Sweden

Axco provides details on the life insurance sector including Swedish market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

The report describes the public and private healthcare system in Sweden, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Axco reports on the three pillars of Swedish pension provision.

• State pension benefits including benefit calculations and eligibility criteria 
• Workplace pension provision; types of schemes calculations eligibility and; tax implications
• Voluntary individual pension provision, type of products and tax implications

The Sweden report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

• state pensions,
• permanent disability benefit
• occupational accident and disease
• maternity and paternity payments 

Individual investment-related life insurance (kapital forsakring) forms a substantial part of the market, SEK 107.87bn (USD 12.85bn) in 2020.

In spring 2021 Sweden was starting to see the effect of the COVID-19 pandemic on insurance with the publication of market statistics for 2020: life and pension insurance was not negatively affected with open market premium income increasing by nearly 11% over the full year ....

As for the impact of COVID-19 mortality on life/pension insurers, data published by Sweden's biggest pension fund Alecta (whose client base accounts for a quarter of Sweden's population) showed a significant surge spike in deaths in April and May, with the oldest group the hardest hit. There was a 10% increase in deaths among men aged 18 to 64 in the period, but a 43% increase ....

In spring 2021 Sweden was starting to see the effect of the COVID-19 pandemic on insurance with the publication of market statistics for 2020. Despite the pandemic, healthcare insurance continues to be a growing class of business in Sweden: according to Insurance Sweden figures, annual premium income in 2020 was SEK 3.60bn (USD 428.69mn), with around 690,000 lives covered, equivalent to about 13.7% of the workforce.

The market has grown substantially over the last two decades ....