Insurance

The year in brief

• We delivered another strong financial result in 2023, 14 percent above budget.
• From a claims perspective, 2023 was a very good year with lower than average claims and no major losses.
• Market conditions in Re-/insurance remained challenging. Nevertheless, the Ikano Insurance Advisory team and Ikano Re could assure good conditions for their yearly renewals.
• We see an increasing number of natural disaster losses. Today, there’s a global lack of insurance capacity, which means that only parts of these losses are insured. To close this gap, Ikano Re began reinsuring worldwide natural catastrophes (not related to IKEA) in 2022, which today relates to 7 percent of our premium. In 2023 the result was ahead of budget.
• We did a deep-dive analysis of all Ikano Group businesses to understand and quantify cyber risks. This exercise provided even more capacity and coverage at a lower premium.
• We are embedding sustainability in everything we do. We contributed to the publishing of a White Paper about the difficulties in finding insurance for the recycling industry.
• 2023 brought changes in both leadership and co-workers. We had to say goodbye to Tomas Wittbjer, who was both CEO Ikano Re and Business Leader Insurance for 15 years, and we welcomed Carl-Johan Nilsson as Business Leader Insurance and Angela Mall as CEO Ikano Re.