Finland Life And Non-Life Insurance Market Size

Finland Life and Non-Life Insurance Market Analysis

The Finland Life And Non-Life Insurance Market size in terms of gross written premiums value is expected to grow from USD 4.83 billion in 2024 to USD 5.73 billion by 2029, at a CAGR of 4.36% during the forecast period (2024-2029).

Finland’s insurance industry ranks among the top globally in terms of insurtech innovation. Life insurance is a type of insurance that provides a package of life-critical benefits to an individual. This type of insurance is available in both online and offline modes. Insurers provide services to both corporate and individual customers. The insurance industry is undergoing a major transformation due to the emergence of new technologies and social and economic trends. Big data, IoT, mobile technology, AI, wearable devices, and blockchain are all playing a role in this transformation. Consumers are becoming increasingly aware of new technologies and are seeking a more proactive approach to financial management and insurance product purchases. As a result, InsurTech, or technology-enabled innovation, has emerged to provide simpler products and a more user-friendly customer experience. Digital-centric startups are revolutionizing traditional insurance business lines such as health insurance, auto insurance, and commercial insurance. Artificial Intelligence (AI) and the Internet of Things (IoT) are revolutionizing the architecture of insurance data, which is the basis for the insurance industry.

Furthermore, the rise in connected devices has enabled Finland insurers to develop telematics-based insurance products, particularly in the motor and property lines. Insurers and other industry stakeholders have implemented insurtech in the insurance value chain to improve product innovation, competitiveness, and the overall process. Last year, insurance premiums written in Finland increased by 3.8%. While employee pension premiums grew by 9.3%, non-life insurers’ premiums increased by 3.5%. By contrast, life insurers’ premium income decreased by 13.6%. Claims paid by insurers saw strong growth. Finnish insurers paid claims and pension benefits, which is over 7% more than the year before.

Pensions alone are growing continuously, although last year, the pension benefits paid by authorized pension companies increased only by a moderate 4%. Claims paid under non-life insurance grew by 9%. Much of this growth was due to society’s gradual return to pre-COVID-19 levels of activity and travel, as well as a number of major losses. The biggest increase in life insurance claims occurred in policy surrenders, which increased by a notable 23%.