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

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

  1. 1. The Insurance Industry in Iceland, Key Trends and Opportunitiesto 2016Report Details:Published:December 2012No. of Pages: 113Price: Single User License – US$1950SynopsisThe report provides in-depth industry analysis, information and insights of the insurance industry inIceland, including:•The Icelandic insurance industry’s 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 industryExecutive summaryThe 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 majorcommercial banks collapsed and had to be refinanced by the government. This had seriousconsequences for the Icelandic economy with the per capita disposable income and nationalcurrency 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 anysignificant impact on the country’s insurance industry. The prime reason for this was that theIcelandic insurance industry is dominated by the non-life insurance segment, which accounted for87.4% of the overall insurance industry’s written premium in 2011. The growth in non-lifeinsurance is driven by the favorable regulatory framework.ScopeThis report provides a comprehensive analysis of the insurance industry in Iceland:•It provides historical values for the Icelandic insurance industry for the report’s 2007–2011 review period and forecast figures for the 2011–2016 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
  2. 2. 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 country’s 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 industry’s written premium in 2011.•The growth in non-life insurance is driven by the favorable regulatory frameworkReasons 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 industrys futureGet your copy of this report @http://www.reportsnreports.com/reports/211255-the-insurance-industry-in-iceland-key-trends-and-opportunities-to-2016.htmlMajor points covered in Table of Contents of this report includeTable of Contents1 Executive Summary2 Introduction2.1 What is this Report About?2.2 Definitions2.3 Methodology3 Icelandic Insurance Industry Overview3.1 Industry Overview3.2 Icelandic Insurance Industry – Market Size, 2007–20163.3 Key Industry Trends and Drivers3.4 Challenges3.5 Regulation4 Market Segmentation4.1 Life Insurance Growth Prospects
  3. 3. 4.2 Non-Life Insurance Growth Prospects by Category4.2.1 Property insurance4.2.2 Motor insurance4.2.3 Liability insurance4.2.4 Marine, aviation and transit insurance4.3 Personal Accident and Health Insurance Growth Prospects5 Competitive Landscape5.1 Overview5.2 Leading Companies5.2.1 Sjóvá-Almennar líftryggingar hf. Kt – company overview5.2.2 Tryggingamiðstöðin hf. – company overview5.2.3 VIS Insurance Ltd (Vátryggingafélag Íslands hf.) – company overview5.2.4 Guard Life Insurance Ltd – company overview5.2.5 Líftryggingamiðstöðin hf. – company overview6 Macroeconomic Indicators6.1 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), Iceland6.5 Inflation Rate (%)6.6 Arable Land6.7 Exports as a Percentage of GDP6.8 Imports as a Percentage of GDP6.9 Construction Net Output at Current Prices, (US Dollars)6.1 Construction Net Output at Current Prices as a Percentage of GDP6.11 Number of Air Passengers6.12 Healthcare Expenditure (% of GDP)6.13 Healthcare Expenditure Per Capita6.14 Total Population6.15 Employed Population6.16 Annual Disposable Income6.17 Annual Disposable Income Per Capita7 Appendix7.1 Methodology7.2 Contact Us7.3 About Timetric7.4 DisclaimerList of TablesTable 1: Insurance Industry DefinitionsTable 2: Icelandic Insurance – Overall Written Premium by Segment (ISK Billion), 2007–2011Table 3: Icelandic Insurance – Overall Written Premium by Segment (US$ Billion), 2007–2011Table 4: Icelandic Insurance – Overall Written Premium by Segment (ISK Billion), 2011–2016
  4. 4. Table 5: Icelandic Insurance – Overall Written Premium by Segment (US$ Billion), 2011–2016Table 6: Icelandic Insurance – Segmentation (% Share), 2007–2016Table 7: Icelandic Life Insurance – Paid Claims (ISK Billion), 2007–2011Table 8: Icelandic Life Insurance – Paid Claims (ISK Billion), 2011–2016Table 9: Icelandic Life Insurance – Incurred Loss (ISK Billion), 2007–2011Table 10: Icelandic Life Insurance – Incurred Loss (ISK Billion), 2011–2016Table 11: Icelandic Life Insurance – Loss Ratio (%), 2007–2011Table 12: Icelandic Life Insurance – Loss Ratio (%), 2011–2016Table 13: Icelandic Life Insurance – Combined Ratio (%), 2007–2011Table 14: Icelandic Life Insurance – Combined Ratio (%), 2011–2016Table 15: Icelandic Life Insurance – Total Assets (ISK Billion), 2007–2011Table 16: Icelandic Life Insurance – Total Assets (ISK Billion), 2011–2016Table 17: Icelandic Life Insurance – Total Investment Income (ISK Billion), 2007–2011Table 18: Icelandic Life Insurance – Total Investment Income (ISK Billion), 2011–2016Table 19: Icelandic Life Insurance – Retentions (ISK Billion), 2007–2011Table 20: Icelandic Life Insurance – Retentions (ISK Billion), 2011–2016Table 21: Icelandic Non-Life Insurance – Written Premium by Category (ISK Billion), 2007–2011Table 22: Icelandic Non-Life Insurance – Written Premium by Category (US$ Billion), 2007–2011Table 23: Icelandic Non-Life Insurance – Written Premium by Category (ISK Billion), 2011–2016Table 24: Icelandic Non-Life Insurance – Written Premium by Category (US$ Billion), 2011–2016Table 25: Icelandic Non-Life Insurance – Paid Claims (ISK Billion), 2007–2011Table 26: Icelandic Non-Life Insurance – Paid Claims (ISK Billion), 2011–2016Table 27: Icelandic Non-Life Insurance – Incurred Loss (ISK Billion), 2007–2011Table 28: Icelandic Non-Life Insurance – Incurred Loss (ISK Billion), 2011–2016Table 29: Icelandic Non-Life Insurance – Loss Ratio (%), 2007–2011Table 30: Icelandic Non-Life Insurance – Loss Ratio (%), 2011–2016Table 31: Icelandic Non-Life Insurance – Combined Ratio (%), 2007–2011Table 32: Icelandic Non-Life Insurance – Combined Ratio (%), 2011–2016Table 33: Icelandic Non-Life Insurance – Total Assets (ISK Billion), 2007–2011Table 34: Icelandic Non-Life Insurance – Total Assets (ISK Billion), 2011–2016Table 35: Icelandic Non-Life Insurance – Total Investment Income (ISK Billion), 2007–2011Table 36: Icelandic Non-Life Insurance – Total Investment Income (ISK Billion), 2011–2016Table 37: Icelandic Non-Life Insurance – Retentions (ISK Billion), 2007–2011Table 38: Icelandic Non-Life Insurance – Retentions (ISK Billion), 2011–2016Table 39: Icelandic Property Insurance – Written Premium (ISK Billion), 2007–2011Table 40: Icelandic Property Insurance – Written Premium (ISK Billion), 2011–2016Table 41: Icelandic Motor Insurance – Written Premium (ISK Billion), 2007–2011Table 42: Icelandic Motor Insurance – Written Premium (ISK Billion), 2011–2016Table 43: Icelandic Liability Insurance – Written Premium (ISK Billion), 2007–2011Table 44: Icelandic Liability Insurance – Written Premium (ISK Billion), 2011–2016Table 45: Icelandic Marine, Aviation and Transit Insurance – Written Premium (ISK Billion),2007–2011
  5. 5. Table 46: Icelandic Marine, Aviation and Transit Insurance – Written Premium (ISK Billion),2011–2016Table 47: Icelandic Personal Accident and Health Insurance – Paid Claims (ISK Billion),2007–2011Table 48: Icelandic Personal Accident and Health Insurance – Paid Claims (ISK Billion),2011–2016Table 49: Icelandic Personal Accident and Health Insurance – Incurred Loss (ISK Billion),2007–2011Table 50: Icelandic Personal Accident and Health Insurance – Incurred Loss (ISK Billion),2011–2016Table 51: Icelandic Personal Accident and Health Insurance – Loss Ratio (%), 2007–2011Table 52: Icelandic Personal Accident and Health Insurance – Loss Ratio (%), 2011–2016Table 53: Icelandic Personal Accident and Health Insurance – Combined Ratio (%), 2007–2011Table 54: Icelandic Personal Accident and Health Insurance – Combined Ratio (%), 2011–2016Table 55: Icelandic Personal Accident and Health Insurance – Total Assets (ISK Billion),2007–2011Table 56: Icelandic Personal Accident and Health Insurance – Total Assets (ISK Billion),2011–2016Table 57: Icelandic Personal Accident and Health Insurance – Total Investment Income (ISKBillion), 2007–2011Table 58: Icelandic Personal Accident and Health Insurance – Total Investment Income (ISKBillion), 2011–2016Table 59: Icelandic Personal Accident and Health Insurance – Retentions (ISK Billion), 2007–2011Table 60: Icelandic Personal Accident and Health Insurance – Retentions (ISK Billion), 2011–2016Table 61: Sjóvá-Almennar líftryggingar hf. Kt, Main ProductsTable 62: Tryggingamiðstöðin hf. (TM), Main ProductsTable 63: Tryggingamiðstöðin hf. (TM), Key EmployeesTable 64: VIS Insurance Ltd, Main ProductsTable 65: VIS Insurance Ltd, Key EmployeesTable 66: Guard Life Insurance Ltd, Main ProductTable 67: Guard Life Insurance Ltd, Key EmployeesTable 68: Líftryggingamiðstöðin hf., Main ProductsTable 69: Líftryggingamiðstöðin hf., Key EmployeesList of FiguresFigure 1: Icelandic Insurance – Overall Written Premium by Segment (ISK Billion), 2007–2016Figure 2: Icelandic Insurance – Market Dynamics by Segment, 2007–2016Figure 3: Icelandic Life Insurance – Paid Claims (ISK Billion), 2007–2011Figure 4: Icelandic Life Insurance – Paid Claims (ISK Billion), 2011–2016Figure 5: Icelandic Life Insurance – Incurred Loss (ISK Billion), 2007–2011Figure 6: Icelandic Life Insurance – Incurred Loss (ISK Billion), 2011–2016Figure 7: Icelandic Life Insurance – Loss Ratio (%), 2007–2011Figure 8: Icelandic Life Insurance – Loss Ratio (%), 2011–2016
  6. 6. Figure 9: Icelandic Life Insurance – Combined Ratio (%), 2007–2011Figure 10: Icelandic Life Insurance – Combined Ratio (%), 2011–2016Figure 11: Icelandic Life Insurance – Total Assets (ISK Billion), 2007–2011Figure 12: Icelandic Life Insurance – Total Assets (ISK Billion), 2011–2016Figure 13: Icelandic Life Insurance – Total Investment Income (ISK Billion), 2007–2011Figure 14: Icelandic Life Insurance – Total Investment Income (ISK Billion), 2011–2016Figure 15: Icelandic Life Insurance – Retentions (ISK Billion), 2007–2011Figure 16: Icelandic Life Insurance – Retentions (ISK Billion), 2011–2016Figure 17: Icelandic Life Insurance – Penetration (% of GDP), 2007–2011Figure 18: Icelandic Life Insurance – Premium Per-Capita (ISK), 2007–2011Figure 19: Icelandic Non-Life Insurance – Written Premium by Category (ISK Billion), 2007–2016Figure 20: Icelandic Non-Life Insurance – Written Premium by Category (% Share), 2011 and2016Figure 21: Icelandic Non-Life Insurance – Market Dynamics by Category, 2007–2016Figure 22: Icelandic Non-Life Insurance – Paid Claims by Category (ISK Billion), 2007–2011Figure 23: Icelandic Non-Life Insurance – Paid Claims (ISK Billion), 2011–2016Figure 24: Icelandic Non-Life Insurance – Incurred Loss (ISK Billion), 2007–2011Figure 25: Icelandic Non-Life Insurance – Incurred Loss by Category (ISK Billion), 2007–2016Figure 26: Icelandic Non-Life Insurance – Loss Ratio (%), 2007–2011Figure 27: Icelandic Non-Life Insurance – Loss Ratio (%), 2011–2016Figure 28: Icelandic Non-Life Insurance – Combined Ratio (%), 2007–2011Figure 29: Icelandic Non-Life Insurance – Combined Ratio (%), 2011–2016Figure 30: Icelandic Non-Life Insurance – Total Assets (ISK Billion), 2007–2011Figure 31: Icelandic Non-Life Insurance – Total Assets (ISK Billion), 2011–2016Figure 32: Icelandic Non-Life Insurance – Total Investment Income (ISK Billion), 2007–2011Figure 33: Icelandic Non-Life Insurance – Total Investment Income (ISK Billion), 2011–2016Figure 34: Icelandic Non-Life Insurance – Retentions (ISK Billion), 2007–2011Figure 35: Icelandic Non-Life Insurance – Retentions (US$ Billion), 2011–2016Figure 36: Icelandic Non-Life Insurance – Investment (ISK Billion), 2007–2011Figure 37: Icelandic Non-Life Insurance – Penetration (% of GDP), 2007–2011Figure 38: Icelandic Non-Life Insurance – Premium Per Capita (ISK), 2007–2011Figure 39: Icelandic Property Insurance – Written Premium (ISK Billion), 2007–2011Figure 40: Icelandic Property Insurance – Written Premium (ISK Billion), 2011–2016Figure 41: Icelandic Motor Insurance – Written Premium (ISK Billion), 2007–2011Figure 42: Icelandic Motor Insurance – Written Premium (ISK Billion), 2011–2016Figure 43: Icelandic Liability Insurance – Written Premium (ISK Billion), 2007–2011Figure 44: Icelandic Liability Insurance – Written Premium (ISK Billion), 2011–2016Figure 45: Icelandic Marine, Aviation and Transit Insurance – Written Premium (ISK Billion),2007–2011Figure 46: Icelandic Marine, Aviation and Transit Insurance – Written Premium (ISK Billion),2011–2016Figure 47: Icelandic Personal Accident and Health Insurance – Paid Claims (ISK Billion),
  7. 7. 2007–2011Figure 48: Icelandic Personal Accident and Health Insurance – Paid Claims (ISK Billion),2011–2016Figure 49: Icelandic Personal Accident and Health Insurance – Incurred Loss (ISK Billion),2007–2011Figure 50: Icelandic Personal Accident and Health Insurance – Incurred Loss by Category (ISKBillion), 2007–2016Figure 51: Icelandic Personal Accident and Health Insurance – Loss Ratio (%), 2007–2011Figure 52: Icelandic Personal Accident and Health Insurance – Loss Ratio (%), 2011–2016Figure 53: Icelandic Personal Accident and Health Insurance – Combined Ratio (%), 2007–2011Figure 54: Icelandic Personal Accident and Health Insurance – Combined Ratio (%), 2011–2016Figure 55: Icelandic Personal Accident and Health Insurance – Total Assets (ISK Billion),2007–2011Figure 56: Icelandic Personal Accident and Health Insurance – Total Assets (ISK Billion),2011–2016Figure 57: Icelandic Personal Accident and Health Insurance – Total Investment Income (ISKBillion), 2007–2011Figure 58: Icelandic Personal Accident and Health Insurance – Total Investment Income (ISKBillion), 2011–2016Figure 59: Icelandic Personal Accident and Health Insurance – Retentions (ISK Billion),2007–2011Figure 60: Icelandic Personal Accident and Health Insurance – Retentions (US$ Billion),2011–2016Figure 61: Icelandic Personal Accident and Health Insurance – Investment (ISK Billion),2007–2011Figure 62: Icelandic Personal Accident and Health Insurance – Penetration (% of GDP),2007–2011Figure 63: Icelandic Personal Accident and Health Insurance – Premium Per Capita (ISK),2007–2011Figure 64: Icelandic GDP at Constant Prices (US$ Billion), 2007–2011Figure 65: Icelandic GDP Per Capita at Constant Prices (US$), 2007–2011Figure 66: Icelandic GDP at Current Prices (US$ Billion), 2007–2011Figure 67: Icelandic Stock Exchange Market Capitalization (US$ Billion), 2007–2011Figure 68: Icelandic Inflation Rate (%), 2007–2011Figure 69: Icelandic Arable Land ( ‘000 Hectares), 2007–2011Figure 70: Icelandic Exports as a Percentage of GDP (%), 2007–2011Figure 71: Icelandic Imports as a Percentage of GDP (%), 2007–2011Figure 72: Icelandic Construction Net Output at Current Prices (US$ Billion), 2007–2011Figure 73: Icelandic Construction Output at Current Prices as a Percentage of GDP (%),2007–2011Figure 74: Icelandic Number of Air Passengers (Million), 2007–2011Figure 75: Icelandic Healthcare Expenditure Per Capita (US$), 2007–2011
  8. 8. Figure 76: Icelandic Healthcare Expenditure Per Capita (US$), 2007–2011Figure 77: Icelandic Total Population (Million), 2007–2011Figure 78: Icelandic Employed Population (%), 2007–2011Figure 79: Icelandic Annual Disposable Income (US$ Billion), 2007–2011Figure 80: Icelandic Annual Disposable Income Per Capita (US$), 2007–2011Contact: sales@reportsandreports.com for more information.

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