Insurance means households and businesses paying premiums to insurance and occupational pension companies in exchange for security in the form of compensation for damages, accidents, illnesses, or in the form of pension payments or savings withdrawals.
There are different forms of insurance, all with the same purpose of creating economic security, such as damage compensation when damage, an accident, or illness occurs. Other examples of payouts are occupational pensions in connection with retirement or other forms of savings’ withdrawals, such as endowment insurance and pension insurance.
Insurance and occupational pension companies paid out a total of approxi-mately 358 billion SEK in insurance compensation in 2023. The majority (80 per cent) of this amount was paid out from life and occupational pension in-surance companies, while the remaining (20 per cent) was paid out by vari-ous non-life insurance companies. Over the past ten years, the payouts have increased by 74 percent, from 206 billion SEK to 358 billion SEK.
In 2023, an average of approximately 27,300 SEK per person was paid out for occupational pensions and savings in private endowment and pension insurances. During the same period, an average of approximately 5,400 SEK per person was paid out in compensation for household claims and personal injuries.
