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Iceland

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Iceland

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 Iceland 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 Iceland includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

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Information for Iceland can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Global Statistics Regulatory Alerts Market Profiles Insight Compliance Compliance Point Clinical Trials Axco API Insight Risk Manager

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
latest GWP
Insurance Penetration (%)
GMT +0
Reykjavík
ISK
0.34 mn
3.89%
2.45%
610.29 (mn)
2.52

Iceland is the second-largest island in Europe and the last place in the continent to be inhabited. Its insurance market, although small, is relatively well developed and mature. A full range of covers is available, using both local or foreign expertise, and businesses and individuals widely buy insurance. Life insurance business placed locally with Icelandic insurers has continued to thrive in recent years; however, the headline figure has disguised a significant reduction in savings-related premium as a proportion of the total and an increase in premium related to risk products, particularly critical illness (classed as health or sickness).

Property and casualty premium grew 6% in 2019.

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