Health & Protection in Iceland
Iceland is a small country with a small population of 332,529, so naturally, that means that their insurance industry is also quite small. However, Iceland’s economy is among the best in Europe and they are also known as the most productive country in the world, so finding insurance coverage is not going to be very difficult in the country. It is advisable for expats to get insurance coverage sorted before arriving in Iceland to make sure that you are fully covered as soon as you land. This can be starting by a travel insurance from your employer, or taken individually.
As we mentioned earlier, the insurance industry is a bit small in Iceland, but they are very efficient. There are a few local insurance companies available in the country, and the public health and social security service is good. Foreign employees and their employers are required to make a monthly contribution for health and employment insurance, and it will be deducted in the employee’s monthly salary. Even though Iceland is not a member of the EU, they are a part of the EHIC (European Health Insurance Card) program, so EU citizens can get public health and social security services in the country through the use of their EHIC.
International insurance policies are recommended for expats in the country mainly for the access to additional customised expat services that international companies offer, as well as a global coverage. Some of the most prominent insurance companies in the world such as Allianz and AXA offer services in Iceland.
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Importance of Insurance
Iceland is known to be seismically and volcanically active, which means that there is an additional need for security and protection particularly regarding volcanic activity in the country. Aside from the normal need to protect your family’s health, and your valuables from damage, it is highly recommended for any residents in Iceland to be protected from sand and ashes. Car insurance in particular would need the specific Iceland coverage that would add ash and sand damage as a part of the policy. These are just some of the things that can cost you a lot of money if you do not have the proper insurance coverage.
Local Insurance in Iceland
Insurance companies in Iceland have tailored their products to the local needs in the country, such as ash and sand protection. The public health and social security services are of good quality and known to be very efficient. However, their services are very limited. As there are very specific dangers in the country, local insurance coverage can be best for things like car insurance and home insurance. However, the additional services of international insurance companies can still be very useful for expats living in Iceland. Some of the local insurance companies you can get in the country are TM Insurance and VátryggingafélagÍslands hf.
Expat Insurance Services in Iceland
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