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Axco Releases Updated Iceland Life and Benefits Insurance Market Report

Press // 16/03/2021
4 min read
BY Liam Hebron
Iceland

To ensure the most relevant and up-to-date information is available to its clients, Axco has updated its Life and Benefits Insurance Market Report for Indonesia this month with fresh information and unique analysis. The report contains must-know information such as the country’s non-admitted position, crucial tax and compliance information and breakdowns of the market’s key lines of business. It also contains the latest market statistics.

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Key insight...

In autumn 2020, the full impact of the COVID-19 pandemic on the Icelandic life market remained to be seen. It could be expected though that any reduction in the size of the economy because of the dramatic fall in tourism and the increase in unemployment could negatively affect premium income to life insurers and contributions to pension funds. Figures for the life market after six months of the year, however, show growth of about 5%, mainly reflecting indexation of premiums.

In common with other countries dealing with the COVID-19 pandemic, Iceland experienced a second wave of cases in the autumn of 2020. With very little or no market for private medical insurance (PMI) in Iceland, COVID-19 has had no impact on PMI insurers.

In addition to business placed locally, an important amount, both risk and savings-related, is placed through Icelandic brokers with foreign life companies. Term life and critical illness are therefore the main products sold followed by PA and disability/sickness.

In 2019 about 58% of premium was in respect of critical illness with individual term life making up most of the balance. Group life and savings-related business account for only a small amount of total premium.

Although banks have become more active in the mortgage market, bancassurance is underdeveloped and insurance used as loan protection (term life and critical illness) has remained a minor feature of the market, probably accounting for about 5% of premium.

The market for other employee benefits outside pension funds continues to be of minor significance in 2020.

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Axco’s insurance market reports offer a uniquely detailed and comprehensive insight into the global life and benefits insurance industry, combining the legislative and regulatory requirements, insurance market developments, and insurance market statistics of not only Iceland but also of over 170 territories worldwide. Reports are set out market by market and follow an easy to navigate, consistent format for ease of use.

Axco is the leading supplier of global insurance market information with over 55 years of experience in researching and publishing industry intelligence on insurance, risk and employee benefits.

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About Axco insurance intelligence

Axco is the leading supplier of global insurance market information with over 55 years’ experience in researching and publishing industry intelligence on insurance and employee benefits. Its unique business model and methods of research have enabled the development of an extensive suite of products comprising in-depth reports, focused profiles, Q&A databases, intelligent questioning tools, and email services which are delivered to every corner of the globe.

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