The non-life insurance sector in Sweden has experienced fluctuations over the past years. Starting from 84.77 billion SEK in 2013, the turnover saw a substantial increase by 12.63% to 95.47 billion SEK in 2014. However, this was followed by a notable decline of 10.71% in 2015. Subsequent years exhibited varied growth and decline patterns, with a significant jump of 32.19% in 2018 leading to 120.02 billion SEK. This trend reversed briefly with a decline in 2019 and 2020, but the sector rebounded modestly with a year-on-year increase of 7.38% in 2022, culminating at 123.32 billion SEK in 2023. The Compound Annual Growth Rate (CAGR) for the last 5 years up to 2023 averaged at 5.91%, indicating steady growth after volatility in the earlier years.
Future forecast predicts a continuous growth trend with a modest 1.5% CAGR over the next 5 years, anticipating the turnover to reach 135.2 billion SEK by 2028, reflecting a 7.75% growth rate over this period.
Trends to watch for include potential impacts of technological advancements and regulatory changes on non-life insurance products and the overall market dynamics. The increasing adoption of insurtech solutions and evolving customer expectations will likely shape the sector's future trajectory.
