Finland Life Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2027
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Finland Life Insurance Market Report Overview
The gross written premium of Finland life insurance market was EUR4.4 billion ($4.6 billion) in 2022 and is expected to achieve a CAGR of more than 1% during 2023-2027. The Finland life insurance market research report provides in-depth market analysis, including insights into the lines of business in the country’s life insurance industry. Furthermore, the report provides a detailed outlook by product category as well as values for key performance indicators, including gross written premium, penetration, and premium ceded and cession rates for the review and forecast periods.
Finland Life Insurance Market Outlook, 2022-2027 (EUR Billion)
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The Finland life insurance market report also analyzes distribution channels operating in the segment and gives a comprehensive overview of Finland’s economy and demographics. It further evaluates the competitive landscape in the country, which entails segment dynamics, competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.
Market Size (2022) | EUR4.4 Billion ($4.6 Billion) |
CAGR (2023-2027) | >1% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Lines of Business | · Endowment
· Pension · Term life · Other Life Insurance |
Key Distribution Channels | · Direct from Insurers
· Insurance Brokers · Financial Advisors · Banks · Online Aggregators |
Leading Companies | · Mandatum Life
· Nordea Life · OP Life · LocalTapiola Mutual · Fennia Life |
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Finland Life Insurance Market Trends
ESG, digital initiatives, demographics, and inflation are the recurring trends in the Finland life insurance market.
- Finland’s insurance industry is among the top insurance markets globally in terms of insurtech innovation. Insurers and other industry stakeholders have implemented insurtech in the insurance value chain to improve product innovation, competitiveness, and the overall process. For instance, in August 2023, Aktia Life entered into a partnership with Sapiens to transform its core systems for life and pension.
- Sapiens provides an end-to-end, cloud-first, digitally enhanced platform for individual and group products across life, wealth, and pension insurance. Sapiens CoreSuite for life and pensions will boost Aktia Life with a variety of fully embedded data management and analytics capabilities.
Finland Life Insurance Market Segmentation by Lines of Business
Endowment was the leading life insurance line of business in 2022
The key lines of business in the Finland life insurance industry are endowment, pension, term life, and other life insurance. Reduced demand for linked insurance products, owing to deterioration in market conditions due to the ongoing Russia-Ukraine, war impacted the growth in endowment insurance in 2022. However, the LoB is expected to record positive growth over 2023-2027 owing to improved market conditions in 2025 and beyond.
Finland Life Insurance Market Analysis by Lines of Business, 2022 (%)
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Finland Life Insurance Market Segmentation by Distribution Channels
Direct from insurer channel was the most preferred channel to purchase life insurance in 2023
A few of the key distribution channels in the Finland life insurance industry are banks, direct from insurers, financial advisors, online aggregators, and insurance brokers. Direct from insurers is the most popular channel in every age group. This highlights the high dependence on direct sales in Finland, particularly in the 65-74 age group.
Finland Life Insurance Market Analysis by Distribution Channels, 2022 (%)
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Finland Life Insurance Market - Competitive Landscape
Mandatum Life was the largest life insurer in 2022
A few of the leading life insurance companies in Finland are:
- Mandatum Life
- Nordea Life
- OP Life
- LocalTapiola Mutual
- Fennia Life
In September 2023, Mandatum Life agreed to transfer its life insurance portfolio to If Livforsakring. The transaction is expected to be completed by 2024.
Finland Life Insurance Market Analysis by Companies, 2022 (%)
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Finland Life Insurance Market - Latest Developments
- In June 2023, LahiTapiola launched LahiTapiola2025 ESG. It is an investment fund suitable for savers and investors who have a clear target year and want to invest globally in interest and stock markets.
Segments Covered in the Report
Finland Life Insurance Lines of Business Outlook (Value, EUR Billion, 2018-2027)
- Endowment
- Pension
- Term life
- Other Life Insurance
Finland Life Insurance Distribution Channel Outlook (Value, EUR Billion, 2018-2027)
- Direct from Insurers
- Insurance Brokers
- Financial Advisors
- Banks
- Online Aggregators
Scope
This report provides:
- A comprehensive analysis of the life insurance segment in Finland.
- Historical values for the Finland life insurance segment for the report’s review period and projected figures for the forecast period.
- Profiles of the top life insurance companies in Finland and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of Finland’s life insurance segment.
- A comprehensive overview of Finland’s economy, government initiatives, and investment opportunities.
- Finland’s insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- Finland’s life insurance segment’s market structure gives details of lines of business.
- Finland’s life reinsurance business’s market structure gives details of premium ceded along with cession rates.
- Distribution channels deployed by Finland’s life insurers.
- Details of the competitive landscape and competitors’ profiles.
Reasons to Buy
- Make strategic business decisions using in-depth historical and forecast market data related to Finland’s life insurance segment.
- Understand the demand-side dynamics, key market trends, and growth opportunities in Finland’s life insurance segment.
- Assess the competitive dynamics in the life insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
Nordea Life Assurance
OP Life Assurance
LocalTapiola Mutual Insurance
Fennia Life Insurance
Aktia Life Insurance
Sb Life Insurance
SHB Liv Life Insurance
Table of Contents
Frequently asked questions
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What was the Finland life insurance market gross written premium in 2022?
The gross written premium of the Finland life insurance market was EUR4.4 billion ($4.6 billion) in 2022.
-
What will the growth rate of the Finland life insurance market be during the forecast period?
The life insurance market in Finland is expected to achieve a CAGR of more than 1% during 2023-2027.
-
Which line of business held the largest share of the Finland life insurance market?
Endowment was the leading life insurance line of business in 2022.
-
Which distribution channel held the highest share in the Finland life insurance market?
Direct from insurer channel was the leading channel in the Finland life insurance market in 2023.
-
Which are the key companies operating in the Finland life insurance market?
A few of the leading life insurance companies in Finland are Mandatum Life, Nordea Life, OP Life, LocalTapiola Mutual, and Fennia Life among others.
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