The Insurance Industry in Iceland, Key Trends and Opportunities to 2016


#156012

113pages

Timetric

$ 1950

In Stock


Synopsis

The report provides in-depth industry analysis, information and insights of the insurance industry in Iceland, including:

  • The Icelandic insurance industrys growth prospects by insurance segment and sub-segment 
  • The competitive landscape in the Icelandic insurance industry
  • The current trends and drivers of the Icelandic insurance industry
  • The challenges facing the Icelandic insurance industry
  • The regulatory framework of the Icelandic insurance industry

Summary

The size and importance of the Icelandic economy is relatively small in the Nordic region. However, the country came into 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. In addition, the market capitalization of the Icelandic Stock Market (ICEXI) declined by over 90% during the financial crisis. However, these events did not have any significant impact on the countrys insurance industry. The prime reason for this was that the Icelandic insurance industry is dominated by the non-life insurance segment, which accounted for 87.4% of the overall insurance industrys written premium in 2011. The growth in non-life insurance is driven by the favorable regulatory framework. 

Scope

This report provides a comprehensive analysis of the insurance industry in Iceland:

  • It provides historical values for the Icelandic insurance industry for the reports 20072011 review period and forecast figures for the 20112016 forecast period 
  • It offers a detailed analysis of the key segments and sub-segments in the Icelandic insurance industry, along with forecasts until 2016
  • 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

Reasons To Buy

  • Make strategic business decisions using in-depth historic and forecast industry data related in the Icelandic insurance industry and each segment within it
  • Understand the demand-side dynamics, key trends and growth opportunities within the Icelandic insurance industry
  • Assess the competitive dynamics in the Icelandic insurance industry
  • Identify the growth opportunities and market dynamics within key segments
  • Gain insights into key regulations governing the Icelandic insurance industry and its impact on companies and the industry's future

Key Highlights

  • The size and importance of the Icelandic economy is relatively small in the Nordic region.
  • However, the country came into 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.
  • In addition, the market capitalization of the Icelandic Stock Market (ICEXI) declined by over 90% during the financial crisis.
  • However, these events did not have any significant impact on the countrys insurance industry.
  • The prime reason for this was that the Icelandic insurance industry is dominated by the non-life insurance segment, which accounted for 87.4% of the overall insurance industrys written premium in 2011.
  • The growth in non-life insurance is driven by the favorable regulatory framework
Table of Content

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 Industry Overview
3.2 Icelandic Insurance Industry Market Size, 20072016
3.3 Key Industry Trends and Drivers
3.4 Challenges
3.5 Regulation

4 Market Segmentation
4.1 Life Insurance Growth Prospects
4.2 Non-Life Insurance Growth Prospects by Category
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 Growth Prospects

5 Competitive Landscape
5.1 Overview
5.2 Leading Companies
5.2.1 Sjova-Almennar liftryggingar hf. Kt – company overview
5.2.2 Tryggingamidstodin hf.  – company overview
5.2.3 VIS Insurance Ltd (Vatryggingafelag 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)
6.1 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

Table 1: Insurance Industry Definitions
Table 2: Icelandic Insurance Overall Written Premium by Segment (ISK Billion), 20072011
Table 3: Icelandic Insurance Overall Written Premium by Segment (US$ Billion), 20072011
Table 4: Icelandic Insurance Overall Written Premium by Segment (ISK Billion), 20112016
Table 5: Icelandic Insurance Overall Written Premium by Segment (US$ Billion), 20112016
Table 6: Icelandic Insurance Segmentation (% Share), 20072016
Table 7: Icelandic Life Insurance Paid Claims (ISK Billion), 20072011
Table 8: Icelandic Life Insurance Paid Claims (ISK Billion), 20112016
Table 9: Icelandic Life Insurance Incurred Loss (ISK Billion), 20072011
Table 10: Icelandic Life Insurance Incurred Loss (ISK Billion), 20112016
Table 11: Icelandic Life Insurance Loss Ratio (%), 20072011
Table 12: Icelandic Life Insurance Loss Ratio (%), 20112016
Table 13: Icelandic Life Insurance Combined Ratio (%), 20072011
Table 14: Icelandic Life Insurance Combined Ratio (%), 20112016
Table 15: Icelandic Life Insurance Total Assets (ISK Billion), 20072011
Table 16: Icelandic Life Insurance Total Assets (ISK Billion), 20112016
Table 17: Icelandic Life Insurance Total Investment Income (ISK Billion), 20072011
Table 18: Icelandic Life Insurance Total Investment Income (ISK Billion), 20112016
Table 19: Icelandic Life Insurance Retentions (ISK Billion), 20072011
Table 20: Icelandic Life Insurance Retentions (ISK Billion), 20112016
Table 21: Icelandic Non-Life Insurance Written Premium by Category (ISK Billion), 20072011
Table 22: Icelandic Non-Life Insurance Written Premium by Category (US$ Billion), 20072011
Table 23: Icelandic Non-Life Insurance Written Premium by Category (ISK Billion), 20112016
Table 24: Icelandic Non-Life Insurance Written Premium by Category (US$ Billion), 20112016
Table 25: Icelandic Non-Life Insurance Paid Claims (ISK Billion), 20072011
Table 26: Icelandic Non-Life Insurance Paid Claims (ISK Billion), 20112016
Table 27: Icelandic Non-Life Insurance Incurred Loss (ISK Billion), 20072011
Table 28: Icelandic Non-Life Insurance Incurred Loss (ISK Billion), 20112016
Table 29: Icelandic Non-Life Insurance Loss Ratio (%), 20072011
Table 30: Icelandic Non-Life Insurance Loss Ratio (%), 20112016
Table 31: Icelandic Non-Life Insurance Combined Ratio (%), 20072011
Table 32: Icelandic Non-Life Insurance Combined Ratio (%), 20112016
Table 33: Icelandic Non-Life Insurance Total Assets (ISK Billion), 20072011
Table 34: Icelandic Non-Life Insurance Total Assets (ISK Billion), 20112016
Table 35: Icelandic Non-Life Insurance Total Investment Income (ISK Billion), 20072011
Table 36: Icelandic Non-Life Insurance Total Investment Income (ISK Billion), 20112016
Table 37: Icelandic Non-Life Insurance Retentions (ISK Billion), 20072011
Table 38: Icelandic Non-Life Insurance Retentions (ISK Billion), 20112016
Table 39: Icelandic Property Insurance Written Premium (ISK Billion), 20072011
Table 40: Icelandic Property Insurance Written Premium (ISK Billion), 20112016
Table 41: Icelandic Motor Insurance Written Premium (ISK Billion), 20072011
Table 42: Icelandic Motor Insurance Written Premium (ISK Billion), 20112016
Table 43: Icelandic Liability Insurance Written Premium (ISK Billion), 20072011
Table 44: Icelandic Liability Insurance Written Premium (ISK Billion), 20112016
Table 45: Icelandic Marine, Aviation and Transit Insurance Written Premium (ISK Billion), 20072011
Table 46: Icelandic Marine, Aviation and Transit Insurance Written Premium (ISK Billion), 20112016
Table 47: Icelandic Personal Accident and Health Insurance Paid Claims (ISK Billion), 20072011
Table 48: Icelandic Personal Accident and Health Insurance Paid Claims (ISK Billion), 20112016
Table 49: Icelandic Personal Accident and Health Insurance Incurred Loss (ISK Billion), 20072011
Table 50: Icelandic Personal Accident and Health Insurance Incurred Loss (ISK Billion), 20112016
Table 51: Icelandic Personal Accident and Health Insurance Loss Ratio (%), 20072011
Table 52: Icelandic Personal Accident and Health Insurance Loss Ratio (%), 20112016
Table 53: Icelandic Personal Accident and Health Insurance Combined Ratio (%), 20072011
Table 54: Icelandic Personal Accident and Health Insurance Combined Ratio (%), 20112016
Table 55: Icelandic Personal Accident and Health Insurance Total Assets (ISK Billion), 20072011
Table 56: Icelandic Personal Accident and Health Insurance Total Assets (ISK Billion), 20112016
Table 57: Icelandic Personal Accident and Health Insurance Total Investment Income (ISK Billion), 20072011
Table 58: Icelandic Personal Accident and Health Insurance Total Investment Income (ISK Billion), 20112016
Table 59: Icelandic Personal Accident and Health Insurance Retentions (ISK Billion), 20072011
Table 60: Icelandic Personal Accident and Health Insurance Retentions (ISK Billion), 20112016
Table 61: Sj

Figure 1: Icelandic Insurance Overall Written Premium by Segment (ISK Billion), 20072016
Figure 2: Icelandic Insurance Market Dynamics by Segment, 20072016
Figure 3: Icelandic Life Insurance Paid Claims (ISK Billion), 20072011
Figure 4: Icelandic Life Insurance Paid Claims (ISK Billion), 20112016
Figure 5: Icelandic Life Insurance Incurred Loss (ISK Billion), 20072011
Figure 6: Icelandic Life Insurance Incurred Loss (ISK Billion), 20112016
Figure 7: Icelandic Life Insurance Loss Ratio (%), 20072011
Figure 8: Icelandic Life Insurance Loss Ratio (%), 20112016
Figure 9: Icelandic Life Insurance Combined Ratio (%), 20072011
Figure 10: Icelandic Life Insurance Combined Ratio (%), 20112016
Figure 11: Icelandic Life Insurance Total Assets (ISK Billion), 20072011
Figure 12: Icelandic Life Insurance Total Assets (ISK Billion), 20112016
Figure 13: Icelandic Life Insurance Total Investment Income (ISK Billion), 20072011
Figure 14: Icelandic Life Insurance Total Investment Income (ISK Billion), 20112016
Figure 15: Icelandic Life Insurance Retentions (ISK Billion), 20072011
Figure 16: Icelandic Life Insurance Retentions (ISK Billion), 20112016
Figure 17: Icelandic Life Insurance Penetration (% of GDP), 20072011
Figure 18: Icelandic Life Insurance Premium Per-Capita (ISK), 20072011
Figure 19: Icelandic Non-Life Insurance Written Premium by Category (ISK Billion), 20072016
Figure 20: Icelandic Non-Life Insurance Written Premium by Category (% Share), 2011 and 2016
Figure 21: Icelandic Non-Life Insurance Market Dynamics by Category, 20072016
Figure 22: Icelandic Non-Life Insurance Paid Claims by Category (ISK Billion), 20072011
Figure 23: Icelandic Non-Life Insurance Paid Claims (ISK Billion), 20112016
Figure 24: Icelandic Non-Life Insurance Incurred Loss (ISK Billion), 20072011
Figure 25: Icelandic Non-Life Insurance Incurred Loss by Category (ISK Billion), 20072016
Figure 26: Icelandic Non-Life Insurance Loss Ratio (%), 20072011
Figure 27: Icelandic Non-Life Insurance Loss Ratio (%), 20112016
Figure 28: Icelandic Non-Life Insurance Combined Ratio (%), 20072011
Figure 29: Icelandic Non-Life Insurance Combined Ratio (%), 20112016
Figure 30: Icelandic Non-Life Insurance Total Assets (ISK Billion), 20072011
Figure 31: Icelandic Non-Life Insurance Total Assets (ISK Billion), 20112016
Figure 32: Icelandic Non-Life Insurance Total Investment Income (ISK Billion), 20072011
Figure 33: Icelandic Non-Life Insurance Total Investment Income (ISK Billion), 20112016
Figure 34: Icelandic Non-Life Insurance Retentions (ISK Billion), 20072011
Figure 35: Icelandic Non-Life Insurance Retentions (US$ Billion), 20112016
Figure 36: Icelandic Non-Life Insurance Investment (ISK Billion), 20072011
Figure 37: Icelandic Non-Life Insurance Penetration (% of GDP), 20072011
Figure 38: Icelandic Non-Life Insurance Premium Per Capita (ISK), 20072011
Figure 39: Icelandic Property Insurance Written Premium (ISK Billion), 20072011
Figure 40: Icelandic Property Insurance Written Premium (ISK Billion), 20112016
Figure 41: Icelandic Motor Insurance Written Premium (ISK Billion), 20072011
Figure 42: Icelandic Motor Insurance Written Premium (ISK Billion), 20112016
Figure 43: Icelandic Liability Insurance Written Premium (ISK Billion), 20072011
Figure 44: Icelandic Liability Insurance Written Premium (ISK Billion), 20112016
Figure 45: Icelandic Marine, Aviation and Transit Insurance Written Premium (ISK Billion), 20072011
Figure 46: Icelandic Marine, Aviation and Transit Insurance Written Premium (ISK Billion), 20112016
Figure 47: Icelandic Personal Accident and Health Insurance Paid Claims (ISK Billion), 20072011
Figure 48: Icelandic Personal Accident and Health Insurance Paid Claims (ISK Billion), 20112016
Figure 49: Icelandic Personal Accident and Health Insurance Incurred Loss (ISK Billion), 20072011
Figure 50: Icelandic Personal Accident and Health Insurance Incurred Loss by Category (ISK Billion), 20072016
Figure 51: Icelandic Personal Accident and Health Insurance Loss Ratio (%), 20072011
Figure 52: Icelandic Personal Accident and Health Insurance Loss Ratio (%), 20112016
Figure 53: Icelandic Personal Accident and Health Insurance Combined Ratio (%), 20072011
Figure 54: Icelandic Personal Accident and Health Insurance Combined Ratio (%), 20112016
Figure 55: Icelandic Personal Accident and Health Insurance Total Assets (ISK Billion), 20072011
Figure 56: Icelandic Personal Accident and Health Insurance Total Assets (ISK Billion), 20112016
Figure 57: Icelandic Personal Accident and Health Insurance Total Investment Income (ISK Billion), 20072011
Figure 58: Icelandic Personal Accident and Health Insurance Total Investment Income (ISK Billion), 20112016
Figure 59: Icelandic Personal Accident and Health Insurance Retentions (ISK Billion), 20072011
Figure 60: Icelandic Personal Accident and Health Insurance Retentions (US$ Billion), 20112016
Figure 61: Icelandic Personal Accident and Health Insurance Investment (ISK Billion), 20072011
Figure 62: Icelandic Personal Accident and Health Insurance Penetration (% of GDP), 20072011
Figure 63: Icelandic Personal Accident and Health Insurance Premium Per Capita (ISK), 20072011
Figure 64: Icelandic GDP at Constant Prices (US$ Billion), 20072011
Figure 65: Icelandic GDP Per Capita at Constant Prices (US$), 20072011
Figure 66: Icelandic GDP at Current Prices (US$ Billion), 20072011
Figure 67: Icelandic Stock Exchange Market Capitalization (US$ Billion), 20072011
Figure 68: Icelandic Inflation Rate (%), 20072011
Figure 69: Icelandic Arable Land ( 000 Hectares), 20072011
Figure 70: Icelandic Exports as a Percentage of GDP (%), 20072011
Figure 71: Icelandic Imports as a Percentage of GDP (%), 20072011
Figure 72: Icelandic Construction Net Output at Current Prices (US$ Billion), 20072011
Figure 73: Icelandic Construction Output at Current Prices as a Percentage of GDP (%), 20072011
Figure 74: Icelandic Number of Air Passengers (Million), 20072011
Figure 75: Icelandic Healthcare Expenditure Per Capita (US$), 20072011
Figure 76: Icelandic Healthcare Expenditure Per Capita (US$), 20072011
Figure 77: Icelandic Total Population (Million), 20072011
Figure 78: Icelandic Employed Population (%), 20072011
Figure 79: Icelandic Annual Disposable Income (US$ Billion), 20072011
Figure 80: Icelandic Annual Disposable Income Per Capita (US$), 20072011