Sweden Insurance Information

CIA link to demographic/economic data on Sweden

General Sweden Insurance Information

• Compulsory Insurance:
  
  1. Third Party Automobile Liability;
  2. Nuclear Power Plant Liability;
  3. Workers’ Compensation (Nationalized Scheme).
• Non-Admitted Insurance:
  Compulsory coverages must be written by locally authorized Insurers; otherwise, non-admitted insurance is permitted.
• Policy Wordings & Rates / Tariffs Controlled:
  Sweden is a non-tariff market and there are no regulations concerning wordings.
• Policy Language:
  Swedish.
• Types of Insurance Restricted to Government Institutions:
  

Workers’ Compensation

• Policy Currency:
  Swedish krona (SEK). U.S.$ insurance is available.
• Currency Restrictions / Exchange Controls:
  There are no restrictions on premium payments.
• Policy Period:
  Annual. Long Term Agreements (LTAs) are available but not common.
• Cancellation Provisions:
  Policies can be cancelled by the Insurer subject to 1 month’s notice prior to renewal date. Mid-term cancellation is possible in the event of a claim. Check policy cancellation provisions.
• Premium Taxes, etc. paid by Insured:
  None.
• Insurance Companies:
  All Insurers are supervised by the Swedish Private Insurance Supervisory Service.
• Brokers:
  Brokers are now common.
• Brokerage Commissions:
  Commissions range from 10-15%.
• Broker of Record Letters:
  Required in order to obtain information.
• Reinsurance:
  No restrictions known.
• Local Natural Hazards:
  Storm.
• Other Information:
  

Property Insurance

• Fire:
  Standard fire perils include - fire, lightning, aircraft, explosion, earthquake, storm / tempest, burst water pipe, riot / civil commotion, windstorm / hurricane, vehicle impact. Flood, malicious damage and weight of snow / avalanche can be purchased for an additional premium charge.
• All Risk:
  Available.
• Coinsurance:
  100% usual.
• Blanket Insurance:
  Available.
• Business Interruption:
  UK Loss of Profits wording most common. Denial of Access is available.
• Replacement Cost:
  Available.
• Discount for fire protection equipment / systems: Negotiable.

Boiler & Machinery / Machinery Breakdown / Engineering

• Wordings:
  Local. Coverage can include Machinery Breakdown, Business Interruption. Boiler Explosion can be covered under the Fire (Property) policy. Periodic inspections of boilers and related equipment by Government (or other approved) inspectors are required.

General / Public Liability

• Available Wordings:
  Local scheduled coverages which can include Product Liability.
• Comments:
  Coverage is customarily provided on an occurrence basis. Various Professional Liability / Indemnity policies are available for Real Estate Brokers, Insurance Brokers, etc.

Automobile / Motor

• Compulsory Limits:
  SEK300 million for Bodily Injury and Property Damage combined. Own Damage, Fire and Theft coverages are available – deductibles apply.
• Comments:
  Passengers are deemed to be Third Parties and coverage applies.

Workers’ Compensation

• Comments:
  The Social Security Scheme covers all employees. Extra-Territorial Benefits, Medical Expenses and Occupational Diseases are covered. The employee has the right to under Swedish Civil Law. Employer’s Liability can be insured under the General / Public Liabilitypolicy.

Marine

• Available Wordings:
  Local forms are the most common which follow Swedish rating schemes. International forms are also acceptable.

Crime

• Available Coverages:
  Fidelity, Theft, Burglary, Computer Crimeand Surety forms are available.