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

Published: Oct, 2014 | Pages: 153 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

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 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 industry is dominated by the non-life segment, which accounted for an 87.6% of the industry's written premium in 2013. The segment's growth was driven by a favorable regulatory framework, which includes compulsory norms for a range of categories, such as motor insurance (Skyldutrygging) and fire insurance (Logbo�in brunatrygging).
Scope
This report provides a comprehensive analysis of the insurance industry in Iceland:
It provides historical values for the Icelandic insurance industry for the report's 2009-2013 review period and projected figures for the 2013-2018 forecast period.
It offers a detailed analysis of the key segments and categories in the Icelandic insurance industry, along with forecasts until 2018.
It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
It profiles the top insurance companies in Iceland, and outlines the key regulations affecting them.
Reason To Buy
Make strategic business decisions using in-depth historic and forecast industry data related to the Icelandic insurance industry and each segment within it.
Understand the demand-side dynamics, key trends and growth opportunities in the Icelandic insurance industry.
Assess the competitive dynamics in the Icelandic insurance industry.
Identify the growth opportunities and market dynamics in key segments.
Gain insights into key regulations governing the Icelandic insurance industry and its impact on companies and the industry's future.
Key Highlights
Motor insurance was the largest category in the Icelandic non-life segment, accounting for 51.3% of the segment's written premium value in 2013.
Despite it being small in size, the Icelandic insurance industry is one of the well-regulated insurance industries in the Nordic region.
The Icelandic insurance industry is one of the most concentrated in the Nordic region.
There have been several changes in insurance provisions, such as the implementation of sophisticated consumer protection laws and provision relating to brokers' licensing.
The life segment is dominated by Okkar liftryggingar hf and Sjova-Almennar liftryggingar hf, with 100% shares in 2013 of the total gross written premium in 2013.

 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 Persol Accident and Health Insurance
4.4 Reinsurance
5 Governce, 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 Persol 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 Intertiol Association of Insurance Supervisors (IAIS)
5.4.2 European Insurance and Occupatiol Pensions Authority (EIOPA)
5.4.3 Fincial 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 pelties
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 Altertive dispute resolution (ADR)
6 Competitive Landscape
6.1 Overview
6.2 Leading Companies
6.2.1 Okkar liftryggingar hf. - company overview
6.2.2 Sjova-Almenr liftryggingar hf. - company overview
6.2.3 Vatryggingafelag islands hf. - company overview
6.2.4 Sjova-Almenr tryggingar hf. - company overview
6.2.5 Tryggingami�sto�in 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 Timetric
8.3 About Timetric
8.4 Timetric's 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 Persol Accident and Health Insurance - Gross Written Premium (ISK Billion), 2009-2013
Table 63: Icelandic Persol Accident and Health Insurance - Gross Written Premium (ISK Billion), 2013-2018
Table 64: Icelandic Persol Accident and Health Insurance - Direct Written Premium (ISK Billion), 2009-2013
Table 65: Icelandic Persol Accident and Health Insurance - Direct Written Premium (ISK Billion), 2013-2018
Table 66: Icelandic Persol Accident and Health Insurance - Paid Claims (ISK Billion), 2009-2013
Table 67: Icelandic Persol Accident and Health Insurance - Paid Claims (ISK Billion), 2013-2018
Table 68: Icelandic Persol Accident and Health Insurance - Incurred Loss (ISK Billion), 2009-2013
Table 69: Icelandic Persol Accident and Health Insurance - Incurred Loss (ISK Billion), 2013-2018
Table 70: Icelandic Persol Accident and Health Insurance - Loss Ratio (%), 2009-2013
Table 71: Icelandic Persol Accident and Health Insurance - Loss Ratio (%), 2013-2018
Table 72: Icelandic Persol Accident and Health Insurance - Combined Ratio (%), 2009-2013
Table 73: Icelandic Persol Accident and Health Insurance - Combined Ratio (%), 2013-2018
Table 74: Icelandic Persol Accident and Health Insurance - Total Assets (ISK Billion), 2009-2013
Table 75: Icelandic Persol Accident and Health Insurance - Total Assets (ISK Billion), 2013-2018
Table 76: Icelandic Persol Accident and Health Insurance - Total Investment Income (ISK Billion), 2009-2013
Table 77: Icelandic Persol Accident and Health Insurance - Total Investment Income (ISK Billion), 2013-2018
Table 78: Icelandic Persol Accident and Health Insurance - Retentions (ISK Billion), 2009-2013
Table 79: Icelandic Persol Accident and Health Insurance - Retentions (ISK Billion), 2013-2018
Table 80: Icelandic Persol 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 Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 90: Icelandic Persol 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 Fincial 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 l�ftryggingar hf., Main Products
Table 99: Okkar l�ftryggingar hf., Key Employees
Table 100: Sj�v�-Almenr l�ftryggingar hf., Main Products
Table 101: Sj�v�-Almenr l�ftryggingar hf., Key Employees
Table 102: V�tryggingaf�lag �slands hf., Main Products
Table 103: V�tryggingaf�lag �slands hf., Key Employees
Table 104: Sj�v�-Almenr tryggingar hf., Main Products
Table 105: Sj�v�-Almenr tryggingar hf., Key Employees
Table 106: Tryggingami�st��in hf., Main Products
Table 107: Tryggingami�st��in hf., Key Employees