Insurance in Sweden

Insurance in Sweden is not something to be taken lightly. Anyone who has travelled or lived in different laces understands that there are many risks that may occur. When such risks happen, it may drain your financials unless you have an insurance cover in force.

When visiting Sweden, someone may think that everything is in order and nothing at all may go wrong. While it is true that Sweden is safe, risks do not necessarily mean political violence, war or terrorism. Even in the calm and peace of Sweden, so many risks are lurking for which an insurance is necessary.

Life insurance protects survivors against financial struggles in case the policy holder dies

You will understand that nobody can be in control of everything. Even in Sweden where the government authorities try as much as possible to ensure safety of the people, they can only do so much. Sometimes others are unpredictable or just go out of hand.

Some of the risks that people face in Sweden can be on a frosty or snowy winter when the car may skid off the road and get damaged. Another thing is if a fire explosion gutters your house. Such incidents are rare but if they occur, they come with a lot of financial loss.

Having a house/home insurance cover guarantees you protection from losing a house

If you do not have a way of resetting yourself to the original condition before the incident, it may take quite a long  time for full recovery. 

Just like anywhere else, insurance is that caring partner that has got your back when things go wrong.

It is not that the insurers capitalize on your misfortune to keep operating but actually, they ensure that you keep afloat even if the most unfortunate things against which you have insurance occur. 

Risks that you can insure in Sweden

In Sweden, insurance companies have progressively included many incidents in the portfolio of their insurable risks.

The insurance companies in Sweden are not only proactive in updating and assessing incidents that they include in the list but also set out proper background information on what qualifies such as insurable. 

A motor vehicle insurance protects you from the hassles in case of an accident or insured damage

At all times, an insurance policy in Sweden will indicate the details about what constitutes every form of insurance. It also shows how to make a claim and anything that may be of interest in guiding the relationship between the insurer and policy holder(the insured). 

While our list may not be exhaustive enough to show all the risks that are insurable by insurers in Sweden, some of the most common ones include traffic accident, fire, theft, long-term illness, disability, health and many more. 

Importance of taking insurance in Sweden 

It is human nature to be always sure about their safety. Safety in this sense may mean financial, health, life or income. No employment or levels of income guarantee absolute security against uncertainties. Sometimes hell just breaks loose and so many bad things happen that can catch one off guard. 

Having a health insurance cover in Sweden is an important safeguard

A case in which something goes haywire and you have to really work yourself back into the same situation you were before the loss occurred, the burden may be too overwhelming. As economists would say, people put their money where their mouth is. Therefore, you have to put your money in a scheme that guarantee you a high level of security when risks come your way, often uninvited. 

One thing that makes insurance very necessary in Sweden is that the insurers have made making claims very easy and straightforward. 

Although this may not be unique only to Sweden, having a perfect policy to safeguard against devastating risks enables you as a person or your businesses to operate in an economically stable environment.

With the surety that you do not stand to lose any money should a risk occur, you will be able to improve your business, buy a modest house or purchase top of the range car. 

How insurance works in Sweden 

Insurance in Sweden works according to the best practices of poling risks and indemnifying the insured in the event that risks occur. The insurer exchanges the promise of compensation with regular premiums that the insured pay.

As long as the insured risk occurs and there is adequate proof to it as provided in the insurance policy, the insurer will promptly issue a compensation upon receiving and verifying the claim. 

There are various ways that insurance companies give insurance in Sweden. The compensation can be in different ways;

  • A direct transfer of cash equivalent to the value of damaged property
  • Payment of small amounts to the insured every month 
  • A lumpsum payment in the future as a pension
  • Purchasing  for the insured entity a property with the same specifications and performance similar to the damaged one. 

Irrespective of what insurance policy or terms and conditions of compensation, insurance is key in safeguarding personal interests to property, income, health and wealth. It is a great way of casting away the costs that may come with losses.

With the promise of protection against financial loss upon occurrence of risk, you can now refocus your attention on other things like enjoying the glamor and ambience of Swedish environment. Nothing satisfies as feeling financially secure. 

Private health insurance in Sweden

The social system in Sweden provide every documented person of access to public healthcare. It means that at all times in Sweden, you will have an equal chance as anyone else to get professional medical care at assigned medical facilities.

Due to the wide accessibility of public healthcare at no extra costs, people may ignore the need for private health insurance in Sweden.  However, there is some sense to have a private health coverage as it gives access to a wide variety of care as well as guarantees speedy medical examinations and interventions whenever needed. 

Anyone who has tried to use public medical services in any country where social services allow access to Medicare will tell you of the possible delays.

The fact is that the quality of care given is more or less the same but the speed and range of services vary. For instance, in some cases, public health facilities may only give injections but write a list of over the counter drugs that you can buy.

Other insurers may not allow you fee access to treatment of skin, eye, or ear infections. Cancer which is also among the costliest health burden globally is always not covered wholly by public health services in Sweden. 

Advantages of private health insurance in Sweden

When you decide to go for an insurance option, one key thing to consider is how much compensation will come your way in case a risk occurs. In private health insurance, you will likely get a larger lump sum for injury or illness.

You are also possibly eligible to longer period of compensation whenever unable to work due to injury or illness. 

Before resorting to take private insurance in Sweden, it is responsible for you to first discuss everything that you stand to benefit which is not otherwise given by the public health insurance scheme. Based on your own assessment, taking private insurance will be a well-considered option. 

Insurance of Children- and youth in Sweden 

The insurance of youth and children in Sweden is structured in such as way to complement the social security system.

The social security system in Sweden will ordinarily cover children or youths who sustain serious injuries that render them unable to live normally for the rest of their lives. However, the security is not adequate and has limits. 

The private insurance of children and youths in Sweden provide compensation for medical treatments and financial disability. This option helps those who have been rendered completely disabled to live a fulfilling life despite their situations. 

Insurance of Pets in Sweden

If you are coming to Sweden from other parts of the world, it will sound strange that people actually insure pets. In Sweden, or the entire Europe, pets are considered as members of the household and get the same status as humans.

As soon as you think of getting a pet dog or cat, insuring them is also something to consider. strange as it may be, that is how it is done in Sweden and when you are in Rome, the Roman’s way is what to embrace.  

In Sweden, pet insurance can cover dogs, cats, horses, birds or any other animal that someone keeps as a pet. The insurance is intended to pay for costs of veterinary services or anything that may affect the pet. 

Unemployment insurance in Sweden 

Job security is always very high in Sweden. It means that at all times, the employers will do all within their ability to retain you especially when you are a performer. However, it gets to a point where it either makes less economic sense for the employer to retain you or your work becomes redundant. 

When you loose your job, income is also likely to go. Losing a job and income can be so devastating especially when there are always bills to meet. Unemployment insurance, also called  A-kassa will always come in handy. 

When you sign up with unemployment insurance in Sweden, you surely safeguard yourself  against loss of income. This unemployment insurance will guarantee you a monthly income relative to your contributions and terms of the policy.  

Swedish insurance companies 

There are different insurance companies in Sweden which specialize in different cover for their  clients. It is always good that you check through the track record and insurance packages that each company has so that you make informed choice.

As is expected, insurance companies in Sweden are so ethical and forthright not to mislead you on what they can do or cannot do. 

  • BNP Paribas 
  • Cardif Nordic AB
  • Säkra Direkt AB
  • Norrfinans Livförsäkringar AB
  • Paydrive AB
  • Försäkringsservice Stockholm AB
  • JP Spar & Försäkringsservice AB
  • Stellar Capital AB
  • Commercium AB
  • Mats Lindberg Utbildning & 
  • Utveckling AB
  • Trygghet i Norr AB
  • Säkra Söderslätt AB
  • Gröna Gumman AB