The Insurance Industry in Iceland, Key Trends and Opportunities to 2020

Published: Oct, 2016 | Pages: 130 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis

Timetric's 'The Insurance Industry in Iceland, Key Trends and Opportunities to 2020' report provides a detailed analysis of Icelandic insurance industry.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review (2011-2015) and forecast periods (2015-2020).

The report also gives a comprehensive overview of the Icelandic economy and demographics, and provides detailed information on the competitive landscape in the country. It also includes the impact of natural hazards on the insurance industry.

The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations and recent changes in the regulatory structure.

Summary

Timetric's 'The Insurance Industry in Iceland, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Icelandic insurance industry, including:

• An overview of the Icelandic insurance industry

• The Icelandic insurance industry's growth prospects by segment and category

• A comprehensive overview of the Icelandic economy and demographics

• The detailed competitive landscape in the Icelandic insurance industry

• Overview of distribution channels in the Icelandic insurance industry

• Details of regulatory policy applicable to the Icelandic insurance industry

• An analysis of natural hazards and its impact on the Icelandic insurance industry

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 2011-2015 review period, and projected figures for the 2015-2020 forecast period.

• It offers a detailed analysis of the key segments in the Icelandic insurance industry, with market forecasts to 2020.

• It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions.

• It profiles the top insurance companies in Iceland, and outlines the key regulations affecting them.

• It covers the economy and demographics structure of Iceland.

• It analyzes the impact of natural hazards in the Icelandic insurance industry.

Reasons To Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Icelandic insurance industry and each segment and category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Icelandic insurance industry.

• Assess the competitive dynamics in the Icelandic insurance industry.

• Identify growth opportunities and market dynamics in key segments.

• Gain insights into key regulations governing the Icelandic insurance industry, and their impact on companies and the industry's future.

Key Highlights

• The Icelandic insurance industry is attractive, and provides ample growth opportunities for global investors. The industry's penetration stood at 2.4% of GDP.

• The industry is dominated by the non-life segment, which constituted 86.1% of the industry's gross written premium in 2015.

• Motor insurance was the largest category in the Icelandic non-life segment, accounting for 50.0% of the segment's gross written premium in 2015.

• The growth of the non-life segment was primarily driven by a favorable regulatory framework, the rising sales of property and automobile and compulsory insurance.

• Insurance classes such as fire insurance for buildings, aircraft liability insurance, liability insurance for clinical trials and professional indemnity insurance for insurance brokers are mandatory.

• The increase in the elderly population is expected to increase awareness towards retirement-related life insurance products such as pension, annuity and superannuation.

 Table of Contents

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Industry Outlook
4.1 Regional Comparison
4.2 Industry Indicators
4.2.1 Gross written premium
4.2.2 Claims
4.2.3 Assets and investments

5 Life Insurance

6 Non-Life Insurance
6.1 Property Insurance
6.1.1 Gross Written Premium
6.1.2 Penetration
6.1.3 Claims
6.1.4 Profitability
6.2 Motor Insurance
6.2.1 Gross written premium
6.2.2 Penetration
6.2.3 Claims
6.2.4 Profitability
6.3 Liability Insurance
6.3.1 Gross written premium
6.3.2 Penetration
6.3.3 Claims
6.3.4 Profitability
6.4 Marine, Aviation and Transit Insurance
6.4.1 Gross written premium
6.4.2 Penetration
6.4.3 Claims
6.4.4 Profitability

7 Personal Accident and Health Insurance
7.1 Health Insurance
7.1.1 Gross written premium
7.1.2 Penetration
7.1.3 Claims
7.1.4 Profitability

8 Reinsurance Outlook
8.1 Premium Ceded

9 Distribution Channel Outlook

10 Natural Hazards
10.1 Earthquake
10.2 Landslide
10.3 Volcano
10.4 Exposure

11 Competitive Landscape
11.1 Company Profiles
11.1.1 Vatryggingafelag islands hf. - company overview
11.1.2 Sjova-Almennar tryggingar hf. - company overview
11.1.3 Tryggingamistoin hf. - company overview
11.1.4 Vorur liftryggingar hf. - company overview
11.1.5 Vilagatrygging islands - company overview

12 Governance, Risk and Compliance
12.1 Legislation Overview and Historical Evolution
12.2 Latest Changes in Regulation
12.3 Legislation and Market Practice by Type of Insurance
12.3.1 Life Insurance
12.3.2 Property Insurance
12.3.3 Motor Insurance
12.3.4 Liability insurance
12.3.5 Marine, aviation and transit insurance
12.3.6 Personal accident and health insurance
12.4 Compulsory Insurance
12.4.1 Motor third party liability insurance
12.4.2 Iceland catastrophic insurance
12.4.3 Aircraft liability insurance
12.4.4 Motor third-party liability insurance
12.4.5 Clinical trials liability insurance
12.4.6 Professional indemnity insurance for insurance brokers
12.5 Supervision and Control
12.5.1 International Association of Insurance Supervisors
12.5.2 European Insurance and Occupational Pensions Authority (EIOPA)
12.5.3 Financial Supervisory Authority (FME)
12.5.4 Icelandic Financial Services Association (Samtok fjarmalafyrirtaekja - SFF)
12.6 Non-Admitted Insurance Regulation
12.6.1 Overview
12.6.2 Intermediaries
12.6.3 Market practices
12.6.4 Fines and Penalties
12.7 Company Registration and Operations
12.7.1 Type of insurance organization
12.7.2 Establishing a local company
12.7.3 Foreign ownership
12.7.4 Types of license
12.7.5 Capital requirements
12.7.6 Solvency margin
12.7.7 Reserve requirements
12.7.8 Investment regulations
12.7.9 Statutory return requirements
12.7.10 Fee structure
12.8 Taxation
12.8.1 Insurance premium or policy taxation
12.8.2 Withholding taxes on premium paid overseas
12.8.3 Corporate tax
12.8.4 VAT
12.8.5 Captives
12.9 Legal System
12.9.1 Introduction
12.9.2 Access to court
12.9.3 Alternative dispute resolution (ADR)

13 Databook
13.1 Life Insurance
13.1.1 Policies and premium
13.1.2 Claims and expenses
13.1.3 Assets and investments
13.1.4 Individual life insurance
13.1.5 Individual life insurance by product
13.2 Non-Life Insurance
13.2.1 Policies and premium
13.2.2 Claims and expenses
13.2.3 Assets and investments
13.2.4 Property insurance
13.2.5 Property insurance by product
13.2.6 Motor insurance
13.2.7 Motor insurance by product
13.2.8 Liability insurance
13.2.9 Marine, aviation and transit insurance
13.3 Personal Accident and Health Insurance
13.3.1 Policies and premium
13.3.2 Claims and expenses
13.3.3 Assets and investments
13.3.4 Health insurance

14 Definitions and Methodology
14.1 Definitions
14.2 Methodology

15 About Timetric
15.1 Contact Timetric
15.2 About Timetric
15.3 Timetric's Services
15.4 Disclaimer

List of Tables

Table 1: Icelandic Insurance Industry - Key Facts, 2015
Table 2: Icelandic Insurance Industry - Segment Shares of the Top Insurers, 2015
Table 3: Icelandic Government Credit Ratings
Table 4: Icelandic Insurance Industry - Gross Written Premium by Segment (ISK Billion), 2011-2015
Table 5: Icelandic Insurance Industry - Gross Written Premium by Segment (ISK Billion), 2015-2020
Table 6: Icelandic Insurance Industry - Density (Direct Written Premium Per Capita) by Segment (ISK), 2011-2015
Table 7: Icelandic Insurance Industry - Density (Direct Written Premium Per Capita) by Segment (ISK), 2015-2020
Table 8: Icelandic Insurance Industry - Paid Claims by Segment(ISK Billion), 2011-2015
Table 9: Icelandic Insurance Industry - Paid Claims by Segment(ISK Billion), 2015-2020
Table 10: Icelandic Insurance Industry - Total Assets by Segment (ISK Billion), 2011-2015
Table 11: Icelandic Insurance Industry - Total Assets by Segment (ISK Billion), 2015-2020
Table 12: Icelandic Insurance Industry - Total Investment Income by Segment (ISK Billion), 2011-2015
Table 13: Icelandic Insurance Industry - Total Investment Income by Segment (ISK Billion), 2015-2020
Table 14: Icelandic Insurance Industry - Life Insurance Investment Portfolio (ISK Billion), 2011-2015
Table 15: Icelandic Insurance Industry - Life Insurance Investment Portfolio (ISK Billion), 2015-2020
Table 16: Icelandic Insurance Industry - Non-Life Insurance Investment Portfolio (ISK Billion), 2011-2015
Table17: Icelandic Insurance Industry - Non-Life Insurance Investment Portfolio (ISK Billion), 2015-2020
Table 18: Icelandic Insurance Industry - Personal Accident and Health Insurance Investment Portfolio (ISK Billion), 2011-2015
Table 19: Icelandic Insurance Industry - Personal Accident and Health Insurance Investment Portfolio (ISK Billion), 2015-2020
Table 20: Icelandic Life Insurance - Gross Written Premium (ISK Billion and US$ Million), 2011-2015
Table 21: Icelandic Life Insurance - Gross Written Premium (ISK Billion and US$ Million), 2015-2020
Table 22: Icelandic Non-Life Insurance - Gross Written Premium (ISK Billion and US$ Million), 2011-2015
Table 23: Icelandic Non-Life Insurance - Gross Written Premium (ISK Billion and US$ Million), 2015-2020
Table 24: Icelandic Property Insurance - Gross Written Premium (ISK Billion and US$ Million), 2011-2015
Table 25: Icelandic Property Insurance - Gross Written Premium (ISK Billion and US$ Million), 2015-2020
Table 26: Icelandic Property Insurance - Paid Claims (ISK Billion and US$ Million), 2011-2015
Table 27: Icelandic Property Insurance - Paid Claims (ISK Billion and US$ Million), 2015-2020
Table 28: Icelandic Property Insurance - Loss Ratio (%), 2011-2015
Table29: Icelandic Property Insurance - Loss Ratio (%), 2015-2020
Table 30: Icelandic Motor Insurance - Gross Written Premium (ISK Billion and US$ Million), 2011-2015
Table 31: Icelandic Motor Insurance - Gross Written Premium (ISK Billion and US$ Million), 2015-2020
Table 32: Icelandic Motor Insurance - Paid Claims (ISK Billion and US$ Million), 2011-2015
Table 33: Icelandic Motor Insurance - Paid Claims (ISK Billion and US$ Million), 2015-2020
Table 34: Icelandic Motor Insurance - Loss Ratio (%), 2011-2015
Table 35: Icelandic Motor Insurance - Loss Ratio (%), 2015-2020
Table 36: Icelandic Liability Insurance - Gross Written Premium (ISK Billion and US$ Million), 2011-2015
Table 37: Icelandic Liability Insurance - Gross Written Premium (ISK Billion and US$ Million), 2015-2020
Table 38: Icelandic Liability Insurance - Paid Claims (ISK Billion and US$ Million), 2011-2015
Table 39: Icelandic Liability Insurance - Paid Claims (ISK Billion and US$ Million), 2015-2020
Table 40: Icelandic Liability Insurance - Loss Ratio (%), 2011-2015
Table 41: Icelandic Liability Insurance - Loss Ratio (%), 2015-2020
Table 42: Icelandic Marine, Aviation and Transit Insurance - Gross Written Premium (ISK Billion and US$ Million), 2011-2015
Table 43: Icelandic Marine, Aviation and Transit Insurance - Gross Written Premium (ISK Billion and US$ Million), 2015-2020
Table 44: Icelandic Marine, Aviation and Transit Insurance - Paid Claims (ISK Billion and US$ Million), 2011-2015
Table 45: Icelandic Marine, Aviation and Transit Insurance - Paid Claims (ISK Billion and US$ Million), 2015-2020
Table 46: Icelandic Marine, Aviation and Transit Insurance - Loss Ratio (%), 2011-2015
Table 47: Icelandic Marine, Aviation and Transit Insurance - Loss Ratio (%), 2015-2020
Table 48: Icelandic Personal Accident and Health Insurance - Gross Written Premium (ISK Billion and US$ Million), 2011-2015
Table 49: Icelandic Personal Accident and Health Insurance - Gross Written Premium (ISK Billion and US$ Million), 2015-2020
Table 50: Icelandic Health Insurance - Gross Written Premium (ISK Billion and US$ Million), 2011-2015
Table 51: Icelandic Health Insurance - Gross Written Premium (ISK Billion and US$ Million), 2015-2020
Table 52: Icelandic Health Insurance - Paid Claims (ISK Million and US$ Million), 2011-2015
Table 53: Icelandic Health Insurance - Paid Claims (ISK Million and US$ Million), 2015-2020
Table 54: Icelandic Health Insurance - Loss Ratio (%), 2011-2015
Table55: Icelandic Health Insurance - Loss Ratio (%), 2015-2020
Table 56: Icelandic Reinsurance - Premium Ceded by Insurance Segment (ISK Billion), 2011-2015
Table57: Icelandic Reinsurance - Premium Ceded by Insurance Segment (ISK Billion), 2015-2020
Table 58: Iceland Average Annual Loss by Hazard (US$ Million), 1990-2014
Table 59: Icelandic Insurance Industry - Market Share of Leading Insurers (%), 2015
Table 60: Icelandic Insurance Industry - Market Share of Leading Non-Life Insurers (%), 2015
Table 61: Vatryggingafelag islands hf. - Key Facts
Table 62: Sjova-Almennar tryggingar hf. - Key Facts
Table 63: Tryggingamistoin hf. - Key Facts
Table 64: Vorur liftryggingar hf. - Key Facts
Table 65: Vilagatrygging islands - Key Facts
Table 66: Iceland - Insurance Regulatory Framework Key Features
Table 67: Iceland - Life Insurance Regulatory Framework
Table 68: Iceland - Property Insurance Regulatory Framework
Table 69: Iceland - Motor Insurance Regulatory Framework
Table 70: Iceland - Liability Insurance Regulatory Framework
Table 71: Iceland - Corporate Tax Rates for the Financial Year 2016
Table 72: Icelandic Life Insurance - Policies and Premium, 2011-2015
Table 73: Icelandic Life Insurance - Policies and Premium, 2015-2020
Table 74: Icelandic Life Insurance - Claims and Expenses, 2011-2015
Table 75: Icelandic Life Insurance - Claims and Expenses, 2015-2020
Table 76: Icelandic Life Insurance - Assets and Investments, 2011-2015
Table 77: Icelandic Life Insurance - Assets and Investments, 2015-2020
Table 78: Icelandic Life Insurance - Individual Life Insurance, 2011-2015
Table 79: Icelandic Life Insurance - Individual Life Insurance, 2015-2020
Table 80: Icelandic Life Insurance - Individual Life Insurance by Product, 2011-2015
Table 81: Icelandic Life Insurance - Individual Life Insurance by Product, 2015-2020
Table 82: Icelandic Non-Life Insurance - Policies and Premium, 2011-2015
Table 83: Icelandic Non-Life Insurance - Policies and Premium, 2015-2020
Table 84: Icelandic Non-Life Insurance - Claims and Expenses, 2011-2015
Table 85: Icelandic Non-Life Insurance - Claims and Expenses, 2015-2020
Table 86: Icelandic Non-Life Insurance - Assets and Investments, 2011-2015
Table 87: Icelandic Non-Life Insurance - Assets and Investments, 2015-2020
Table 88: Icelandic Non-Life Insurance - Property Insurance, 2011-2015
Table 89: Icelandic Non-Life Insurance - Property Insurance, 2015-2020
Table 90: Icelandic Non-Life Insurance - Property Insurance by Product, 2011-2015
Table 91: Icelandic Non-Life Insurance - Property Insurance by Product, 2015-2020
Table 92: Icelandic Non-Life Insurance - Motor Insurance, 2011-2015
Table 93: Icelandic Non-Life Insurance - Motor Insurance, 2015-2020
Table 94: Icelandic Non-Life Insurance - Motor Insurance by Product, 2011-2015
Table 95: Icelandic Non-Life Insurance - Motor Insurance by Product, 2015-2020
Table 96: Icelandic Non-Life Insurance - Liability Insurance, 2011-2015
Table 97: Icelandic Non-Life Insurance - Liability Insurance, 2015-2020
Table 98: Icelandic Non-Life Insurance - Marine, Aviation and Transit Insurance, 2011-2015
Table 99: Icelandic Non-Life Insurance - Marine, Aviation and Transit Insurance, 2015-2020
Table 100: Icelandic Personal Accident and Health Insurance - Policies and Premium, 2011-2015
Table 101: Icelandic Personal Accident and Health Insurance - Policies and Premium, 2015-2020
Table 102: Icelandic Personal Accident and Health Insurance - Claims and Expenses, 2011-2015
Table 103: Icelandic Personal Accident and Health Insurance - Claims and Expenses, 2015-2020
Table 104: Icelandic Personal Accident and Health Insurance - Assets and Investments, 2011-2015
Table 105: Icelandic Personal Accident and Health Insurance - Assets and Investments, 2015-2020
Table 106: Icelandic Personal Accident and Health Insurance - Health Insurance, 2011-2015
Table 107: Icelandic Personal Accident and Health Insurance - Health Insurance, 2015-2020
Table 108: Insurance Industry Definitions