The insurance industry is an important part of the national economy. Through insurance individuals and companies can obtain financial protection at a low cost against different types of risk.
Swedish insurance companies generated premium income in excess of SEK 270 billion in 2010, they employed almost 24,000 people and invested more than SEK 2,950 billion in the global economy.
There are about 470 registered insurance companies in Sweden. Most of them are small local non-life insurance companies. The market is concentrated into a few large companies and company groups. In non-life insurance the five largest insurance companies/groups have 83 per cent of the market. In life insurance the five largest insurance companies/groups have 42 per cent of the market.
The international presence has increased in the past ten years. At present there are 35 foreign insurance companies represented via branches or agencies. In addition several of the largest insurance companies are foreign-owned, such as Skandia and Trygg Hansa.
The contribution of the insurance industry to the gross domestic product (GDP) is about 1.2 per cent.
The insurance industry also contributes large amounts in tax payments every year. In 2009 tax payments were SEK 31 billion, consisting of tax on premiums, corporate tax and yield tax.