Key Market Indicators
Iceland's insurance spending is projected to hit approximately €165 million by 2028, up from €146 million in 2023. This represents a compound annual growth rate (CAGR) of 2%. Since the turn of the millennium, Icelandic demand for insurance has grown at an annual rate of 3.6%. In terms of Gross Written Premium (GWP), Iceland is expected to reach around $673 million by 2028, compared to $619 million in 2023. This marks a CAGR of 1.3%. However, since 1988, the nation's supply has decreased by 1% annually. In 2023, Iceland ranked 25th globally in GWP. Lithuania edged just ahead, also reporting $619 million. Leading the rankings were the United Kingdom, Germany, and the Netherlands, occupying the second, third, and fourth positions respectively.
