The Insurance Industry in Iceland, Key Trends and Opportunities to 2018, New Report Launched

Iceland has shared a greater commercial relationship with its neighboring countries since 1990 and is a member of the European Free Trade Association (EFTA), the European Economic Area (EEA) and the North Atlantic Treaty Organization (NATO). The country participates in the Single Market through the EEA. However, the country underwent a major financial crisis due to the collapse of three major privately owned commercial banks, the global financial crisis and the subsequent EU debt crisis during 2008–2011. Economists believe that the collapse of the three largest Icelandic banks is the largest suffered by any country on a per capita basis – however, these events did not have any significant impact on the country’s insurance industry. The prime reason for this was that the industry is dominated by the non-life segment, which accounted for an 87.6% of the industry’s written premium in 2013. The segment’s growth was driven by a favorable regulatory framework, which includes compulsory norms for a range of categories, such as motor insurance (Skyldutrygging) and fire insurance (Lögboðin brunatrygging).

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

• The Icelandic insurance industry’s growth prospects by insurance segment and category
• The competitive landscape in the Icelandic insurance industry
• The current trends and drivers of the Icelandic insurance industry
• Challenges facing the Icelandic insurance industry
• The detailed regulatory framework of 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 2009–2013 review period and projected figures for the 2013–2018 forecast period.
• It offers a detailed analysis of the key segments and categories in the Icelandic insurance industry, along with forecasts until 2018.
• 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 to the Icelandic insurance industry and each segment within it.
• Understand the demand-side dynamics, key trends and growth opportunities in the Icelandic insurance industry.
• Assess the competitive dynamics in the Icelandic insurance industry.
• Identify the growth opportunities and market dynamics in key segments.
• Gain insights into key regulations governing the Icelandic insurance industry and its impact on companies and the industry's future.

Key Highlights

• Motor insurance was the largest category in the Icelandic non-life segment, accounting for 51.3% of the segment’s written premium value in 2013.
• Despite it being small in size, the Icelandic insurance industry is one of the well-regulated insurance industries in the Nordic region.
• The Icelandic insurance industry is one of the most concentrated in the Nordic region.
• There have been several changes in insurance provisions, such as the implementation of sophisticated consumer protection laws and provision relating to brokers’ licensing.
• The life segment is dominated by Okkar líftryggingar hf and Sjóvá-Almennar líftryggingar hf, with 100% shares in 2013 of the total gross written premium in 2013.

Spanning over 153 pages, 107 Tables and 98 Figures “The Insurance Industry in Iceland, Key Trends and Opportunities to 2018” report covering Executive Summary, Introduction, Icelandic Insurance Industry Overview, Industry Segmentation, Governance, Risk and Compliance, Competitive Landscape, Macroeconomic Indicators, Appendix. This report covered 5 Companies - Okkar líftryggingar hf., Sjóvá-Almennar líftryggingar hf., Vátryggingafélag Íslands hf., Sjóvá-Almennar tryggingar hf., Tryggingamiðstöðin hf.

Know more about this report at – http://mrr.cm/Zrw

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