The report Governance, Risk
and Compliance- the Swedish Insurance Industry provides
an overview of the insurance regulatory framework in Sweden. It gives the
latest key changes, and changes expected in the country's insurance regulatory
framework. The report provides key regulations and market practices related to
different types of insurance product in the country and rules and regulations
pertaining to key classes of compulsory insurance, and the scope of
non-admitted insurance in Sweden. The key parameters including licensing requirements
permitted foreign direct investment, minimum capital requirements, solvency and
reserve requirements, and investment regulations and details of the tax and
legal systems in the country are detailed in the report.
In Sweden, about a half percent of the labour
market works in the insurance industry. The insurance companies in Sweden are
either local or national companies. As far as international intervention is
concerned, there are relief associations and a few foreign companies that are
represented by their branches. Over the past years, the number of small local
insurers and relief associations has reduced in number. Even though the number
of organisations has reduced, the number of employees remains the same. Sweden
saw households pay more premiums towards non – life than in life insurances.
The largest in the non – life insurance were for motor third – party liability
and motor vehicle insurances, and home and homeowner insurances. In life
insurance, the main part of premiums was for occupational pension. Over the
past ten years, the premiums have increased by more than half. This is
attributed to economic growth and rising disposable incomes. It was observed
that individuals have more than one insurance for themselves like in accident and healthcare insurances.
Swedish insurance companies altogether owned
financial assets equivalent to Sweden’s GDP by the end of 2017. Most of this
capital is owned by life insurers and a small part is managed by non – life
insurers. The reason for increase in large assets of life insurers is because
paid – in premiums accumulate and generate returns. By managing these assets,
the returns and bonuses benefit the policy holders. These insurers mainly
invest in Swedish and foreign equities, investment funds and bonds, sometimes
in properties also. Non – life insurers invest in assets that have shorter
durations due to the need to manage future claims. Most of these assets consists of traditional
life insurances. But the proportion of unit – linked insurance is increasing. Life
insurers have a longer investment horizon since the claims are claimed over the
longer run.
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