Synopsis
The report provides in depth
industry analysis, information and insights into the insurance industry in
Iceland, including:
- The Icelandic insurance industry’s growth prospects by insurance segments and sub-segments
- The competitive landscape in the Icelandic insurance industry
- The current trends and drivers of the Icelandic insurance industry
- The challenges facing the Icelandic insurance industry
- The regulatory framework of the Icelandic insurance industry
To
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Executive summary
The size and importance of the
Icelandic economy is relatively small in the Nordic region. However, the
country came to prominence during the 2008 financial crisis after its three
major commercial banks collapsed and had to be refinanced by the government.
This had serious consequences for the Icelandic economy with the per capita
disposable income and national currency decelerating sharply. The market
capitalization of the Icelandic Stock Market (ICEXI) also declined by 90%
during the financial crisis. However, these events did not have a significant
impact on the country’s insurance industry.
The prime reason for this was that
the Icelandic insurance industry was dominated by the non-life insurance
segment. Growth in non-life insurance is driven by the favorable regulatory
framework. The Financial Supervisory Authority (FME) established several
provisions relating to compulsory insurance and covers a wide range of
categories such as motor and fire insurance.
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 2008–2012 review period and forecast figures for the 2012–2017 forecast period
- It offers a detailed analysis of the key segments and sub-segments in the Icelandic insurance industry, along with forecasts until 2017
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions
- It profiles the top insurance companies in Iceland and outlines the key regulations affecting them
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