Non-life Insurance - Written Premium by Category (US$ Million), 2008-2012
Table 25: Icelandic Non-Life Insurance - Written Premium by Category (ISK Billion), 2012-2017
Table 26: Icelandic Non-Life Insurance - Written Premium by Category (US$ Million), 2012-2017
Table 27: Icelandic Non-Life Insurance - Paid Claims (ISK Billion), 2008-2012
Table 28: Icelandic Non-Life Insurance - Paid Claims (ISK Billion), 2012-2017
Table 29: Icelandic Non-Life Insurance - Incurred Loss (ISK Billion), 2008-2012
Table 30: Icelandic Non-Life Insurance - Incurred Loss (ISK Billion), 2012-2017
Table 31: Icelandic Non-Life Insurance - Loss Ratio (%), 2008-2012
Table 32: Icelandic Non-Life Insurance - Loss Ratio (%), 2012-2017
Table 33: Icelandic Non-Life Insurance - Combined Ratio (%), 2008-2012
Table 34: Icelandic Non-Life Insurance - Combined Ratio (%), 2012-2017
Table 35: Icelandic Non-Life Insurance - Total Assets (ISK Billion), 2008-2012
Table 36: Icelandic Non-Life Insurance - Total Assets (ISK Billion), 2012-2017
Table 37: Icelandic Non-Life Insurance - Total Investment Income (ISK Billion), 2008-2012
Table 38: Icelandic Non-Life Insurance - Total Investment Income (ISK Billion), 2012-2017
Table 39: Icelandic Non-Life Insurance - Retentions (ISK Billion), 2008-2012
Table 40: Icelandic Non-Life Insurance - Retentions (ISK Billion), 2012-2017
Table 41: Icelandic Property Insurance - Written Premium (ISK Billion), 2008-2012
Table 42: Icelandic Property Insurance - Written Premium (ISK Billion), 2012-2017
Table 43: Icelandic Motor Insurance - Written Premium (ISK Billion), 2008-2012
Table 44: Icelandic Motor Insurance - Written Premium (ISK Billion), 2012-2017
Table 45: Icelandic Liability Insurance - Written Premium (ISK Billion), 2008-2012
Table 46: Icelandic Liability Insurance - Written Premium (ISK Billion), 2012-2017
Table 47: Icelandic Marine, Aviation and Transit Insurance - Written Premium (ISK Billion), 2008-2012
Table 48: Icelandic Marine, Aviation and Transit Insurance - Written Premium (ISK Billion), 2012-2017
Table 49: Icelandic Personal Accident and Health Insurance - Written Premium (ISK Billion), 2008-2012
Table 50: Icelandic Personal Accident and Health Insurance - Written Premium (ISK Billion), 2012-2017
Table 51: Icelandic Personal Accident and Health Insurance - Paid Claims (ISK Billion), 2008-2012
Table 52: Icelandic Personal Accident and Health Insurance - Paid Claims (ISK Billion), 2012-2017
Table 53: Icelandic Personal Accident and Health Insurance - Incurred Loss (ISK Billion), 2008-2012
Table 54: Icelandic Personal Accident and Health Insurance - Incurred Loss (ISK Billion), 2012-2017
Table 55: Icelandic Personal Accident and Health Insurance - Loss Ratio (%), 2008-2012
Table 56: Icelandic Personal Accident and Health Insurance - Loss Ratio (%), 2012-2017
Table 57: Icelandic Personal Accident and Health Insurance - Combined Ratio (%), 2008-2012
Table 58: Icelandic Personal Accident and Health Insurance - Combined Ratio (%), 2012-2017
Table 59: Icelandic Personal Accident and Health Insurance - Total Assets (ISK Billion), 2008-2012
Table 60: Icelandic Personal Accident and Health Insurance - Total Assets (ISK Billion), 2012-2017
Table 61: Icelandic Personal Accident and Health Insurance - Total Investment Income (ISK Billion), 2008-2012
Table 62: Icelandic Personal Accident and Health Insurance - Total Investment Income (ISK Billion), 2012-2017
Table 63: Icelandic Personal Accident and Health Insurance - Retentions (ISK Billion), 2008-2012
Table 64: Icelandic Personal Accident and Health Insurance - Retentions (ISK Billion), 2012-2017
Table 65: Icelandic Reinsurance Ceded by Insurance Segment (ISK Billion), 2008-2012
Table 66: Icelandic Reinsurance Ceded by Insurance Segment (US$ Million), 2008-2012
Table 67: Icelandic Reinsurance Ceded by Insurance Segment (ISK Billion), 2012-2017
Table 68: Icelandic Reinsurance Ceded by Insurance Segment (US$ Million), 2012-2017
Table 69: Icelandic Life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 70: Icelandic Life Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 71: Icelandic Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 72: Icelandic Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 73: Icelandic Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 74: Icelandic Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 75: Sjóvá-Almennar líftryggingar hf. Kt, Main Products
Table 76: Tryggingamiðstöðin hf. (TM), Main Products
Table 77: Tryggingamiðstöðin hf. (TM), Key Employees
Table 78: VIS Insurance Ltd, Main Products
Table 79: VIS Insurance Ltd, Key Employees
Table 80: Guard Life Insurance Ltd, Main Products
Table 81: Guard Life Insurance Ltd, Key Employees
Table 82: Líftryggingamiðstöðin hf., Main Products
Table 83: Líftryggingamiðstöðin hf., Key Employees

List of Figures

Figure 1: Icelandic Insurance - Overall Written Premium by Segment (ISK Billion), 2008-2017
Figure 2: Icelandic Insurance - Dynamics by Segment (%), 2008-2017
Figure 3: Icelandic Life Insurance - Written Premium (ISK Million), 2008-2012
Figure 4: Icelandic Life Insurance - Written Premium (ISK Million), 2012-2017
Figure 5: Icelandic Life Insurance - Paid Claims (ISK Million), 2008-2012
Figure 6: Icelandic Life Insurance - Paid Claims (ISK Million), 2012-2017
Figure 7: Icelandic Life Insurance - Incurred Loss (ISK Million), 2008-2012
Figure 8: Icelandic Life Insurance - Incurred Loss (ISK Million), 2012-2017
Figure 9: Icelandic Life Insurance - Loss Ratio (%), 2008-2012
Figure 10: Icelandic Life Insurance - Loss Ratio (%), 2012-2017
Figure 11: Icelandic Life Insurance - Combined Ratio (%), 2008-2012
Figure 12: Icelandic Life Insurance - Combined Ratio (%), 2012-2017
Figure 13: Icelandic Life Insurance - Total Assets (ISK Billion), 2008-2012
Figure 14: Icelandic Life Insurance - Total Assets (ISK Billion), 2012-2017
Figure 15: Icelandic Life Insurance - Total Investment Income (ISK Million), 2008-2012
Figure 16: Icelandic Life Insurance - Total Investment Income (ISK Million), 2012-2017
Figure 17: Icelandic Life Insurance - Retentions (ISK Million), 2008-2012
Figure 18: Icelandic Life Insurance - Retentions (ISK Million), 2012-2017
Figure 19: Icelandic Life Insurance - Penetration (% of GDP), 2008-2012
Figure 20: Icelandic Life Insurance - Premium per Capita (ISK), 2008-2012
Figure 21: Icelandic Non-Life Insurance - Written Premium by Category (ISK Billion), 2008-2017
Figure 22: Icelandic Non-Life Insurance - Written Premium by Category (% Share), 2012 and 2017
Figure 23: Icelandic Non-Life Insurance - Dynamics by Category (%), 2008-2017
Figure 24: Icelandic Non-Life Insurance - Paid Claims (ISK Billion), 2008-2012
Figure 25: Icelandic Non-Life Insurance - Paid Claims (ISK Billion), 2012-2017
Figure 26: Icelandic Non-Life Insurance - Incurred Loss (ISK Billion), 2008-2012
Figure 27: Icelandic Non-Life Insurance - Incurred Loss (ISK Billion), 2012-2017
Figure 28: Icelandic Non-Life Insurance - Loss Ratio (%), 2008-2012
Figure 29: Icelandic Non-Life Insurance - Loss Ratio (%), 2012-2017
Figure 30: Icelandic Non-Life Insurance - Combined Ratio (%), 2008-2012
Figure 31: Icelandic Non-Life Insurance - Combined Ratio (%), 2012-2017
Figure 32: Icelandic Non-Life Insurance - Total Assets (ISK Billion), 2008-2012
Figure 33: Icelandic Non-Life Insurance - Total Assets (ISK Billion), 2012-2017
Figure 34: Icelandic Non-Life Insurance - Total Investment Income (ISK Billion), 2008-2012
Figure 35: Icelandic Non-Life Insurance - Total Investment Income (ISK Billion), 2012-2017
Figure 36: Icelandic Non-Life Insurance - Retentions (ISK Billion), 2008-2012
Figure 37: Icelandic Non-Life Insurance - Retentions (ISK Billion), 2012-2017
Figure 38: Icelandic Non-Life Insurance Penetration (% of GDP), 2008-2012
Figure 39: Icelandic Non-Life Insurance - Premium per Capita (ISK), 2008-2012
Figure 40: Icelandic Property Insurance - Written Premium (ISK Billion), 2008-2012
Figure 41: Icelandic Property Insurance - Written Premium (ISK Billion), 2012-2017
Figure 42: Icelandic Motor Insurance - Written Premium (ISK Billion), 2008-2012
Figure 43: Icelandic Motor Insurance - Written Premium (ISK Billion), 2012-2017
Figure 44: Icelandic Liability Insurance - Written Premium (ISK Billion), 2008-2012
Figure 45: Icelandic Liability Insurance - Written Premium (ISK Billion), 2012-2017
Figure 46: Icelandic Marine, Aviation and Transit Insurance- Written Premium (ISK Billion), 2008-2012
Figure 47: Icelandic Marine, Aviation and Transit Insurance - Written Premium (ISK Billion), 2012-2017
Figure 48: Icelandic Personal Accident and Health Insurance - Written Premium (ISK Billion), 2008-2012
Figure 49: Icelandic Personal Accident and Health Insurance - Written Premium (ISK Billion), 2012-2017
Figure 50: Icelandic Personal Accident and Health Insurance - Paid Claims (ISK Billion), 2008-2012
Figure 51: Icelandic Personal Accident and Health Insurance - Paid Claims (ISK Billion), 2012-2017
Figure 52: Icelandic Personal Accident and Health Insurance - Incurred Loss (ISK Billion), 2008-2012
Figure 53: Icelandic Personal Accident and Health Insurance - Incurred Loss (ISK Billion), 2012-2017
Figure 54: Icelandic Personal Accident and Health Insurance - Loss Ratio (%), 2008-2012
Figure 55: Icelandic Personal Accident and Health Insurance - Loss Ratio (%), 2012-2017
Figure 56: Icelandic Personal Accident and Health Insurance - Combined Ratio (%), 2008-2012
Figure 57: Icelandic Personal Accident and Health Insurance - Combined Ratio (%), 2012-2017
Figure 58: Icelandic Personal Accident and Health Insurance - Total Assets (ISK Billion), 2008-2012
Figure 59: Icelandic Personal Accident and Health Insurance - Total Assets (ISK Billion), 2012-2017
Figure 60: Icelandic Personal Accident and Health Insurance - Total Investment Income (ISK Billion), 2008-2012
Figure 61: Icelandic Personal Accident and Health Insurance - Total Investment Income (ISK Billion), 2012-2017
Figure 62: Icelandic Personal Accident and Health Insurance - Retentions (ISK Billion), 2008-2012
Figure 63: Icelandic Personal Accident and Health Insurance - Retentions (ISK Billion), 2012-2017
Figure 64: Icelandic Personal Accident and Health Insurance - Penetration (% of GDP), 2008-2012
Figure 65: Icelandic Personal Accident and Health Insurance - Premium per Capita (ISK), 2008-2012
Figure 66: Icelandic Reinsurance Ceded by Insurance Segment (ISK Billion), 2008-2017
Figure 67: Icelandic Reinsurance - Dynamics by Insurance Segment (%), 2008-2017
Figure 68: Icelandic Life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Figure 69: Icelandic Life Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Figure 70: Icelandic Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Figure 71: Icelandic Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Figure 72: Icelandic Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Figure 73: Icelandic Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Figure 74: Icelandic GDP at Constant Prices (US$ Billion), 2007-2011
Figure 75: Icelandic GDP per Capita at Constant Prices (US$), 2007-2011
Figure 76: Icelandic GDP at Current Prices (US$ Billion), 2007-2011
Figure 77: Icelandic Stock Exchange Market Capitalization (US$ Billion), 2007-2011
Figure 78: Icelandic Inflation Rate (%), 2007-2011
Figure 79: Icelandic Arable Land ( '000 Hectares), 2007-2011
Figure 80: Icelandic Exports as a Percentage of GDP (%), 2007-2011
Figure 81: Icelandic Imports as a Percentage of GDP (%), 2007-2011
Figure 82: Icelandic Construction Net Output at Current Prices (US$ Billion), 2007-2011
Figure 83: Icelandic Construction Output at Current Prices as a Percentage of GDP (%), 2007-2011
Figure 84: Icelandic Number of Air Passengers (Million), 2007-2011
Figure 85: Icelandic Healthcare Expenditure per Capita (US$), 2007-2011
Figure 86: Icelandic Healthcare Expenditure per Capita (US$), 2007-2011
Figure 87: Icelandic Total Population (Million), 2007-2011
Figure 88: Icelandic Employed Population (%), 2007-2011
Figure 89: Icelandic Annual Disposable Income (US$ Billion), 2007-2011
Figure 90: Icelandic Annual Disposable Income per Capita (US$), 2007-2011

- Guard Life Insurance Ltd
- Líftryggingamiðstöðin hf.
- Sjóvá-Almennar líftryggingar hf. Kt
- Tryggingamiðstöðin hf.
- VIS Insurance Ltd (Vátryggingafélag Íslands hf.)

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