Finland Life And Non-Life Insurance Market Size (2024 - 2029)

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 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.