Property & Casualty Insurance Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 10.14 Billion |
| Market Size (2029) | USD 12.49 Billion |
| CAGR (2024 - 2029) | 4.25 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Property & Casualty Insurance Market Analysis
The Property & Casualty Insurance Market size in terms of premium value is expected to grow from USD 10.14 billion in 2024 to USD 12.49 billion by 2029, at a CAGR of 4.25% during the forecast period (2024-2029).
The outbreak of the Covid-19 pandemic had an impact on the Property and Casualty Insurance Market in Sweden, like on many other industries and markets around the world. One of the major impacts of the pandemic was the increased claims related to business interruption, event cancellation, and travel insurance. Many policyholders looked to their insurance policies for coverage as businesses shut down or faced significant disruption due to government-mandated lockdowns and restrictions. It led to a surge in claims and payouts by insurers. Additionally, the pandemic led to changes in consumer behavior and demand for insurance products. For example, there was an increased demand for insurance coverage for working from home, cyber risks, and healthcare.
The Property and Casualty Insurance Market in Sweden is an important sector of the Swedish insurance industry, providing coverage for various risks related to property and liability. Property and Casualty insurance policies cover damages to property, theft, fire, and other related risks. Liability insurance, on the other hand, covers damages caused by the insured to third parties.
The Swedish insurance market is highly regulated, with the financial supervisory authority overseeing the industry. The authority sets minimum capital requirements, ensures insurers maintain sufficient reserves, and monitors compliance with laws and regulations. The Property and Casualty Insurance Market in Sweden is essential to the Swedish insurance industry, providing coverage for various risks and contributing significantly to the country's economy.
Property & Casualty Insurance Market Trends
Motor Insurance Dominates the Non Life Insurance Segment in Sweden
Non-life insurance policies are typically priced based on the risk associated with the insured asset or liability and other factors such as the type and amount of coverage needed, the deductible amount, and the insurer's claims history. Generally, the higher the risk associated with the insured asset or liability, the higher the premium charged.
In the current year, the highest non-life insurance premium income in Sweden came from motor vehicle insurance. It was followed by corporate and property insurance. Many insurance policies compensate for damages to houses, boats, cars, and other vehicles. Vehicle insurance is the most common of these policies.
Digitalization and Online Platforms Transforming the Property and Casualty (P&C) Market in Sweden
The advent of digitalization and the rise of online insurance have significantly reshaped Sweden's Property and Casualty (P&C) market. This shift has fueled market growth and revolutionized the way insurance services are delivered. Digitalization has democratized insurance, empowering customers to research, compare, and purchase policies online, bypassing the need for traditional face-to-face interactions. This heightened accessibility has broadened the market's reach, drawing in a more diverse customer base and propelling its expansion. Online platforms have further elevated the customer experience, enabling them to file claims and access policy information in real-time via web portals or mobile apps.
Furthermore, digitalization has streamlined insurance operations, bolstering efficiency for providers. Automated systems for underwriting, claims processing, and policy management have slashed paperwork, reduced errors, and saved time for both insurers and customers. Leveraging digital channels, insurers can now offer tailored coverage options, pricing, and policy recommendations, catering to individual customer needs. This personalization not only boosts customer satisfaction but also acts as a magnet for new clientele.
Property & Casualty Insurance Industry Overview
The report covers the major players operating in Sweden's property and casualty insurance market. The market is consolidated, and a few players capture a major share. The prominent players in the market are Folksam Ömsesidig Sakförsäkring If Skadeförsäkring AB (publ) and Länsförsäkringar Skåne - Ömsesidigt.
Property & Casualty Insurance Market Leaders
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Folksam Ömsesidig Sakförsäkring
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If Skadeförsäkring AB (publ)
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Länsförsäkringar Skåne - Ömsesidigt
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Trygg-hansa
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Dina Försäkring AB
*Disclaimer: Major Players sorted in no particular order
Property & Casualty Insurance Market News
- March 2023: Gallagher acquired Brim, a specialty insurance and reinsurance broker that provides property/casualty insurance, credit and political risk, and affinity insurance products and services to its Scandinavian and international clients. Its credit and political risk practice provides financing support for major infrastructure projects, while its construction practice supports residential and commercial building development.
- September 2022: Trygg Hansa launched animal insurance. Pet insurance is a new product area under the Trygg-Hansa brand. The insurance company can now offer the entire family in the household, including the dog and cat, complete insurance coverage.
Sweden Property & Casualty Insurance Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
4.5 Insights on Technological Innovations in the Market
4.6 Government Regulations and Industry Policies
4.7 Impact on Covid-19 on the Market
5. MARKET SEGMENTATION
5.1 Insurance Type
5.1.1 Home Insurance
5.1.2 Auto Insurance
5.1.3 Other Insurance Types
5.2 Distribution Channel
5.2.1 Direct
5.2.2 Agencies
5.2.3 Banks
5.2.4 Other Distribution Channels
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Folksam Ömsesidig Sakförsäkring
6.1.2 If Skadeförsäkring AB (publ)
6.1.3 Länsförsäkringar Skåne - Ömsesidigt
6.1.4 Trygg-hansa
6.1.5 Dina Försäkring AB
6.1.6 Sirius International Försäkrings AB (publ)
6.1.7 Sveriges Ångfartygs Assurans Förening
6.1.8 Solid Försäkrings AB
6.1.9 Stockholms Stads Brandförsäkringskontor
6.1.10 S:t Erik Försäkrings AB*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Property & Casualty Insurance Industry Segmentation
Property and casualty insurance is comprehensive insurance, which includes coverage to structure, property, and belongings in the event of vandalism, theft, and more. A complete background analysis of the market, which includes emerging trends by segments, significant changes in market dynamics, and a market overview, is covered in the report.
The property and casualty insurance market in Sweden is segmented by insurance type and distribution channel. By insurance type, the market is sub-segmented into home insurance, motor insurance, and other insurance types. By distribution channel, the market is sub-segmented into direct agencies, banks, and other distribution channels. The report offers Market size and forecasts for the property and casualty insurance market in Sweden regarding revenue (USD) for all the above segments.
| Insurance Type | |
| Home Insurance | |
| Auto Insurance | |
| Other Insurance Types |
| Distribution Channel | |
| Direct | |
| Agencies | |
| Banks | |
| Other Distribution Channels |
Sweden Property & Casualty Insurance Market Research FAQs
How big is the Property & Casualty Insurance Market?
The Property & Casualty Insurance Market size is expected to reach USD 10.14 billion in 2024 and grow at a CAGR of 4.25% to reach USD 12.49 billion by 2029.
What is the current Property & Casualty Insurance Market size?
In 2024, the Property & Casualty Insurance Market size is expected to reach USD 10.14 billion.
Who are the key players in Property & Casualty Insurance Market?
Folksam Ömsesidig Sakförsäkring, If Skadeförsäkring AB (publ), Länsförsäkringar Skåne - Ömsesidigt, Trygg-hansa and Dina Försäkring AB are the major companies operating in the Property & Casualty Insurance Market.
What years does this Property & Casualty Insurance Market cover, and what was the market size in 2023?
In 2023, the Property & Casualty Insurance Market size was estimated at USD 9.71 billion. The report covers the Property & Casualty Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Property & Casualty Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Property & Casualty Insurance Industry Report
Statistics for the 2024 Property & Casualty Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Property & Casualty Insurance analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
