Iceland Insurance, Companies & Insurance Quote

Insurance in Iceland includes mutual insurance societies, besides the national health as well as social insurance scheme. Majority direct insurance is written by domestic companies conducting business in various kinds of life insurance and property. In fact, there were nearly 19 Iceland insurance companies functioning.

The automobile liability insurance as well as homeowners’ coverage against floods, fire, volcanic eruptions and earthquakes is mandatory. In 2001, $18 million value life insurance premiums were written.

Insurance Providers

The insurance in Iceland include major life insurance companies such as KP Lif hp, Sjova Almennar Insurance and LIFIS Insurance. The insurance providers in Iceland also include non-life insurance companies namely, Sjova-Almennar Insurance, VIS hf. Insurance, Vidlagatr Islands Insurance, Islands-Trygginh Insurance, KB Lif Insurance and Vordur Insurance.

The Central bank of Iceland owns 73% of Sjova Insurance Company and is the biggest owner. Sjova was a big investment vehicle in the boom years and was in good association with companies namely, Glitnir Bank, Baugur Group and Bakkavor.

There are plenty of domestic Iceland insurance companies functioning. However, the Life Insurance and National Health scheme largely covers majority of the people in this country.

The regulatory body in this business of insurance in Iceland is the Financial Supervisory Authority.

The leading companies having insurance providers in Iceland include both, life insurance companies as well as non-life insurance companies and these are based on the gross written premiums.

Insurance cover

Insurance in Iceland includes VIS Insurance Ltd, the leading provider offering non-life insurance services, besides offering wide range of insurance products for families, institutions, individuals, municipalities and companies. Iceland Travel Insurance covers the top insurance companies in the world as it offers rates that none can beat.

Sjova Almennar Insurance is mainly for foreigners and Icelanders traveling to Iceland, but are not legal residents of Iceland and hence cannot be covered as per the rules of Icelandic social security health scheme of insurance until they complete six months from the date of their arrival.

Vordur Insurance is also one of the reputable leading insurance companies that are operating in Iceland. However, though there are many companies dealing with insurances, it is recommended to look for quotes, compare prices and the amount to be received on completion, and then to invest in premiums.