Indices
When insurance policies are renewed, coverage amounts, deductibles, and premiums are reviewed with regard to index changes. This ensures that the amounts accurately reflect the current cost of compensating losses.
Policyholders can view the base index used for renewal calculations on their insurance certificate in My Sjóvá.
Which indices affect which insurance policies?
The index selected always reflects price changes most relevant to the type of compensation paid under the policy. In some cases, specific indices are mandated by law, such as for mandatory professional liability insurance, or by collective agreements, such as for workman’s compensation insurance.
About the Indices
The Consumer Price Index, Consumer Price Index (excluding housing), and Building Cost Index are issued by Statistics Iceland.
Indices related to vehicle insurance are calculated by Talnakönnun.