Iceland

Axco provides details on the life insurance sector including Iceland market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

The report describes the public and private healthcare system in Iceland, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Axco reports on the three pillars of Iceland pension provision.

• State pension benefits including benefit calculations and eligibility criteria 
• Workplace pension provision; types of schemes calculations eligibility and; tax implications
• Voluntary individual pension provision, type of products and tax implications

The Iceland report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

• state pensions,
• permanent disability benefit
• occupational accident and disease
• maternity and paternity payments 

In 2019 premium generated by the four Icelandic life insurers (Vordur Lif, Sjova Lif, TM Lif and Lifis) totalled ISK 6.22bn (USD 45.62mn).

In autumn 2020 when this report was in preparation the full impact of the COVID-19 pandemic on the Icelandic life market remained to be seen. It could be expected though that any reduction in the size of the economy because of the dramatic fall in tourism ....

In autumn 2020 when this report was in preparation the full impact of the COVID-19 pandemic on the Icelandic life/pension market remained to be seen. It could be expected though that any reduction in the size of the economy because of the dramatic fall in tourism and the increase in unemployment could negatively affect ....

In common with other countries dealing with the COVID-19 pandemic, Iceland experienced a second wave of cases in the autumn of 2020. Although the number of cases recorded has exceeded 5,000, only 25 deaths had been recorded at the time this report was in preparation in November 2020, and the country's health system has coped well.