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

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

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.


  • Key Facts and Highlights
    • Table Icelandic Insurance Industry - Key Facts, 2015
    • Table Icelandic Insurance Industry - Segment Shares of the Top Insurers, 2015
  • Executive Summary
  • Economy and Demographics
    • Table Icelandic Government Credit Ratings
  • Industry Outlook
    • Regional Comparison
    • Industry Indicators
      • Gross written premium
        • Table Icelandic Insurance Industry - Gross Written Premium by Segment (ISK Billion), 2011-2015
        • Table Icelandic Insurance Industry - Gross Written Premium by Segment (ISK Billion), 2015-2020
        • Table Icelandic Insurance Industry - Density (Direct Written Premium Per Capita) by Segment (ISK), 2011-2015
        • Table Icelandic Insurance Industry - Density (Direct Written Premium Per Capita) by Segment (ISK), 2015-2020
      • Claims
        • Table Icelandic Insurance Industry - Paid Claims by Segment(ISK Billion), 2011-2015
        • Table Icelandic Insurance Industry - Paid Claims by Segment(ISK Billion), 2015-2020
      • Assets and investments
        • Table Icelandic Insurance Industry - Total Assets by Segment (ISK Billion), 2011-2015
        • Table Icelandic Insurance Industry - Total Assets by Segment (ISK Billion), 2015-2020
        • Table Icelandic Insurance Industry - Total Investment Income by Segment (ISK Billion), 2011-2015
        • Table Icelandic Insurance Industry - Total Investment Income by Segment (ISK Billion), 2015-2020
        • Table Icelandic Insurance Industry - Life Insurance Investment Portfolio (ISK Billion), 2011-2015
        • Table Icelandic Insurance Industry - Life Insurance Investment Portfolio (ISK Billion), 2015-2020
        • Table Icelandic Insurance Industry - Non-Life Insurance Investment Portfolio (ISK Billion), 2011-2015
        • Table Icelandic Insurance Industry - Non-Life Insurance Investment Portfolio (ISK Billion), 2015-2020
        • Table Icelandic Insurance Industry - Personal Accident and Health Insurance Investment Portfolio (ISK Billion), 2011-2015
        • Table Icelandic Insurance Industry - Personal Accident and Health Insurance Investment Portfolio (ISK Billion), 2015-2020
  • Life Insurance
    • Table Icelandic Life Insurance - Gross Written Premium (ISK Billion and US$ Million), 2011-2015
    • Table Icelandic Life Insurance - Gross Written Premium (ISK Billion and US$ Million), 2015-2020
  • Non-Life Insurance
    • Table Icelandic Non-Life Insurance - Gross Written Premium (ISK Billion and US$ Million), 2011-2015
    • Table Icelandic Non-Life Insurance - Gross Written Premium (ISK Billion and US$ Million), 2015-2020
    • Property Insurance
      • Gross Written Premium
        • Table Icelandic Property Insurance - Gross Written Premium (ISK Billion and US$ Million), 2011-2015
        • Table Icelandic Property Insurance - Gross Written Premium (ISK Billion and US$ Million), 2015-2020
      • Penetration
      • Claims
        • Table Icelandic Property Insurance - Paid Claims (ISK Billion and US$ Million), 2011-2015
        • Table Icelandic Property Insurance - Paid Claims (ISK Billion and US$ Million), 2015-2020
      • Profitability
        • Table Icelandic Property Insurance - Loss Ratio (%), 2011-2015
        • Table Icelandic Property Insurance - Loss Ratio (%), 2015-2020
    • Motor Insurance
      • Gross written premium
        • Table Icelandic Motor Insurance - Gross Written Premium (ISK Billion and US$ Million), 2011-2015
        • Table Icelandic Motor Insurance - Gross Written Premium (ISK Billion and US$ Million), 2015-2020
      • Penetration
      • Claims
        • Table Icelandic Motor Insurance - Paid Claims (ISK Billion and US$ Million), 2011-2015
        • Table Icelandic Motor Insurance - Paid Claims (ISK Billion and US$ Million), 2015-2020
      • Profitability
        • Table Icelandic Motor Insurance - Loss Ratio (%), 2011-2015
        • Table Icelandic Motor Insurance - Loss Ratio (%), 2015-2020
    • Liability Insurance
      • Gross written premium
        • Table Icelandic Liability Insurance - Gross Written Premium (ISK Billion and US$ Million), 2011-2015
        • Table Icelandic Liability Insurance - Gross Written Premium (ISK Billion and US$ Million), 2015-2020
      • Penetration
      • Claims
        • Table Icelandic Liability Insurance - Paid Claims (ISK Billion and US$ Million), 2011-2015
        • Table Icelandic Liability Insurance - Paid Claims (ISK Billion and US$ Million), 2015-2020
      • Profitability
        • Table Icelandic Liability Insurance - Loss Ratio (%), 2011-2015
        • Table Icelandic Liability Insurance - Loss Ratio (%), 2015-2020
    • Marine, Aviation and Transit Insurance
      • Gross written premium
        • Table Icelandic Marine, Aviation and Transit Insurance - Gross Written Premium (ISK Billion and US$ Million), 2011-2015
        • Table Icelandic Marine, Aviation and Transit Insurance - Gross Written Premium (ISK Billion and US$ Million), 2015-2020
      • Penetration
      • Claims
        • Table Icelandic Marine, Aviation and Transit Insurance - Paid Claims (ISK Billion and US$ Million), 2011-2015
        • Table Icelandic Marine, Aviation and Transit Insurance - Paid Claims (ISK Billion and US$ Million), 2015-2020
      • Profitability
        • Table Icelandic Marine, Aviation and Transit Insurance - Loss Ratio (%), 2011-2015
        • Table Icelandic Marine, Aviation and Transit Insurance - Loss Ratio (%), 2015-2020
  • Personal Accident and Health Insurance
    • Table Icelandic Personal Accident and Health Insurance - Gross Written Premium (ISK Billion and US$ Million), 2011-2015
    • Table Icelandic Personal Accident and Health Insurance - Gross Written Premium (ISK Billion and US$ Million), 2015-2020
    • Health Insurance
      • Gross written premium
        • Table Icelandic Health Insurance - Gross Written Premium (ISK Billion and US$ Million), 2011-2015
        • Table Icelandic Health Insurance - Gross Written Premium (ISK Billion and US$ Million), 2015-2020
      • Penetration
      • Claims
        • Table Icelandic Health Insurance - Paid Claims (ISK Million and US$ Million), 2011-2015
        • Table Icelandic Health Insurance - Paid Claims (ISK Million and US$ Million), 2015-2020
      • Profitability
        • Table Icelandic Health Insurance - Loss Ratio (%), 2011-2015
        • Table Icelandic Health Insurance - Loss Ratio (%), 2015-2020
  • Reinsurance Outlook
    • Premium Ceded
      • Table Icelandic Reinsurance - Premium Ceded by Insurance Segment (ISK Billion), 2011-2015
      • Table Icelandic Reinsurance - Premium Ceded by Insurance Segment (ISK Billion), 2015-2020
  • Distribution Channel Outlook
  • Natural Hazards
    • Table Iceland Average Annual Loss by Hazard (US$ Million), 1990-2014
    • Earthquake
    • Landslide
    • Volcano
    • Exposure
  • Competitive Landscape
    • Table Icelandic Insurance Industry - Market Share of Leading Insurers (%), 2015
    • Table Icelandic Insurance Industry - Market Share of Leading Non-Life Insurers (%), 2015
    • Company Profiles
      • Vátryggingafélag Íslands hf. - company overview
        • Table Vátryggingafélag Íslands hf. - Key Facts
      • Sjóvá-Almennar tryggingar hf. - company overview
        • Table Sjóvá-Almennar tryggingar hf. - Key Facts
      • Tryggingamiðstöð in hf. - company overview
        • Table Tryggingamiðstöð in hf. - Key Facts
      • Vörður líftryggingar hf. - company overview
        • Table Vörður líftryggingar hf. - Key Facts
      • Viðlagatrygging Íslands - company overview
        • Table Viðlagatrygging Íslands - Key Facts
  • Governance, Risk and Compliance
    • Table Iceland - Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulation
    • Legislation and Market Practice by Type of Insurance
      • Life Insurance
        • Table Iceland - Life Insurance Regulatory Framework
      • Property Insurance
        • Table Iceland - Property Insurance Regulatory Framework
      • Motor Insurance
        • Table Iceland - Motor Insurance Regulatory Framework
      • Liability insurance
        • Table Iceland - Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Motor third party liability insurance
      • Iceland catastrophic insurance
      • Aircraft liability insurance
      • Motor third-party liability insurance
      • Clinical trials liability insurance
      • Professional indemnity insurance for insurance brokers
    • Supervision and Control
      • International Association of Insurance Supervisors
      • European Insurance and Occupational Pensions Authority (EIOPA)
      • Financial Supervisory Authority (FME)
      • Icelandic Financial Services Association (Samtök fjármálafyrirtækja - SFF)
    • Non-Admitted Insurance Regulation
      • Overview
      • Intermediaries
      • Market practices
      • Fines and Penalties
    • Company Registration and Operations
      • Type of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
      • Solvency margin
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table Iceland - Corporate Tax Rates for the Financial Year 2016
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution (ADR)
  • Databook
    • Life Insurance
      • Policies and premium
        • Table Icelandic Life Insurance - Policies and Premium, 2011-2015
        • Table Icelandic Life Insurance - Policies and Premium, 2015-2020
      • Claims and expenses
        • Table Icelandic Life Insurance - Claims and Expenses, 2011-2015
        • Table Icelandic Life Insurance - Claims and Expenses, 2015-2020
      • Assets and investments
        • Table Icelandic Life Insurance - Assets and Investments, 2011-2015
        • Table Icelandic Life Insurance - Assets and Investments, 2015-2020
      • Individual life insurance
        • Table Icelandic Life Insurance - Individual Life Insurance, 2011-2015
        • Table Icelandic Life Insurance - Individual Life Insurance, 2015-2020
      • Individual life insurance by product
        • Table Icelandic Life Insurance - Individual Life Insurance by Product, 2011-2015
        • Table Icelandic Life Insurance - Individual Life Insurance by Product, 2015-2020
    • Non-Life Insurance
      • Policies and premium
        • Table Icelandic Non-Life Insurance - Policies and Premium, 2011-2015
        • Table Icelandic Non-Life Insurance - Policies and Premium, 2015-2020
      • Claims and expenses
        • Table Icelandic Non-Life Insurance - Claims and Expenses, 2011-2015
        • Table Icelandic Non-Life Insurance - Claims and Expenses, 2015-2020
      • Assets and investments
        • Table Icelandic Non-Life Insurance - Assets and Investments, 2011-2015
        • Table Icelandic Non-Life Insurance - Assets and Investments, 2015-2020
      • Property insurance
        • Table Icelandic Non-Life Insurance - Property Insurance, 2011-2015
        • Table Icelandic Non-Life Insurance - Property Insurance, 2015-2020
      • Property insurance by product
        • Table Icelandic Non-Life Insurance - Property Insurance by Product, 2011-2015
        • Table Icelandic Non-Life Insurance - Property Insurance by Product, 2015-2020
      • Motor insurance
        • Table Icelandic Non-Life Insurance - Motor Insurance, 2011-2015
        • Table Icelandic Non-Life Insurance - Motor Insurance, 2015-2020
      • Motor insurance by product
        • Table Icelandic Non-Life Insurance - Motor Insurance by Product, 2011-2015
        • Table Icelandic Non-Life Insurance - Motor Insurance by Product, 2015-2020
      • Liability insurance
        • Table Icelandic Non-Life Insurance - Liability Insurance, 2011-2015
        • Table Icelandic Non-Life Insurance - Liability Insurance, 2015-2020
      • Marine, aviation and transit insurance
        • Table Icelandic Non-Life Insurance - Marine, Aviation and Transit Insurance, 2011-2015
        • Table Icelandic Non-Life Insurance - Marine, Aviation and Transit Insurance, 2015-2020
    • Personal Accident and Health Insurance
      • Policies and premium
        • Table Icelandic Personal Accident and Health Insurance - Policies and Premium, 2011-2015
        • Table Icelandic Personal Accident and Health Insurance - Policies and Premium, 2015-2020
      • Claims and expenses
        • Table Icelandic Personal Accident and Health Insurance - Claims and Expenses, 2011-2015
        • Table Icelandic Personal Accident and Health Insurance - Claims and Expenses, 2015-2020
      • Assets and investments
        • Table Icelandic Personal Accident and Health Insurance - Assets and Investments, 2011-2015
        • Table Icelandic Personal Accident and Health Insurance - Assets and Investments, 2015-2020
      • Health insurance
        • Table Icelandic Personal Accident and Health Insurance - Health Insurance, 2011-2015
        • Table Icelandic Personal Accident and Health Insurance - Health Insurance, 2015-2020
  • Definitions and Methodology
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • About Timetric
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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