insurance

name	insurance
description	Icelandic insurance market — Sjóvá, Skagi/VÍS, TM, Vörður; combined ratios and Nordic comparison.

Insurance — Icelandic Insurance Market

Companies

Company	Kennitala	Parent	Listed	Notes
VÍS tryggingar hf.	6701120470	Skagi hf. (6906892009)	SKAGI	Insurance ops transferred Jan 2025
Sjóvá-Almennar tryggingar hf.	6509091270	Independent	SJOVA	Largest by premiums
TM tryggingar hf.	6602693399	Kvika → Landsbankinn	—	Sale pending competition approval
Vörður tryggingar hf.	4410993399	Arion banki	—	Bank subsidiary

Use Skagi (6906892009) for VÍS consolidated data — the 6701120470 entity is a newly created operating company with limited standalone history.

Key Metrics

• Combined ratio = loss ratio + expense ratio + reinsurance ratio
• Loss ratio (tjónahlutfall) = claims / premiums
• Expense ratio (kostnaðarhlutfall) = operating expenses / premiums
• Samsett hlutfall = Icelandic term for combined ratio

Data Sources

Annual reports (skatturinn.is)

uv run python scripts/skatturinn.py download 6906892009 --year 2024  # Skagi/VÍS
uv run python scripts/skatturinn.py download 6509091270 --year 2024  # Sjóvá
uv run python scripts/skatturinn.py download 6602693399 --year 2024  # TM
uv run python scripts/skatturinn.py download 4410993399 --year 2024  # Vörður

Extraction

uv run python scripts/financials.py extract data/raw/skatturinn/6906892009_2024.pdf --format markdown

Insurance PDFs use IFRS 17 format. Key tables:

• "Helstu niðurstöður og lykiltölur" — has CR, loss ratio, expense ratio, ROE
• "Samsett hlutfall" table in notes — has 5-year history

FME (Fjármálaeftirlitið)

• Regulatory filings, solvency ratios
• No public API — data from annual reports

Nordic peers for comparison

• Gjensidige (Norway) — gjensidige.no investor relations
• Tryg (Denmark) — tryg.com investor relations
• Sampo/If (Finland) — sampo.com investor relations

Processed Data

• data/processed/insurance_company_financials.csv — company-level metrics
• data/processed/insurance_combined_ratios.csv — CR by company and country
• data/processed/insurance_nordic_comparison.csv — Iceland vs Nordic averages

Typical Values (2024)

Company	CR	ROE	Equity (B ISK)
Sjóvá	96.2%	17.5%	25.1
Skagi/VÍS	97.1%	11.3%	22.2
TM	93.9%	~15%	23.2
Vörður	88.9%	30.8%	13.8
Nordic avg	~84%	~20%	—

Caveats

1. IFRS 17 restatements — 2022+ data uses IFRS 17; earlier years may be restated. Always use the most recent report's comparison figures.
2. Skagi vs VÍS — Skagi is the listed group; VÍS is the insurance operating company. Use Skagi for consolidated financials.
3. TM comparison — TM doesn't capitalize interest on installment premium payments, affecting CR comparability.
4. Fiscal years — All use calendar year (Jan-Dec).