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Published: Oct, 2016 | Pages:
130 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)
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.
Table of Contents 1 Key Facts and Highlights 2 Executive Summary 3 Economy and Demographics 4 Industry Outlook 4.1 Regional Comparison 4.2 Industry Indicators 4.2.1 Gross written premium 4.2.2 Claims 4.2.3 Assets and investments 5 Life Insurance 6 Non-Life Insurance 6.1 Property Insurance 6.1.1 Gross Written Premium 6.1.2 Penetration 6.1.3 Claims 6.1.4 Profitability 6.2 Motor Insurance 6.2.1 Gross written premium 6.2.2 Penetration 6.2.3 Claims 6.2.4 Profitability 6.3 Liability Insurance 6.3.1 Gross written premium 6.3.2 Penetration 6.3.3 Claims 6.3.4 Profitability 6.4 Marine, Aviation and Transit Insurance 6.4.1 Gross written premium 6.4.2 Penetration 6.4.3 Claims 6.4.4 Profitability 7 Personal Accident and Health Insurance 7.1 Health Insurance 7.1.1 Gross written premium 7.1.2 Penetration 7.1.3 Claims 7.1.4 Profitability 8 Reinsurance Outlook 8.1 Premium Ceded 9 Distribution Channel Outlook 10 Natural Hazards 10.1 Earthquake 10.2 Landslide 10.3 Volcano 10.4 Exposure 11 Competitive Landscape 11.1 Company Profiles 11.1.1 Vatryggingafelag islands hf. - company overview 11.1.2 Sjova-Almennar tryggingar hf. - company overview 11.1.3 Tryggingamistoin hf. - company overview 11.1.4 Vorur liftryggingar hf. - company overview 11.1.5 Vilagatrygging islands - company overview 12 Governance, Risk and Compliance 12.1 Legislation Overview and Historical Evolution 12.2 Latest Changes in Regulation 12.3 Legislation and Market Practice by Type of Insurance 12.3.1 Life Insurance 12.3.2 Property Insurance 12.3.3 Motor Insurance 12.3.4 Liability insurance 12.3.5 Marine, aviation and transit insurance 12.3.6 Personal accident and health insurance 12.4 Compulsory Insurance 12.4.1 Motor third party liability insurance 12.4.2 Iceland catastrophic insurance 12.4.3 Aircraft liability insurance 12.4.4 Motor third-party liability insurance 12.4.5 Clinical trials liability insurance 12.4.6 Professional indemnity insurance for insurance brokers 12.5 Supervision and Control 12.5.1 International Association of Insurance Supervisors 12.5.2 European Insurance and Occupational Pensions Authority (EIOPA) 12.5.3 Financial Supervisory Authority (FME) 12.5.4 Icelandic Financial Services Association (Samtok fjarmalafyrirtaekja - SFF) 12.6 Non-Admitted Insurance Regulation 12.6.1 Overview 12.6.2 Intermediaries 12.6.3 Market practices 12.6.4 Fines and Penalties 12.7 Company Registration and Operations 12.7.1 Type of insurance organization 12.7.2 Establishing a local company 12.7.3 Foreign ownership 12.7.4 Types of license 12.7.5 Capital requirements 12.7.6 Solvency margin 12.7.7 Reserve requirements 12.7.8 Investment regulations 12.7.9 Statutory return requirements 12.7.10 Fee structure 12.8 Taxation 12.8.1 Insurance premium or policy taxation 12.8.2 Withholding taxes on premium paid overseas 12.8.3 Corporate tax 12.8.4 VAT 12.8.5 Captives 12.9 Legal System 12.9.1 Introduction 12.9.2 Access to court 12.9.3 Alternative dispute resolution (ADR) 13 Databook 13.1 Life Insurance 13.1.1 Policies and premium 13.1.2 Claims and expenses 13.1.3 Assets and investments 13.1.4 Individual life insurance 13.1.5 Individual life insurance by product 13.2 Non-Life Insurance 13.2.1 Policies and premium 13.2.2 Claims and expenses 13.2.3 Assets and investments 13.2.4 Property insurance 13.2.5 Property insurance by product 13.2.6 Motor insurance 13.2.7 Motor insurance by product 13.2.8 Liability insurance 13.2.9 Marine, aviation and transit insurance 13.3 Personal Accident and Health Insurance 13.3.1 Policies and premium 13.3.2 Claims and expenses 13.3.3 Assets and investments 13.3.4 Health insurance 14 Definitions and Methodology 14.1 Definitions 14.2 Methodology 15 About Timetric 15.1 Contact Timetric 15.2 About Timetric 15.3 Timetric's Services 15.4 Disclaimer
List of Tables Table 1: Icelandic Insurance Industry - Key Facts, 2015 Table 2: Icelandic Insurance Industry - Segment Shares of the Top Insurers, 2015 Table 3: Icelandic Government Credit Ratings Table 4: Icelandic Insurance Industry - Gross Written Premium by Segment (ISK Billion), 2011-2015 Table 5: Icelandic Insurance Industry - Gross Written Premium by Segment (ISK Billion), 2015-2020 Table 6: Icelandic Insurance Industry - Density (Direct Written Premium Per Capita) by Segment (ISK), 2011-2015 Table 7: Icelandic Insurance Industry - Density (Direct Written Premium Per Capita) by Segment (ISK), 2015-2020 Table 8: Icelandic Insurance Industry - Paid Claims by Segment(ISK Billion), 2011-2015 Table 9: Icelandic Insurance Industry - Paid Claims by Segment(ISK Billion), 2015-2020 Table 10: Icelandic Insurance Industry - Total Assets by Segment (ISK Billion), 2011-2015 Table 11: Icelandic Insurance Industry - Total Assets by Segment (ISK Billion), 2015-2020 Table 12: Icelandic Insurance Industry - Total Investment Income by Segment (ISK Billion), 2011-2015 Table 13: Icelandic Insurance Industry - Total Investment Income by Segment (ISK Billion), 2015-2020 Table 14: Icelandic Insurance Industry - Life Insurance Investment Portfolio (ISK Billion), 2011-2015 Table 15: Icelandic Insurance Industry - Life Insurance Investment Portfolio (ISK Billion), 2015-2020 Table 16: Icelandic Insurance Industry - Non-Life Insurance Investment Portfolio (ISK Billion), 2011-2015 Table17: Icelandic Insurance Industry - Non-Life Insurance Investment Portfolio (ISK Billion), 2015-2020 Table 18: Icelandic Insurance Industry - Personal Accident and Health Insurance Investment Portfolio (ISK Billion), 2011-2015 Table 19: Icelandic Insurance Industry - Personal Accident and Health Insurance Investment Portfolio (ISK Billion), 2015-2020 Table 20: Icelandic Life Insurance - Gross Written Premium (ISK Billion and US$ Million), 2011-2015 Table 21: Icelandic Life Insurance - Gross Written Premium (ISK Billion and US$ Million), 2015-2020 Table 22: Icelandic Non-Life Insurance - Gross Written Premium (ISK Billion and US$ Million), 2011-2015 Table 23: Icelandic Non-Life Insurance - Gross Written Premium (ISK Billion and US$ Million), 2015-2020 Table 24: Icelandic Property Insurance - Gross Written Premium (ISK Billion and US$ Million), 2011-2015 Table 25: Icelandic Property Insurance - Gross Written Premium (ISK Billion and US$ Million), 2015-2020 Table 26: Icelandic Property Insurance - Paid Claims (ISK Billion and US$ Million), 2011-2015 Table 27: Icelandic Property Insurance - Paid Claims (ISK Billion and US$ Million), 2015-2020 Table 28: Icelandic Property Insurance - Loss Ratio (%), 2011-2015 Table29: Icelandic Property Insurance - Loss Ratio (%), 2015-2020 Table 30: Icelandic Motor Insurance - Gross Written Premium (ISK Billion and US$ Million), 2011-2015 Table 31: Icelandic Motor Insurance - Gross Written Premium (ISK Billion and US$ Million), 2015-2020 Table 32: Icelandic Motor Insurance - Paid Claims (ISK Billion and US$ Million), 2011-2015 Table 33: Icelandic Motor Insurance - Paid Claims (ISK Billion and US$ Million), 2015-2020 Table 34: Icelandic Motor Insurance - Loss Ratio (%), 2011-2015 Table 35: Icelandic Motor Insurance - Loss Ratio (%), 2015-2020 Table 36: Icelandic Liability Insurance - Gross Written Premium (ISK Billion and US$ Million), 2011-2015 Table 37: Icelandic Liability Insurance - Gross Written Premium (ISK Billion and US$ Million), 2015-2020 Table 38: Icelandic Liability Insurance - Paid Claims (ISK Billion and US$ Million), 2011-2015 Table 39: Icelandic Liability Insurance - Paid Claims (ISK Billion and US$ Million), 2015-2020 Table 40: Icelandic Liability Insurance - Loss Ratio (%), 2011-2015 Table 41: Icelandic Liability Insurance - Loss Ratio (%), 2015-2020 Table 42: Icelandic Marine, Aviation and Transit Insurance - Gross Written Premium (ISK Billion and US$ Million), 2011-2015 Table 43: Icelandic Marine, Aviation and Transit Insurance - Gross Written Premium (ISK Billion and US$ Million), 2015-2020 Table 44: Icelandic Marine, Aviation and Transit Insurance - Paid Claims (ISK Billion and US$ Million), 2011-2015 Table 45: Icelandic Marine, Aviation and Transit Insurance - Paid Claims (ISK Billion and US$ Million), 2015-2020 Table 46: Icelandic Marine, Aviation and Transit Insurance - Loss Ratio (%), 2011-2015 Table 47: Icelandic Marine, Aviation and Transit Insurance - Loss Ratio (%), 2015-2020 Table 48: Icelandic Personal Accident and Health Insurance - Gross Written Premium (ISK Billion and US$ Million), 2011-2015 Table 49: Icelandic Personal Accident and Health Insurance - Gross Written Premium (ISK Billion and US$ Million), 2015-2020 Table 50: Icelandic Health Insurance - Gross Written Premium (ISK Billion and US$ Million), 2011-2015 Table 51: Icelandic Health Insurance - Gross Written Premium (ISK Billion and US$ Million), 2015-2020 Table 52: Icelandic Health Insurance - Paid Claims (ISK Million and US$ Million), 2011-2015 Table 53: Icelandic Health Insurance - Paid Claims (ISK Million and US$ Million), 2015-2020 Table 54: Icelandic Health Insurance - Loss Ratio (%), 2011-2015 Table55: Icelandic Health Insurance - Loss Ratio (%), 2015-2020 Table 56: Icelandic Reinsurance - Premium Ceded by Insurance Segment (ISK Billion), 2011-2015 Table57: Icelandic Reinsurance - Premium Ceded by Insurance Segment (ISK Billion), 2015-2020 Table 58: Iceland Average Annual Loss by Hazard (US$ Million), 1990-2014 Table 59: Icelandic Insurance Industry - Market Share of Leading Insurers (%), 2015 Table 60: Icelandic Insurance Industry - Market Share of Leading Non-Life Insurers (%), 2015 Table 61: Vatryggingafelag islands hf. - Key Facts Table 62: Sjova-Almennar tryggingar hf. - Key Facts Table 63: Tryggingamistoin hf. - Key Facts Table 64: Vorur liftryggingar hf. - Key Facts Table 65: Vilagatrygging islands - Key Facts Table 66: Iceland - Insurance Regulatory Framework Key Features Table 67: Iceland - Life Insurance Regulatory Framework Table 68: Iceland - Property Insurance Regulatory Framework Table 69: Iceland - Motor Insurance Regulatory Framework Table 70: Iceland - Liability Insurance Regulatory Framework Table 71: Iceland - Corporate Tax Rates for the Financial Year 2016 Table 72: Icelandic Life Insurance - Policies and Premium, 2011-2015 Table 73: Icelandic Life Insurance - Policies and Premium, 2015-2020 Table 74: Icelandic Life Insurance - Claims and Expenses, 2011-2015 Table 75: Icelandic Life Insurance - Claims and Expenses, 2015-2020 Table 76: Icelandic Life Insurance - Assets and Investments, 2011-2015 Table 77: Icelandic Life Insurance - Assets and Investments, 2015-2020 Table 78: Icelandic Life Insurance - Individual Life Insurance, 2011-2015 Table 79: Icelandic Life Insurance - Individual Life Insurance, 2015-2020 Table 80: Icelandic Life Insurance - Individual Life Insurance by Product, 2011-2015 Table 81: Icelandic Life Insurance - Individual Life Insurance by Product, 2015-2020 Table 82: Icelandic Non-Life Insurance - Policies and Premium, 2011-2015 Table 83: Icelandic Non-Life Insurance - Policies and Premium, 2015-2020 Table 84: Icelandic Non-Life Insurance - Claims and Expenses, 2011-2015 Table 85: Icelandic Non-Life Insurance - Claims and Expenses, 2015-2020 Table 86: Icelandic Non-Life Insurance - Assets and Investments, 2011-2015 Table 87: Icelandic Non-Life Insurance - Assets and Investments, 2015-2020 Table 88: Icelandic Non-Life Insurance - Property Insurance, 2011-2015 Table 89: Icelandic Non-Life Insurance - Property Insurance, 2015-2020 Table 90: Icelandic Non-Life Insurance - Property Insurance by Product, 2011-2015 Table 91: Icelandic Non-Life Insurance - Property Insurance by Product, 2015-2020 Table 92: Icelandic Non-Life Insurance - Motor Insurance, 2011-2015 Table 93: Icelandic Non-Life Insurance - Motor Insurance, 2015-2020 Table 94: Icelandic Non-Life Insurance - Motor Insurance by Product, 2011-2015 Table 95: Icelandic Non-Life Insurance - Motor Insurance by Product, 2015-2020 Table 96: Icelandic Non-Life Insurance - Liability Insurance, 2011-2015 Table 97: Icelandic Non-Life Insurance - Liability Insurance, 2015-2020 Table 98: Icelandic Non-Life Insurance - Marine, Aviation and Transit Insurance, 2011-2015 Table 99: Icelandic Non-Life Insurance - Marine, Aviation and Transit Insurance, 2015-2020 Table 100: Icelandic Personal Accident and Health Insurance - Policies and Premium, 2011-2015 Table 101: Icelandic Personal Accident and Health Insurance - Policies and Premium, 2015-2020 Table 102: Icelandic Personal Accident and Health Insurance - Claims and Expenses, 2011-2015 Table 103: Icelandic Personal Accident and Health Insurance - Claims and Expenses, 2015-2020 Table 104: Icelandic Personal Accident and Health Insurance - Assets and Investments, 2011-2015 Table 105: Icelandic Personal Accident and Health Insurance - Assets and Investments, 2015-2020 Table 106: Icelandic Personal Accident and Health Insurance - Health Insurance, 2011-2015 Table 107: Icelandic Personal Accident and Health Insurance - Health Insurance, 2015-2020 Table 108: Insurance Industry Definitions
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