Insurance companies pay out compensation for damages that may arise for
example in connection with a car accident, water damage in the home or if
you are robbed. Compensation may also be paid out if a person falls ill or has
an accident that affects their working capacity and ability to earn income. The
most common compensation payments to households in 2018 were for claims
associated with traffic and motor vehicles (see Figure 5). After that came claims
associated with sickness and accident insurances, and home and homeowner
insurances. Compensation payments is also done to companies for damages
within the company or the companys´ property. Compensation to companies
was about 16 per cent of the total compensation payments during 2018. The
rest was paid to households.
Almost SEK 69 billion was paid out in compensation by non-life insurance
companies in 2018. More than half of the compensation paid referred to claims
arising in 2018, while the other half referred to claims arising in previous years.
The reason for the delayed payments is partly that some types of claims, such
as fire and traffic claims, may take a long time to investigate, and partly that
claims are occasionally made some time after the damage took place.
The most common reason for a household receiving a pay-out from an
insurance policy was an all risk claim, which is covered by an all risk insurance
(see Figure 6). These insurances, which are often included in home insurance,
apply when the policyholder experiences a sudden and unforeseen adverse
event. The policyholder may drop a camera on the ground when travelling,
drop a mobile phone from a balcony or leave a wallet on the bus.
In 2017, more than 305,000 all risk claims were reported for households.
The insurance companies paid a total of more than SEK 1 billion in
compensation for these claims. However, the largest type of claim in terms
of value for households was water damage, for which the amounts paid in
compensation totalled almost SEK 2.3 billion.
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