2014-04-23 16:31:01 - The Insurance Industry in Iceland, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com
The size and importance of the Icelandic economy is relatively small in the Nordic region. However, the country came to prominence during the 2008 financial crisis after its three major commercial banks collapsed and had to be refinanced by the government. This had serious consequences for the Icelandic economy with the per capita disposable income and national currency decelerating sharply.
The market capitalization of the Icelandic Stock Market (ICEXI) also declined by 90% during the financial crisis. However, these events did not have a significant impact on the country´s insurance industry. The prime reason for this was that the Icelandic insurance industry was dominated by the non-life insurance segment. Growth in non-life insurance is driven by the favorable regulatory framework. The
Financial Supervisory Authority (FME) established several provisions relating to compulsory insurance and covers a wide range of categories such as motor and fire insurance.
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