Finland Life and Non-Life Insurance Market Size
| Study Period | 2020-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 4.83 Billion |
| Market Size (2029) | USD 5.73 Billion |
| CAGR (2024 - 2029) | 4.36 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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%.
Finland Life and Non-Life Insurance Market Trends
Online Channel will witness New growth avenue in Coming Future
The online channel segment is growing at the fastest pace in the life insurance market as well as in the non-life insurance market in Finland in the forecasted period. This is due to the ease of online insurance policy purchase and guidance on discounts, offers, and plans by the company, which increases the confidence of consumers to purchase online insurance. The online segment is expected to witness rapid growth during the forecast period owing to the high penetration of the Internet and smartphones, along with technological advancements, changes in purchasing behavior due to digitalization, availability of a wide range of insurance products, and wide range of discounts and offers on insurance sites.
Growth in Non-Life Segment due in Increase in Premium
Insurance premiums written by non-life insurers rose by more than 3%, while companies paid out more than USD 3.8 billion in non-life claims, 9% higher than the same period in the previous year. The profitability of insurance operations was exceptional last year. According to Finland’s Financial source reports, the solvency of the non-life insurance sector reached its highest level during the Solvency II period, although the returns on investments were negative. The increase in solvency was driven by a sharp rise in the overall interest rate level, which reduced the value of insurance liabilities and increased insurers’ solvency. Thus, the decrease in interest rates leads to the growth of non-life insurance, which leads to a market rise.
Finland Life and Non-Life Insurance Industry Overview
The report covers the major players operating in the life and non-life insurance market in Finland. The market is consolidated due to the major market share being held by three companies; the market is expected to grow in the forecast period due to positive economic growth and many other factors. Some market players include OP Insurance, LocalTapiola Group, If P&C Insurance, Fennia Mutual, and pohjantähti, among others. Technology adoption in the insurance sector, government initiatives toward changes in insurance regulations, mergers and acquisitions by companies, and many other factors drive the market during the forecast period.
Finland Life and Non-Life Insurance Market Leaders
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OP Insurance
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LocalTapiola Group
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If P&C Insurance
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Fennia mutual
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Pohjantahti
*Disclaimer: Major Players sorted in no particular order
Finland Life and Non-Life Insurance Market News
- October 2023: DigiFinland enhanced digital public services with a USD 22.72 million Tietoevry partnership. This collaboration spans a robust seven-year contract period and aspires to develop and sustain digital solutions that will streamline Finland’s social and health care, emergency services, and other pivotal public sector services.
- October 2023: Temenos announced that Finland’s wealth manager bank Aktia selected Temenos to modernize its payments capabilities, adopting Temenos Payments Hub to support the introduction of pan-European instant payments and consolidate all payment rail processing onto a single platform.
Finland Life and Non-Life Insurance Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Growth of Insurtech Partnerships
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4.3 Market Restraints
- 4.3.1 Lack of Knowledge on Insurance Products
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4.4 Market Opportunities
- 4.4.1 Innovative Insurance Products and Insurtech collaborations
- 4.4.2 Advanced Technology Adoption by the Companies
- 4.5 Insights of Technology Innovations in the Market
- 4.6 Government Regulations
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4.7 Industry Attractiveness - Porter's Five Forces Analysis
- 4.7.1 Bargaining Power of Suppliers
- 4.7.2 Bargaining Power of Buyers/Consumers
- 4.7.3 Threat of New Entrants
- 4.7.4 Threat of Substitute Products
- 4.7.5 Intensity of Competitive Rivalry
- 4.8 Impact of COVID-19 on the market
5. MARKET SEGMENTATION
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5.1 By Insurance Type
- 5.1.1 Life Insurance
- 5.1.1.1 Individual
- 5.1.1.2 Group
- 5.1.2 Non-life Insurance
- 5.1.2.1 Home
- 5.1.2.2 Motor
- 5.1.2.3 Others
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5.2 By Channel of Distribution
- 5.2.1 Direct
- 5.2.2 Agency
- 5.2.3 Banks
- 5.2.4 Online
- 5.2.5 Other Channels of Distribution
6. COMPETITIVE LANDSCAPE
- 6.1 Market Concentration Overview
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6.2 Company Profiles
- 6.2.1 OP Insurance
- 6.2.2 LocalTapiola Group
- 6.2.3 If P&C Insurance
- 6.2.4 Fennia mutual
- 6.2.5 Pohjantahti
- 6.2.6 Turva
- 6.2.7 Alandia Group
- 6.2.8 Suomen Vahinkovakuutus
- 6.2.9 Nordea Insurance Finland
- 6.2.10 Suomen Keskinainen Laakevahinkovakuutusyhtio
- 6.2.11 POP Insurance
- 6.2.12 Patient Insurance Company
- 6.2.13 Garantia
- 6.2.14 Nordea Insurance*
- *List Not Exhaustive
7. FUTURE MARKET TRENDS
8. DISCLAIMER AND ABOUT US
** Subject To AvailablityFinland Life and Non-Life Insurance Industry Segmentation
Life insurance provides a lump sum of the sum assured at the time of maturity or in case of the policyholder's death. Non-life Insurance policies offer financial protection to a person for health issues or losses due to damage to an asset. 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 analyses the key players and the competitive landscape in the Life and Non-Life insurance market in Finland.
The life and non-life insurance market in Finland is segmented by insurance type and distribution channel. By insurance type, the market is segmented into life and non-life, whereas distribution channels into direct, agency, banks, online, and other distribution channels).
The market size and forecasts are provided in terms of value (USD) for all the above segments.
| By Insurance Type | Life Insurance | Individual |
| Group | ||
| By Insurance Type | Non-life Insurance | Home |
| Motor | ||
| Others | ||
| By Channel of Distribution | Direct | |
| Agency | ||
| Banks | ||
| Online | ||
| Other Channels of Distribution |
Finland Life and Non-Life Insurance Market Research FAQs
How big is the Finland Life And Non-Life Insurance Market?
The Finland Life And Non-Life Insurance Market size is expected to reach USD 4.83 billion in 2024 and grow at a CAGR of 4.36% to reach USD 5.73 billion by 2029.
What is the current Finland Life And Non-Life Insurance Market size?
In 2024, the Finland Life And Non-Life Insurance Market size is expected to reach USD 4.83 billion.
Who are the key players in Finland Life And Non-Life Insurance Market?
OP Insurance, LocalTapiola Group, If P&C Insurance, Fennia mutual and Pohjantahti are the major companies operating in the Finland Life And Non-Life Insurance Market.
What years does this Finland Life And Non-Life Insurance Market cover, and what was the market size in 2023?
In 2023, the Finland Life And Non-Life Insurance Market size was estimated at USD 4.62 billion. The report covers the Finland Life And Non-Life Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Finland Life And Non-Life Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Finland Life & Non-Life Insurance Industry Report
Statistics for the 2024 Finland Life & Non-Life Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Finland Life & Non-Life Insurance analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
