The Importance of Insurance in Iceland

Iceland is one of the lucky countries in the world that have a stable and developing economy. The people of Iceland consider insurance to be an extremely important part of a financially stable life. Not just the people, but the government of Iceland also gives a lot of importance to insurance. There are certain types of insurance (i.e. health insurance) that are provided by the government as well.

Furthermore, there are some certain types of insurance coverage that are made mandatory for the people of Iceland. These include property insurance, health insurance, car insurance, and even life insurance. The type of policies and the premiums vary according to the requirement of the people but all citizens need to have some form of insurance coverage and protection.

Top 3 types of popular insurance in Iceland

There are many different types of insurance policies that are available in Iceland. Some of these include

1.   Home insurance

Home insurance is one of the most popular types of insurance policies in the world. It is also extremely popular in Iceland. Home and Property insurance is one of the mandatory types of insurance for the citizens of Iceland.

Homes accumulate damage over time. This is due to harsh weather conditions and can also happen because of natural disasters. Since getting repairs for homes can be expensive, it is wise to get insurance coverage for your house and the assets inside it.

There are different types of coverage available. Some types cover certain parts of the house (i.e. the roof) and some cover the house but not the assets inside it. The higher the amount of premium you pay, the higher your insurance coverage will be. 

2.   Travel insurance

Travel insurance is also one of the more popular types of insurance. Especially for people in Iceland who love to travel and also people who want to travel to Iceland itself. Furthermore, travel insurance is a mandatory requirement if you want to get a visa to travel to Iceland.

Travel insurance premiums can be slightly expensive, however, you can easily find policies that have reasonable premiums according to your financial capabilities.

Travel insurance is important because before going to a foreign country, you must prepare yourself for all kinds of situations. These include unfortunate situations like accidents or sickness. You will not have to spend extra money if an unfortunate event disrupts your holiday.

3.   Health Insurance

Health insurance is also a must-have for every citizen of Iceland. There and both public and private providers of health insurance and people can choose either option. Public health insurance is provided by the government and the citizens have to give a portion of their salary as premium. People get health insurance coverage for their whole families so that they don’t have to pay huge sums of money in case someone from the family got sick.

3 Best insurance providers in Iceland

There are many successful insurance companies in Iceland, however, some of the best insurance companies include

1.   SJOVA Insurance

SJOVA Insurance is one of the best insurance companies in Iceland. They offer both individual and business insurance and you can easily file a claim online through their website.

The insurance policies they offer for businesses is known as commercial insurance and it protects businesses from loss and possible bankruptcy. Along with insurance coverage, they also provide financial advice to these companies, especially if they are start-ups.

They also offer a range of insurance policies for individuals. These include health insurance, travel insurance, and life insurance. Furthermore, their contact numbers and office addresses are easily available online so people have no issues contacting their representatives.

2.   TM Insurance

TM Insurance is also one of the best insurance providers in Iceland. According to the Icelandic Customer Service Index, this company is one of the best insurance companies since it has the most satisfied customers in the country.

They also have great customer service and their representatives are not only extremely helpful but also easily accessible. TM Insurance offers a series of insurance policies and plans. These plans are not only for individuals but are tailored for businesses as well. They offer a range of services including Mandatory fire insurance, home insurance, and car insurance.

3.   VIS Insurance

VIS Insurance is also on top of the list when it comes to the best insurance companies. They have an online service office known as “Mitt VIS” which can be used by potential customers to contact the organization’s representatives and get to know more about the organization.

They also offer insurance to not only individuals but companies as well. You can easily get deals and calculate insurance quotes on their website. Furthermore, they have reasonable premiums which make them one of the best insurance companies.

Thus, these three companies are one of the best insurance providers in Iceland.