Life Insurance in Sweden, Key Trends and Opportunities to 2017

Published: Feb, 2014 | Pages: 251 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


Synopsis
The report provides in-depth market analysis, information and insights into the Swedish life insurance segment, including:
The Swedish life insurance segment's growth prospects by life insurance categories 
Key trends and drivers for the life insurance segment 
The various distribution channels in the Swedish life insurance segment
The detailed competitive landscape in the life insurance segment in Sweden
Detailed regulatory framework of the Swedish insurance industry
A description of the life reinsurance segment in Sweden
Porter's Five Forces analysis of the life insurance segment
A benchmarking section on the Swedish life insurance segment in comparison with other countries in the Nordic Region 

Summary
Life insurance was the largest segment in the Swedish insurance industry in 2012, accounting for 73.7% of total industry premiums. The segment's value increased at a review-period (2008-2012) compound annual growth rate (CAGR) of 2.3% . The life segment is expected to record a forecast-period (2012-2017) CAGR of 3.4% . Insurance brokers and e-commerce were the main channels of distribution of life insurance products in Sweden, respectively accounting for 31.8% and 28% of the new business gross written premium in 2012.  
Scope
This report provides a comprehensive analysis of the life insurance segment in Sweden:
It provides historical values for the Swedish life insurance segment for the report's 2008-2012 review period and forecast figures for the 2012-2017 forecast period.
It offers a detailed analysis of the key categories in the Swedish life insurance segment, along with market forecasts until 2017.
It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions.
It analyses the various distribution channels for life insurance products in Sweden.
Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Sweden for the life insurance business.
It provides a detailed analysis of the reinsurance segment in Sweden and its growth prospects.
It profiles the top life insurance companies in Sweden and outlines the key regulations affecting them. 
Reason To Buy
 Make strategic business decisions using in depth historic and forecast market data related to the Swedish life insurance segment and each category within it
Understand the demand-side dynamics, key market trends and growth opportunities within the Swedish life insurance segment
Assess the competitive dynamics in the life insurance segment, along with the reinsurance segment
Identify the growth opportunities and market dynamics within key product categories
Gain insights into key regulations governing the Swedish insurance industry and its impact on companies and the market's future 
Key Highlights
 The Swedish life insurance segment was the largest in the country's insurance industry in 2012
Private pension plans are expected to achieve considerable growth over the forecast period
Occupational pension and endowment insurance accounted for the majority of premiums generated in the segment during the review period, and are expected to continue to grow over the forecast period, driven by economic recovery and a fall in the unemployment rate
The top 10 companies accounted for 89.3% of premium income in 2012
As of 2012, 38 foreign insurers were present in the country, operating through branches or representative offices

 1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Nordic Region Market Dymics
3.1 Overview
3.1.1 Market trends
3.1.2 Market size
4 Life Insurance Segment - Regiol Benchmarking
4.1 Scale and penetration
4.1.1 Total gross written premium
4.1.2 Premium per capita
4.1.3 Life insurance penetration (% of GDP)
4.2 Growth
4.2.1 Gross written premium
4.2.2 Gross written premium per capita
4.3 Efficiency and risk
4.3.1 Loss ratio
4.3.2 Combined ratio
4.3.3 Incurred losses per capita
4.3.4 Incurred losses as a percentage of GDP
4.4 Distribution channels
4.4.1 Direct marketing
4.4.2 Bancassurance
4.4.3 Agencies
4.4.4 Online channels
5 Swedish Insurance Industry Attractiveness
5.1 Insurance Industry Size, 2008-2017
5.2 Key Industry Trends and Drivers
6 Life Insurance Outlook
6.1 Life Insurance Growth Prospects by Category
6.1.1 Individual pension
6.1.2 Individual endowment
6.1.3 Individual unit-linked insurance
6.1.4 Group life insurance
6.2 Life Insurance Growth Prospects by Product Type
6.2.1 Individual single-premium policies
6.2.2 Individual non-single-premium policies
6.2.3 Group single-premium policies
6.2.4 Group non-single-premium policies
7 Alysis by Distribution Channel
7.1 Direct Marketing
7.2 Bancassurance
7.3 Agencies
7.4 E-commerce
7.5 Brokers
7.6 Other Channels
8 Porter's Five Forces Alysis - Swedish Life Insurance
8.1 Bargaining Power of Suppliers: Medium
8.2 Bargaining Power of Buyers: High
8.3 Barriers to Entry: Low to Medium
8.4 Intensity of Rivalry: Medium
8.5 Threat of Substitutes: Medium to High
9 Reinsurance Growth Dymics and Challenges
9.1 Reinsurance Segment Size, 2008-2017
9.2 Reinsurance Segment Size by Type of Insurance, 2008-2017
10 Governce, Risk and Compliance
10.1 Legislation Overview and Historical Evolution
10.2 Legislation and Market Practice by Type of Insurance
10.2.1 Life insurance
10.2.2 Property insurance
10.2.3 Motor insurance
10.2.4 Marine, aviation and transit insurance
10.2.5 Persol accident and health insurance
10.3 Compulsory Insurance
10.3.1 Motor third-party liability insurance
10.3.2 Workers' compensation insurance
10.3.3 Air carriers and aircraft operators insurance
10.4 Supervision and Control
10.4.1 Intertiol Association of Insurance Supervisors (IAIS)
10.4.2 European Insurance and Occupatiol Pensions Authority (EIOPA)
10.4.3 Finsinspektionen (FI)
10.5 Non-Admitted Insurance Regulations
10.5.1 Overview
10.5.2 Intermediaries
10.5.3 Market practices
10.5.4 Fines and pelties
10.6 Company Registration and Operations
10.6.1 Types of insurance organization
10.6.2 Establishing a domestic company
10.6.3 Foreign ownership
10.6.4 Types of license
10.6.5 Capital requirements
10.6.6 Solvency margins
10.6.7 Reserve requirements
10.6.8 Investment regulations
10.6.9 Statutory return requirements
10.6.10 Fee structure
10.7 Taxation
10.7.1 Insurance premium or policy taxation
10.7.2 Withholding taxes on premium paid overseas
10.7.3 Corporate tax
10.7.4 VAT
10.7.5 Captives
10.8 Legal System
10.8.1 Introduction
10.8.2 Access to court
10.8.3 Altertive dispute resolution (ADR)
11 Competitive Landscape and Strategic Insights
11.1 Overview
11.2 Leading Companies in the Swedish Life Insurance Segment
11.3 Comparison of Five Leading Insurers
11.3.1 Gross written premium
11.3.2 Total investments
11.4 Skandiakoncernen - Company Overview
11.4.1 Skandiakoncernen - key facts
11.4.2 Skandiakoncernen - key fincials
11.5 Folksam - Company Overview
11.5.1 Folksam - key facts
11.5.2 Folksam - key fincials
11.6 Alecta - Company Overview
11.6.1 Alecta - key facts
11.6.2 Alecta - key fincials
11.7 AMF Pension - Company Overview
11.7.1 AMF Pension - key facts
11.7.2 AMF Pension - key fincials
11.8 SEB Trygg Liv - Company Overview
11.8.1 SEB Trygg Liv - key facts
11.8.2 SEB Trygg Liv - key fincials
11.9 Lansforsakringar - Company Overview
11.9.1 Lansforsakringar - key facts
11.9.2 Lansforsakringar - key fincials
11.1 SwedbankForsakring - Company Overview
11.10.1 SwedbankForsakring - key facts
11.10.1 SwedbankForsakring - key fincials
11.11 NordeaLiv - Company Overview
11.11.1 NordeaLiv - key facts
11.11.2 NordeaLiv - key fincials
11.12 Handelsbanken - Company Overview
11.12.1 Handelsbanken - key facts
11.12.2 Handelsbanken - key fincials
11.13 SPP - Company Overview
11.13.1 SPP - key facts
11.13.2 SPP - key fincials
12 Business Environment and Country Risk
12.1 Business Confidence
12.1.1 Market capitalization trend - Stockholm Stock Exchange, Sweden
12.2 Economic Performance
12.2.1 GDP at constant prices (US$)
12.2.2 GDP per capita at constant prices (US dollar)
12.2.3 GDP at current prices (US dollar)
12.2.4 GDP per capita at current prices (US dollar)
12.2.5 GDP by key segments
12.2.6 Agriculture, hunting, forestry and fishing net output at current prices (US dollar)
12.2.7 Agriculture, hunting, forestry and fishing net output at current prices as a percentage of GDP
12.2.8 Manufacturing net output at current prices (US$)
12.2.9 Manufacturing net output at current prices as a percentage of GDP
12.2.10 Mining, manufacturing and utilities at current prices (US$)
12.2.11 Mining, manufacturing and utilities at current prices, as percentage of GDP
12.2.12 Construction net output at current prices, (US$)
12.2.13 Construction net output at current prices as a percentage of GDP
12.2.14 Inflation rate
12.2.15 Exports as a percentage of GDP
12.2.16 Imports as a percentage of GDP
12.2.17 Merchandise exports growth
12.2.18 Merchandise imports growth
12.2.19 Annual average exchange rate US dollar against the kro
12.3 Infrastructure Quality and Availability
12.3.1 Commercial vehicles exports total value
12.3.2 Commercial vehicles imports total value
12.3.3 Automotive exports total value
12.3.4 Automotive imports total value
12.3.5 Total internet subscribers
12.4 Labor Force
12.4.1 Labor force
12.4.2 Unemployment rate
12.5 Demographics
12.5.1 Gross tiol disposable income (US$)
12.5.2 Household consumption expenditure (US$)
12.5.3 Total population
12.5.4 Urban and rural populations
12.5.5 Age distribution of the total population
13 Appendix
13.1 Methodology
13.2 Contact Timetric
13.3 About Timetric
13.4 Timetric's Services
13.5 Disclaimer


List of Tables
Table 1: Insurance Industry Definitions
Table 2: Swedish Insurance - Overall Written Premium by Segment (SEK Billion), 2008-2012
Table 3: Swedish Insurance - Overall Written Premium by Segment (US$ Billion), 2008-2012
Table 4: Swedish Insurance - Overall Written Premium by Segment (SEK Billion), 2012-2017
Table 5: Swedish Insurance - Overall Written Premium by Segment (US$ Billion), 2012-2017
Table 6: Swedish Insurance - Segmentation (% Share), 2008-2017
Table 7: Swedish Life Insurance - Written Premium by Category (SEK Billion), 2008-2012
Table 8: Swedish Life Insurance - Written Premium by Category (US$ Billion), 2008-2012
Table 9: Swedish Life Insurance - Written Premium by Category (SEK Billion), 2012-2017
Table 10: Swedish Life Insurance - Written Premium by Category (US$ Billion), 2012-2017
Table 11: Swedish Life Insurance - Earned Premium (SEK Billion), 2008-2012
Table 12: Swedish Life Insurance - Earned Premium (SEK Billion), 2012-2017
Table 13: Swedish Life Insurance - Sum Assured (SEK Billion), 2008-2012
Table 14: Swedish Life Insurance - Sum Assured (SEK Billion), 2012-2017
Table 15: Swedish Life Insurance - Paid Claims (SEK Billion), 2008-2012
Table 16: Swedish Life Insurance - Paid Claims (SEK Billion), 2012-2017
Table 17: Swedish Life Insurance - Incurred Loss (SEK Billion), 2008-2012
Table 18: Swedish Life Insurance - Incurred Loss (SEK Billion), 2012-2017
Table 19: Swedish Life Insurance - Loss Ratio (%), 2008-2012
Table 20: Swedish Life Insurance - Loss Ratio (%), 2012-2017
Table 21: Swedish Life Insurance - Commissions and Expenses (SEK Billion), 2008-2012
Table 22: Swedish Life Insurance - Commissions and Expenses (SEK Billion), 2012-2017
Table 23: Swedish Life Insurance - Combined Ratio (%), 2008-2012
Table 24: Swedish Life Insurance - Combined Ratio (%), 2012-2017
Table 25: Swedish Life Insurance - Frauds and Crimes (SEK Billion), 2008-2012
Table 26: Swedish Life Insurance - Frauds and Crimes (SEK Billion), 2012-2017
Table 27: Swedish Life Insurance - Total Assets (SEK Billion), 2008-2012
Table 28: Swedish Life Insurance - Total Assets (SEK Billion), 2012-2017
Table 29: Swedish Life Insurance - Total Investment Income (SEK Billion), 2008-2012
Table 30: Swedish Life Insurance - Total Investment Income (SEK Billion), 2012-2017
Table 31: Swedish Life Insurance - Retentions (SEK Billion), 2008-2012
Table 32: Swedish Life Insurance - Retentions (SEK Billion), 2012-2017
Table 33: Swedish Individual Pension - Number of Active Policies (Thousand), 2008-2012
Table 34: Swedish Individual Pension - Number of Active Policies (Thousand), 2012-2017
Table 35: Swedish Individual Pension - Written Premium (SEK Billion), 2008-2012
Table 36: Swedish Individual Pension - Written Premium (SEK Billion), 2012-2017
Table 37: Swedish Individual Endowment - Number of Active Policies (Thousand), 2008-2012
Table 38: Swedish Individual Endowment - Number of Active Policies (Thousand), 2012-2017
Table 39: Swedish Individual Endowment - Written Premium (SEK Billion), 2008-2012
Table 40: Swedish Individual Endowment - Written Premium (SEK Billion), 2012-2017
Table 41: Swedish Individual Unit-Linked Insurance - Number of Active Policies (Thousand), 2008-2012
Table 42: Swedish Individual Unit-Linked Insurance - Number of Active Policies (Thousand), 2012-2017
Table 43: Swedish Individual Unit-Linked Insurance - Written Premium (SEK Billion), 2008-2012
Table 44: Swedish Individual Unit-Linked Insurance - Written Premium (SEK Billion), 2012-2017
Table 45: Swedish Group Life Insurance - Number of Active Policies (Thousand), 2008-2012
Table 46: Swedish Group Life Insurance - Number of Active Policies (Thousand), 2012-2017
Table 47: Swedish Group Life Insurance - Written Premium (SEK Billion), 2008-2012
Table 48: Swedish Group Life Insurance - Written Premium (SEK Billion), 2012-2017
Table 49: Swedish Individual Single-Premium - Number of Active Policies (Thousand), 2008-2012
Table 50: Swedish Individual Single-Premium - Number of Active Policies (Thousand), 2012-2017
Table 51: Swedish Individual Single-Premium - Written Premium (SEK Billion), 2008-2012
Table 52: Swedish Individual Single-Premium - Written Premium (SEK Billion), 2012-2017
Table 53: Swedish Individual Non-Single-Premium - Number of Active Policies (Thousand), 2008-2012
Table 54: Swedish Individual Non-Single-Premium - Number of Active Policies (Thousand), 2012-2017
Table 55: Swedish Individual Non-Single-Premium - Written Premium (SEK Billion), 2008-2012
Table 56: Swedish Individual Non-Single-Premium - Written Premium (SEK Billion), 2012-2017
Table 57: Swedish Group Single-Premium - Number of Active Policies (Thousand), 2008-2012
Table 58: Swedish Group Single-Premium - Number of Active Policies (Thousand), 2012-2017
Table 59: Swedish Group Single-Premium - Written Premium (SEK Billion), 2008-2012
Table 60: Swedish Group Single-Premium - Written Premium (SEK Billion), 2012-2017
Table 61: Swedish Group Non-Single-Premium - Number of Active Policies (Thousand), 2008-2012
Table 62: Swedish Group Non-Single-Premium - Number of Active Policies (Thousand), 2012-2017
Table 63: Swedish Group Non-Single-Premium - Written Premium (SEK Billion), 2008-2012
Table 64: Swedish Group Non-Single-Premium - Written Premium (SEK Billion), 2012-2017
Table 65: Swedish Life Insurance - Direct Marketing Commission Paid (SEK Billion), 2008-2012
Table 66: Swedish Life Insurance - Direct Marketing Commission Paid (SEK Billion), 2012-2017
Table 67: Swedish Life Insurance - New Business Written Premium Through Direct Marketing (SEK Billion), 2008-2012
Table 68: Swedish Life Insurance - New Business Written Premium Through Direct Marketing (SEK Billion), 2012-2017
Table 69: Swedish Life Insurance - New Policies Sold Through Direct Marketing (Thousand), 2008-2012
Table 70: Swedish Life Insurance - New Policies Sold Through Direct Marketing (Thousand), 2012-2017
Table 71: Swedish Life Insurance - Number of Direct Marketing Distributors, 2008-2012
Table 72: Swedish Life Insurance - Number of Direct Marketing Distributors, 2012-2017
Table 73: Swedish Life Insurance - Bancassurance Commission Paid (SEK Billion), 2008-2012
Table 74: Swedish Life Insurance - Bancassurance Commission Paid (SEK Billion), 2012-2017
Table 75: Swedish Life Insurance - New Business Written Premium Through Bancassurance (SEK Billion), 2008-2012
Table 76: Swedish Life Insurance - New Business Written Premium Through Bancassurance (SEK Billion), 2012-2017
Table 77: Swedish Life Insurance - New Policies Sold Through Bancassurance (Thousand), 2008-2012
Table 78: Swedish Life Insurance - New Policies Sold Through Bancassurance (Thousand), 2012-2017
Table 79: Swedish Life Insurance - Number of Bancassurance Distributors, 2008-2012
Table 80: Swedish Life Insurance - Number of Bancassurance Distributors, 2012-2017
Table 81: Swedish Life Insurance - Commission Paid to Agencies (SEK Billion), 2008-2012
Table 82: Swedish Life Insurance - Commission Paid to Agencies (SEK Billion), 2012-2017
Table 83: Swedish Life Insurance - New Business Written Premium Through Agencies (SEK Billion), 2008-2012
Table 84: Swedish Life Insurance - New Business Written Premium Through Agencies (SEK Billion), 2012-2017
Table 85: Swedish Life Insurance - New Policies Sold Through Agencies (Thousand), 2008-2012
Table 86: Swedish Life Insurance - New Policies Sold Through Agencies (Thousand), 2012-2017
Table 87: Swedish Life Insurance - Number of Agencies, 2008-2012
Table 88: Swedish Life Insurance - Number of Agencies, 2012-2017
Table 89: Swedish Life Insurance - E-Commerce Commission Paid (SEK Billion), 2008-2012
Table 90: Swedish Life Insurance - E-Commerce Commission Paid (SEK Billion), 2012-2017
Table 91: Swedish Life Insurance - New Business Written Premium Through E-Commerce (SEK Billion), 2008-2012
Table 92: Swedish Life Insurance - New Business Written Premium Through E-Commerce (SEK Billion), 2012-2017
Table 93: Swedish Life Insurance - New Policies Sold Through E-Commerce (Thousand), 2008-2012
Table 94: Swedish Life Insurance - New Policies Sold Through E-Commerce (Thousand), 2012-2017
Table 95: Swedish Life Insurance - Number of E-Commerce Distributors, 2008-2012
Table 96: Swedish Life Insurance - Number of E-Commerce Distributors, 2012-2017
Table 97: Swedish Life Insurance - Commission Paid to Brokers (SEK Billion), 2008-2012
Table 98: Swedish Life Insurance - Commission Paid to Brokers (SEK Billion), 2012-2017
Table 99: Swedish Life Insurance - New Business Written Premium Through Brokers (SEK Billion), 2008-2012
Table 100: Swedish Life Insurance - New Business Written Premium Through Brokers (SEK Billion), 2012-2017
Table 101: Swedish Life Insurance - New Policies Sold Through Brokers (Thousand), 2008-2012
Table 102: Swedish Life Insurance - New Policies Sold Through Brokers (Thousand), 2012-2017
Table 103: Swedish Life Insurance - Number of Brokers, 2008-2012
Table 104: Swedish Life Insurance - Number of Brokers, 2012-2017
Table 105: Swedish Life Insurance - Commission Paid to Other Channels (SEK Billion), 2008-2012
Table 106: Swedish Life Insurance - Commission Paid to Other Channels (SEK Billion), 2012-2017
Table 107: Swedish Life Insurance - New Business Written Premium Through Other Channels (SEK Billion), 2008-2012
Table 108: Swedish Life Insurance - New Business Written Premium Through Other Channels (SEK Billion), 2012-2017
Table 109: Swedish Life Insurance - New Policies Sold Through Other Channels (Thousand), 2008-2012
Table 110: Swedish Life Insurance - New Policies Sold Through Other Channels (Thousand), 2012-2017
Table 111: Swedish Life Insurance - Number of Distributors in Other Channels, 2008-2012
Table 112: Swedish Life Insurance - Number of Distributors in Other Channels, 2012-2017
Table 113: Reinsurance in Sweden by Category (SEK Billion), 2008-2012
Table 114: Reinsurance in Sweden by Category (US$ Billion), 2008-2012
Table 115: Reinsurance in Sweden  by Category (SEK Billion), 2012-2017
Table 116: Reinsurance in Sweden  by Category (US$ Billion), 2012-2017
Table 117: Swedish Premium Ceded to Reinsurance by Type of Insurance (SEK Billion), 2008-2012
Table 118: Swedish Premium Ceded to Reinsurance by Type of Insurance (US$ Billion), 2008-2012
Table 119: Swedish Premium Ceded to Reinsurance by Type of Insurance (SEK Billion), 2012-2017
Table 120: Swedish Premium Ceded to Reinsurance by Type of Insurance (US$ Billion), 2012-2017
Table 121: Swedish Life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 122: Swedish Life Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 123: Sweden - Life Insurance Regulatory Framework
Table 124: Sweden - Property Insurance Regulatory Framework
Table 125: Sweden - Motor Insurance Regulatory Framework
Table 126: Sweden - Minimum Coverage for Aircraft Third-Party Liability per Accident and Aircraft
Table 127: Sweden - Corporate Tax Rates for the Financial Year 2013
Table 128: Swedish Life Insurance - Market Shares (%), 2012
Table 129: Skandiakoncernen, Key Facts
Table 130: Skandiakoncernen, Key Financials (SEK Million), 2008-2012
Table 131: Folksam, Key Facts
Table 132: Folksam, Key Financials (SEK Million), 2008-2012
Table 133: Alecta, Key Facts
Table 134: Alecta, Key Financials (SEK Million), 2008-2012
Table 135: AMF Pension, Key Facts
Table 136: AMF Pension, Key Financials (SEK Million), 2008-2012
Table 137: SEB Trygg Liv, Key Facts
Table 138: SEB Trygg Liv, Key Financials (SEK Million), 2008-2012
Table 139: L�nsf�rs�kringar, Key Facts
Table 140: L�nsf�rs�kringar, Key Financials (SEK Million), 2008-2012
Table 141: SwedbankF�rs�kring, Key Facts
Table 142: SwedbankF�rs�kring, Key Financials (SEK Million), 2008-2012
Table 143: NordeaLiv, Key Facts
Table 144: NordeaLiv, Key Financials (SEK Million), 2008-2012
Table 145: Handelsbanken, Key Facts
Table 146: Handelsbanken, Key Financials (SEK Million), 2008-2012
Table 147: SPP, Key Facts
Table 148: SPP, Key Financials (SEK Million), 2008-2012