The Insurance Industry in Iceland, Key Trends and Opportunities to 2018

Date: 2015-09

“Iceland has shared a greater commercial relationship with its neighboring countries since 1990 and is a member of the European Free Trade Association (EFTA), the European Economic Area (EEA) and the North Atlantic Treaty Organization (NATO). The country participates in the Single Market through the EEA. However, the country underwent a major financial crisis due to the collapse of three major privately owned commercial banks, the global financial crisis and the subsequent EU debt crisis during 2008–2011. Economists believe that the collapse of the three largest Icelandic banks is the largest suffered by any country on a per capita basis – however, these events did not have any significant impact on the country’s insurance industry. The prime reason for this was that the industry is dominated by the non-life segment, which accounted for an 87.6% of the industry’s written premium in 2013. The segment’s growth was driven by a favorable regulatory framework, which includes compulsory norms for a range of categories, such as motor insurance (Skyldutrygging) and fire insurance (Lögboðin brunatrygging).

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