Swedish Life Insurance
Sweden
There are about 410 registered insurance companies in Sweden. Most of them are small local nonlife insurance companies. The market is concentrated into a few large companies and company groups.
In life insurance the five largest insurance companies/groups have 53 per cent of the market.
The international presence has increased in the past ten years. At present there are 38 foreign insurance companies represented via branches or agencies.
Insurance Employment
The insurance industry employs about 20,000 people. This is equivalent to a half percent of all gainfully employed people in Sweden. Slightly more women than men work in the insurance industry. There are many different jobs in the insurance industry. Common occupations are actuary, claims adjuster, economist and lawyer. The level of education has increased steadily in the past ten years.
Insurance in Sweden
In Sweden 95 per cent of all households have home insurance. Most employees have occupational pension insurance and a large proportion of the population also have private insurance policies. In recent years the number of private health care insurance policies also increased substantially. In 2012 Life insurance companies paid out over SEK 77 billion in pensions and death benefit.
Pension in Sweden
The Swedish pension system has three parts: national pension, occupational pension and private pension.About 2 million people had private pension savings in 2011. In the age group 35-59 about 45 per cent had a private pension policy. Average savings for these were SEK 5,700 per person.
Private pension insurance is classified for taxation purposes either as pension insurance or endowment insurance. Premium income for private pension and endowment insurance was more than SEK 53 billion in 2012. The policies classified as endowment insurance constitute over 77 per cent of all private pension insurance.
Private pension insurance can be divided into unit-linked insurance and other life
There are about 410 registered insurance companies in Sweden. Most of them are small local nonlife insurance companies. The market is concentrated into a few large companies and company groups.
In life insurance the five largest insurance companies/groups have 53 per cent of the market.
The international presence has increased in the past ten years. At present there are 38 foreign insurance companies represented via branches or agencies.
Insurance Employment
The insurance industry employs about 20,000 people. This is equivalent to a half percent of all gainfully employed people in Sweden. Slightly more women than men work in the insurance industry. There are many different jobs in the insurance industry. Common occupations are actuary, claims adjuster, economist and lawyer. The level of education has increased steadily in the past ten years.
Insurance in Sweden
In Sweden 95 per cent of all households have home insurance. Most employees have occupational pension insurance and a large proportion of the population also have private insurance policies. In recent years the number of private health care insurance policies also increased substantially. In 2012 Life insurance companies paid out over SEK 77 billion in pensions and death benefit.
Pension in Sweden
The Swedish pension system has three parts: national pension, occupational pension and private pension.About 2 million people had private pension savings in 2011. In the age group 35-59 about 45 per cent had a private pension policy. Average savings for these were SEK 5,700 per person.
Private pension insurance is classified for taxation purposes either as pension insurance or endowment insurance. Premium income for private pension and endowment insurance was more than SEK 53 billion in 2012. The policies classified as endowment insurance constitute over 77 per cent of all private pension insurance.
Private pension insurance can be divided into unit-linked insurance and other life