Every year Swedish insurance companies pay out large sums in pensions and
compensation for claims. This creates financial protection for both households and businesses. The Swedish insurance industry consists of about 300 companies that together employ more than 21,000 people and invest more than SEK 4,500 billion in the Swedish and global economy.
Sweden slightly more than 21,000 people work in the insurance industry,
corresponding to about a half per cent of the employees in the labour market.
There are about 300 insurance companies (see Figure 13).
Most companies are either national or local insurance companies. In addition,
there are so-called relief associations (occupational pension funds) and some
foreign companies that are represented via branches or agencies. The number
of companies has decreased in the past eight years. Mainly smaller local insurance
companies and relief associations have decreased in number. Despite the
decrease in the number of companies, the number of employees has remained
about the same during this period.
There are many different occupational categories in the insurance industry.
Some 5,900 people, corresponding to 30 per cent of the employees, work in
sales, advisory services or customer service (see Figure 14). Another common
occupational category is various kinds of claims adjustment. This includes
investigation into who caused a damage and what may be the reason for the
claim. This occupational category is made up of more than 4,700 individuals,
corresponding to about 25 per cent of the number of employees in the
industry. Specialist occupations, such as actuaries (insurance mathematicians)
and lawyers make up a smaller proportion of the employees.
The Swedish insurance industry has a relatively balanced gender breakdown.
Of those employed in the industry in 2018, just over half were women.
The percentage of women has also been consistently somewhat higher than
the percentage of men during the 2000s (see Figure 15). During the same
period, the percentage of women who are managers has risen. In 2018 almost
half of the managers were women.
Insurance means that households pay in premiums to insurance companies
in exchange for compensation when a damage occurs. For non-life insurance,
premium income amounted to a total of more than SEK 88 billion in 2018,
of which about SEK 18 billion was paid by companies and SEK 70 billion
by households. For life insurance, premium income amounted to a total of
almost SEK 295 billion (see Figure 16). The largest premium incomes for nonlife
insurance were for motor third-party liability and motor vehicle insurances,
and home and homeowner insurances, while the main part of premium income
for life insurance was for occupational pension.
The premiums have increased by about 50 per cent during the past ten years.
This increase has taken place in pace with economic growth, since demand for
home insurance, for example, rises when household assets grow.
On average, in 2018 each individual in Sweden paid about SEK 7,000 in
premiums for non-life policies and about SEK 29,000 in premiums for life
insurance policies. However, it is common for one individual to have several
different types of insurance, such as home insurance and motor vehicle
insurance. About 70 per cent of life insurance premiums are paid by employers
in the form of occupational pension. Some of the non-life premiums are also
paid by employers, for example for some accident and healthcare policies.
Premium income for non-life insurance companies amounted to just over
SEK 84 billion in 2018. The four non-life insurance companies with the
highest premium incomes were Länsförsäkringar, Folksam, If Skadeförsäkring,
and Trygg-Hansa (see Figure 17). These companies together accounted for
about 80 per cent of the market in terms of premium income.
For the life insurance companies, the paid-in premiums for 2018 amounted to
SEK 295 billion. The four life insurance companies that received the most
premiums were Alecta, Folksam, Skandia and SEB Pension (see Figure 18).
These companies accounted for almost 50 per cent of the market in terms of
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