Sweden Insurance Market Highlights
Market Regulation:
Oversight is provided by Finansinspektionen. Axco’s regulatory monitoring focuses on the "Mortgage-Insurance" link and 2026 ESG reporting requirements.
Non-Life Market Trends:
The market is characterized by powerful Mutuals; Axco’s data identifies strong growth in the private health and pet insurance segments for 2026.
Distribution Channels:
Distribution features a mix of direct writers and agents; Axco analysis highlights the key role brokers play in the Swedish mid-to-large corporate market.
Key Risks & Outlook:
The market is generally stable; however, Axco’s outlook identifies increasing forest fire risk in Central Sweden as a factor altering property underwriting standards.
Insurance Companies:
Axco Navigator details that there are 171 non-life insurers, including around 70 or so operating nationwide, over 30 captives and a similar number of larger local insurers. The life/pension insurance industry comprised of 28 life companies.
Insurance Statistics:
Axco reports written premiums in 2024 increased by 5.4% to SEK 95,161 Mn with property the largest class of business, accounting for 49% of premiums. Insurance penetration stands at 1.49%.
Insurance Intelligence
Providing expert analysis, independent market insight and company data on the insurance industry.
Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.
Axco’s Sweden Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.
The Life & Benefits Report for Sweden includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics
Key Benefits
- Superior market insights
- Crucial compliance information
- Risk assessment and profitability
What is the Non-Life Insurance market in Sweden?
At the beginning of 2025, the insurance industry comprised 267 companies, of which 229 were Swedish and 168 non-life, including over 30 captives. The market is dominated by large groups such as Lansforsakringar (LF), If Skadeforsakring, Folksam and Trygg-Hansa.
In the Non-Life (P&C) market, Lansforsakringar was the market leader, recording SEK 35,549.89 million in written premiums and 30.30% market share in 2025. It was followed by If Skadeforsakring AB (SEK 20,008.97 million; 17.05% market share) and Trygg Hansa Forsakring (SEK 18,916.28 million; 16.12% market share).
Among the leading non-life insurers, Lansforsakringar reported the strongest growth. 58 companies are licensed for non-life business.
Who are the top non-life insurers in Sweden?
| Number | Local Company | Year | Written Premiums (Mn) | Market Share (%) |
|---|---|---|---|---|
| 1 | Lansforsakringar | 2025 | 35,549.89 | 30.30 |
| 2 | If Skadeforsakring AB | 2025 | 20,008.97 | 17.05 |
| 3 | Trygg Hansa Forsakring | 2025 | 18,916.28 | 16.12 |
| 4 | Fondsam Livforsakring AB | 2025 | 18,697.38 | 15.93 |
| 5 | Dina Vast | 2025 | 4,805.43 | 4.10 |
| 6 | Protector Forsakring Sverige | 2025 | 2,558.27 | 2.18 |
| 7 | Zurich Insurance plc | 2025 | 2,246.49 | 1.91 |
| 8 | Gjensidige Forsikring ASA Norge | 2025 | 2,073.22 | 1.77 |
| 9 | ICA Forsakring | 2025 | 1,226.24 | 1.05 |
| 10 | Landstingens Omsesidiga Forsakringsbolag | 2025 | 1,225.00 | 1.04 |
Source: Axco Navigator, Sweden Insurance Market Rankings.
What is the Life Insurance market in Sweden?
At the beginning of 2025 the life/pension insurance industry comprised 39 life companies: of this figure a number transacted unit-linked business only, with a few companies offering both unit-linked and traditional life insurance.
There were also 14 occupational pension providers, including both insurers and pension funds. There were a number of friendly societies offering sickness and funeral benefits. The major insurers include Alecta Pension, Avanza Pension, Futur Pension, Nordnet Pension, Skandia Liv and Folksam Liv; bank-owned companies Swedbank, Nordea Liv & Pension, Handelsbanken Liv and SEB Pension och Forsakring are significant.
In the Life insurance market, Forsakringsbolaget Avanza Pension was the largest insurer in 2025, generating SEK 51,442.04 million in written premiums and holding 12.06% market share. It was followed by Nordea Livforsakring Sverige AB (SEK 42,345.68 million; 9.93% market share) and Alecta Pensionsforsakring, omsesidigt (SEK 38,434.92 million; 9.01% market share).
The fastest-growing major life insurer was Lysa Life, with premium growth of 149.7% year-on-year. 39 companies are licensed for life/pension business.
Who are the top life insurers in Sweden?
| Number | Local Company | Year | Written Premiums (Mn) | Market Share (%) |
|---|---|---|---|---|
| 1 | Forsakringsbolaget Avanza Pension | 2025 | 51,442.04 | 12.06 |
| 2 | Nordea Livforsakring Sverige AB | 2025 | 42,345.68 | 9.93 |
| 3 | Alecta Pensionsforsakring, omsesidigt | 2025 | 38,434.92 | 9.01 |
| 4 | Handelsbanken Liv Forsakringsaktiebolag | 2025 | 29,143.65 | 6.83 |
| 5 | KPA Tjanstepension AB | 2025 | 28,402.85 | 6.66 |
| 6 | Swedbank Forsakring AB | 2025 | 28,260.90 | 6.63 |
| 7 | Futur Pension Forsakringsaktiebolag | 2025 | 25,138.43 | 5.89 |
| 8 | AMF Tjanstepension AB | 2025 | 23,899.97 | 5.60 |
| 9 | Nordnet Pensionsforsakring AB | 2025 | 21,093.02 | 4.95 |
| 10 | Livforsakringsbolaget Skandia, omsesidigt | 2025 | 17,397.96 | 4.08 |
Source: Axco Navigator, Sweden Insurance Market Rankings.
Country Information
| Time-zone | GMT +1 |
| Capital city | Stockholm |
| Currency | SEK |
| Population | 10.10 mn |
| Total GDP (2025) | 514,757.65 mn |
| Inflation (%) | 1.59% |
| Total GWP (USD) | 40,042.52 (mn) |
| Insurance Penetration (%) | 7.54 |
Sweden is a Scandinavian country, mostly covered in forest and lakes. Economic growth was expected to equal 1.04% in 2020 with inflation averaging 1.59% over the same period. The Swedish economy depends heavily on trade and has a well-developed and internationally successful industrial sector.
Sweden joined the European Union in 1995 and has not yet adopted the euro.
Total premium income in 2018 reported by non-life insurance companies was SEK 84.17bn (USD 8.67bn), of which a substantial proportion of around 40% related to foreign risks underwritten in Sweden.
In 2018 there were 77 Swedish non-life insurers, including about 35 captives, and about 40 larger local insurers; in addition there were around 40 foreign insurers, branches and agencies. The market is dominated by large groups.
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