Life and Non-Life insurance market in Finland - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The market is Segmented by Insurance Type (Life and Non-life) by Distribution Channel (Direct, Agency, Banks, Others)

Market Snapshot

Study Period: 2016 - 2026
Base Year: 2020
CAGR: <3 %

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Market Overview

  • Life and non-life insurance market in Finland is estimated to register a CAGR of approximately 3% during the forecast period.
  • In 2018, insurance premiums written in Finland rose by 3% to EUR 23.6 billion. It is the combined result of a 4% drop in life insurance, a 3% rise in non‐life insurance.
  • In 2018, Life insurers’ premium income was 4% smaller than in 2017, totaling approximately EUR 4.3 billion. The development of premium income was inconsistent: premium income from capital redemption policies rose by 22%, whereas premium income from unit‐linked life insurance fell by 25%. For some years now, premiums written have focused more and more on unit‐linked products, and now they already comprised 85% of the total premium income. The year 2018 was profitable for life insurance companies. The profit for the financial period grew to EUR 661 million from the previous year's EUR 598 million, remaining close to the same level as in 2017.
  • Non‐life insurers' total premiums written increased by three percent to Euro 4.5bn. Companies based in Finland paid non‐life claims for EUR 3.3 billion, which is almost 8% more than in 2017. The balance on technical account before the change in equalization provision (premiums earned fewer claims incurred and operating expenses) was EUR 211 million. The figure was positive for the seventh year in a row, which means the sector’s profitability has been successfully raised to a good level.
  • In 2018, the employment rate in Finland improved substantially, which had a stimulating effect on economic activity overall. This was reflected in the premium income for insurance companies, most notably in employee pension insurance, but also in statutory accident insurance. Motor liability insurance was the only area where premium income reduced due to intense price competition.

Scope of the Report

This report aims to provide a detailed analysis of the Life and Non-Life insurance market in Finland. It focuses on the market dynamics, emerging trends in the segments and regional markets, and insights on various insurance and distribution channel types. Also, it analyzes the key players and the competitive landscape in the Life and Non-Life insurance market in Finland.

By Insurance Type
Life Insurance
Individual
Group
Non-life Insurance
Home
Motor
Others
By Channel of Distribution
Direct
Agency
banks
Others

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Key Market Trends

Gross Written Premium (GWP) of insurance market:

In 2018, Life Insurance premium down by 4% and Non-Life Insurance premium was up by 2.8% from the previous year. Non-Life insurance segment has the potential to grow in the coming years due to government initiatives. The Government Programme aims to support sustainable urban development and increase the volume of housing construction in growing urban areas so that the government can better respond to the growing demand for housing, bring housing prices down to a reasonable level, and facilitate the mobility of the labor force. By increasing the production of state-subsidized, reasonably priced housing, the government can supplement the supply of market-driven and private housing and stabilize fluctuations in the market. The government considers the importance and special needs of the Helsinki Metropolitan Area. The urban policy will focus on the prevention of segregation and the development of suburban areas. Ministry of Environment renovates the existing building stock to be more energy-efficient and less reliant on carbon. The steering of construction promotes high-quality, safe, and aesthetic building solutions. It also promotes reduced energy use, greater energy-efficiency, and the use of renewable energy sources in building activities.

Sa_T1

Increase in GDP per capita income:

GDP per capita is a very important indicator of the economic strength of a country, and a positive change is an indicator of economic growth. The per capita income of the country has increased in recent years and expected to continue. In 2018, the employment rate in Finland improved substantially, which had a stimulating effect on economic activity overall. This was reflected in the premium income for insurance companies – most notably in employee pension insurance, but also in statutory accident insurance. Motor liability insurance was the only area where premium income reduced due to intense price competition. Finnish insurers’ solvency position developed in two directions towards the end of the year 2018: compared to the previous quarter, solvency weakened in the employee pension sector. Still, it strengthened in the life and non‐life insurance sectors. Due to the increase in the GDP per capita, it can drive the insurance market in the coming years.

Sa_T2

Competitive Landscape

The report covers the major players operating in the Life and Non-Life insurance market in Finland. The market is consolidated due to major market share is held by three companies. The market is expected to grow in the forecast period due to positive economic growth and many other factors.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porters Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Insurance Type

      1. 5.1.1 Life Insurance

        1. 5.1.1.1 Individual

        2. 5.1.1.2 Group

      2. 5.1.2 Non-life Insurance

        1. 5.1.2.1 Home

        2. 5.1.2.2 Motor

        3. 5.1.2.3 Others

    2. 5.2 By Channel of Distribution

      1. 5.2.1 Direct

      2. 5.2.2 Agency

      3. 5.2.3 banks

      4. 5.2.4 Others

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Mergers & Acquisitions

    3. 6.3 Company Profiles

      1. 6.3.1 OP Insurance

      2. 6.3.2 LocalTapiola Group

      3. 6.3.3 If P&C Insurance

      4. 6.3.4 Fennia mutual

      5. 6.3.5 pohjantähti

      6. 6.3.6 Turva

      7. 6.3.7 Alandia

      8. 6.3.8 Suomen Vahinkovakuutus

      9. 6.3.9 Nordea Insurance Finland

      10. 6.3.10 Suomen Keskinäinen Lääkevahinkovakuutusyhtiö

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Life and Non-Life insurance Market market is studied from 2016 - 2026.

The Life and Non-Life insurance Market is growing at a CAGR of <3% over the next 5 years.

OP Insurance, LocalTapiola Group, If P&C Insurance, Fennia mutual, pohjantähti are the major companies operating in Life and Non-Life insurance Market.

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