There are 37 life insurance companies in Sweden, 14 occupational pension
companies, 227 non-life insurance companies, and 37 relief associations.
The industry employs just over 22,000 people, accounting for approximately 0.5 per cent of all employees in the Swedish labour market. The employees are distributed across 315 insurance and occupational pension companies. 37 of these are foreign-owned and are represented in Sweden through branches or agencies. The number of foreign companies has remained largely constant over the years. Most companies are either large national corporations or small local businesses.
The number of companies has fluctuated over the last five years, but compared to 2017, the number of companies has decreased by 9 per cent. It is mainly relief associations that have declined and according to current law, the relief associations must be wound up in the long term. Under 2020, occupational pension companies have been added. During 2020-2021, two former non-life insurance companies and twelve former life insurance companies were converted into occupational pension companies (2).
(2) The way in which insurance and occupational pension companies are regulated differs. The Insurance Business Act applies to insurance companies, while the Occupational Pension Companies Act, which was introduced at the end of 2019, applies to occupational pension companies.
A little more than a quarter of the insurance industry’s workforce is involved in claims adjustment and insurance regulation.
It includes investigation of causes and liability for claims, and services such as risk assessments and analysis for reinsurance with other companies. This includes specialized occupations such as actuaries (insurance mathematicians). Other common occupational groups include customer service and salespeople (17 percent), sales and advisory services (11 percent), and IT work (11 percent).
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