Life Insurance in Finland, Key Trends and Opportunities to 2019

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Published: June 24, 2016 Report Code: GD-IS1230MR-ST

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GlobalData’s 'Life Insurance in Finland, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers and challenges in the Finnish life insurance segment.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2010–2014) and forecast period (2014–2019).

The report also gives a comprehensive overview of the Finnish economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Scope

This report provides a comprehensive analysis of the life insurance segment in Finland:

• It provides historical values for the Finnish life insurance segment for the report’s 2010–2014 review period, and projected figures for the 2014–2019 forecast period.

• It offers a detailed analysis of the key categories in the Finnish life insurance segment, and market forecasts to 2019.

• It profiles the top life insurance companies in Finland and outlines the key regulations affecting them.

Key Highlights

• Life insurance accounted for 80.6% of the Finnish insurance industry’s gross written premium in 2014.

• Despite the 2012–2014 recession in the national economy, the life segment grew as a result of increased purchases of unit-linked individual life products.

• The superannuation category accounted for 69.3% of the life insurance segment’s gross written premium in 2014.

• A well-established public pension system is a challenge to private pension providers in Finland.

• Low interest rates will impact sales of linked insurance products, with consumer interest falling as returns reduce.

• Solvency II was implemented on January 1, 2016.

• New pension reforms will come into force on January 1, 2017.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Finnish life insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Finnish life insurance segment.

• Assess the competitive dynamics in the life insurance segment.

• Identify growth opportunities and market dynamics in key product categories.

• Gain insights into key regulations governing the Finnish insurance industry, and their impact on companies and the industry's future.

Varma Mutual Pension Insurance Company
Ilmarinen Mutual Pension Insurance Company
Elo Mutual Pension Insurance Company
Nordea Life Assurance Finland Ltd
OP Life Assurance Company Ltd
Mandatum Life Insurance Company Ltd
Etera Mutual Pension Insurance Company
Veritas Pension Insurance Company Ltd
LocalTapiola Mutual Life Insurance Company
Fennia Life Insurance Company Ltd

Table of Contents

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Life Insurance Outlook

4.1 Key Drivers

4.2 Key Trends

4.3 Challenges

4.4 Life Insurance Growth Prospects by Category

4.5 Individual Life Insurance

4.5.1 Individual whole life insurance

4.5.2 Individual pension insurance

4.5.3 Individual endowment insurance

4.5.4 Other individual life insurance

4.6 Group Life Insurance

4.6.1 Group superannuation insurance

4.6.2 Other group life insurance

4.7 Life Insurance Growth Prospects by Product Type

4.7.1 Individual single-premium insurance

4.7.2 Individual non-single-premium insurance

4.7.3 Group single-premium insurance

4.7.4 Group non-single-premium insurance

4.7.5 Total linked insurance business

4.7.6 Total non-linked insurance business

5 Competitive Landscape and Strategic Insights

5.1 Overview

5.2 Leading Companies in the Finnish Life Insurance Segment

5.2.1 Varma Mutual Pension Insurance Company – company overview

5.2.2 Ilmarinen Mutual Pension Insurance Company – company overview

5.2.3 Elo Mutual Pension Insurance Company – company overview

5.2.4 Nordea Life Assurance Finland Ltd – company overview

5.2.5 OP Life Assurance Company Ltd – company overview

5.2.6 Mandatum Life Insurance Company Ltd – company overview

5.2.7 Etera Mutual Pension Insurance Company – company overview

5.2.8 Veritas Pension Insurance Company Ltd – company overview

5.2.9 LocalTapiola Mutual Life Insurance Company – company overview

5.2.10 Fennia Life Insurance Company Ltd – company overview

6 Governance, Risk and Compliance

6.1 Legislation Overview and Historical Evolution

6.2 Latest Changes in Regulations

6.3 Regulations and market practice by Type of Insurance

6.3.1 Life insurance

6.3.2 Property insurance

6.3.3 Motor insurance

6.3.4 Liability insurance

6.3.5 Marine, aviation and transit insurance

6.3.6 Personal accident and health insurance

6.4 Compulsory Insurance

6.4.1 Motor third-party liability insurance

6.4.2 Workers’ compensation insurance

6.4.3 Pension insurance for private employers

6.4.4 Air carriers and aircraft operators insurance

6.4.5 Professional indemnity insurance for alternative investment fund managers

6.4.6 Professional liability insurance for insurance brokers

6.5 Supervision and Control

6.5.1 International Association of Insurance Supervisors (IAIS)

6.5.2 European Insurance and Occupational Pension Authority (EIOPA)

6.5.3 Federation of European Risk Management Associations (FERMA)

6.5.4 Financial Supervisory Authority

6.5.5 The Federation of Finnish Financial Services (FFI)

6.6 Non-Admitted Insurance Regulations

6.6.1 Overview

6.6.2 Intermediaries

6.6.3 Market practices

6.6.4 Fines and penalties

6.7 Company Registration and Operations

6.7.1 Types of insurance organization

6.7.2 Establishing a local company

6.7.3 Foreign ownership

6.7.4 Types of license

6.7.5 Capital requirements

6.7.6 Solvency margins

6.7.7 Reserve requirements

6.7.8 Investment regulations

6.7.9 Statutory return requirements

6.7.10 Fee structure

6.8 Taxation

6.8.1 Insurance premium or policy taxation

6.8.2 Withholding tax on insurance premium paid overseas

6.8.3 Corporate tax

6.8.4 VAT

6.8.5 Captives

6.9 Legal System

6.9.1 Introduction

6.9.2 Access to court

6.9.3 Alternative dispute resolution (ADR)

7 Definitions and Methodology

7.1 Definitions

7.2 Methodology

8 Appendix

8.1 Contact GlobalData

8.2 About GlobalData

8.3 GlobalData’s Services

8.4 Disclaimer

Table

Table 1: Finnish Life Insurance – Key Facts, 2014

Table 2: Finnish Humanitarian Aid by Country, 2015

Table 3: Finnish Government Credit Ratings

Table 4: Finnish Life Insurance – Gross Written Premium by Category (EUR Billion), 2010–2014

Table 5: Finnish Life Insurance – Gross Written Premium by Category (US$ Billion), 2010–2014

Table 6: Finnish Life Insurance – Gross Written Premium by Category (EUR Billion), 2014–2019

Table 7: Finnish Life Insurance – Gross Written Premium by Category (US$ Billion), 2014–2019

Table 8: Finnish Life Insurance – New Business Direct Written Premium (EUR Billion), 2010–2014

Table 9: Finnish Life Insurance – New Business Direct Written Premium (EUR Billion), 2014–2019

Table 10: Finnish Life Insurance – Sum Assured (EUR Billion), 2010–2014

Table 11: Finnish Life Insurance – Sum Assured (EUR Billion), 2014–2019

Table 12: Finnish Life Insurance – Paid Claims (EUR Billion), 2010–2014

Table 13: Finnish Life Insurance – Paid Claims (EUR Billion), 2014–2019

Table 14: Finnish Life Insurance – Incurred Loss (EUR Billion), 2010–2014

Table 15: Finnish Life Insurance – Incurred Loss (EUR Billion), 2014–2019

Table 16: Finnish Life Insurance – Number of Policies per Capita, 2010–2014

Table 17: Finnish Life Insurance – Number of Policies per Capita, 2014–2019

Table 18: Finnish Life Insurance – Commissions and Expenses (EUR Billion), 2010–2014

Table 19: Finnish Life Insurance – Commissions and Expenses (EUR Billion), 2014–2019

Table 20: Finnish Life Insurance – Net Written Premium as a Percentage of Gross Written Premium (%),, 2010–2014

Table 21: Finnish Life Insurance – Net Written Premium as a Percentage of Gross Written Premium (%), 2014–2019

Table 22: Finnish Life Insurance – Renewal Business Direct Written Premium (EUR Billion), 2010–2014

Table 23: Finnish Life Insurance – Renewal Business Direct Written Premium (EUR Billion), 2014–2019

Table 24: Finnish Life Insurance – Total Assets (EUR Billion), 2010–2014

Table 25: Finnish Life Insurance – Total Assets (EUR Billion), 2014–2019

Table 26: Finnish Life Insurance – Total Investment Income (EUR Billion), 2010–2014

Table 27: Finnish Life Insurance – Total Investment Income (EUR Billion), 2014–2019

Table 28: Finnish Life Insurance – Net Written Premium (EUR Billion), 2010–2014

Table 29: Finnish Life Insurance – Net Written Premium (EUR Billion), 2014–2019

Table 30: Finnish Individual Life Insurance – Direct Written Premium by Category (EUR Billion), 2010–2014

Table 31: Finnish Individual Life Insurance – Direct Written Premium by Category (US$ Billion), 2010–2014

Table 32: Finnish Individual Life Insurance – Direct Written Premium by Category (EUR Billion), 2014–2019

Table 33: Finnish Individual Life Insurance – Direct Written Premium by Category (US$ Billion), 2014–2019

Table 34: Finnish Individual Whole Life Insurance – Direct Written Premium (EUR Billion), 2010–2014

Table 35: Finnish Individual Whole Life Insurance – Direct Written Premium (EUR Billion), 2014–2019

Table 36: Finnish Individual Pension Insurance – Direct Written Premium (EUR Billion), 2010–2014

Table 37: Finnish Individual Pension Insurance – Direct Written Premium (EUR Billion), 2014–2019

Table 38: Finnish Individual Endowment Insurance – Direct Written Premium (EUR Billion), 2010–2014

Table 39: Finnish Individual Endowment Insurance – Direct Written Premium (EUR Billion), 2014–2019

Table 40: Finnish Other Individual Life Insurance – Direct Written Premium (EUR Billion), 2010–2014

Table 41: Finnish Other Individual Life Insurance – Direct Written Premium (EUR Billion), 2014–2019

Table 42: Finnish Group Life Insurance – Direct Written Premium by Category (EUR Billion), 2010–2014

Table 43: Finnish Group Life Insurance – Direct Written Premium by Category (US$ Billion), 2010–2014

Table 44: Finnish Group Life Insurance – Direct Written Premium by Category (EUR Billion), 2014–2019

Table 45: Finnish Group Life Insurance – Direct Written Premium by Category (US$ Billion), 2014–2019

Table 46: Finnish Group Superannuation Insurance – Direct Written Premium (EUR Billion), 2010–2014

Table 47: Finnish Group Superannuation Insurance – Direct Written Premium (EUR Billion), 2014–2019

Table 48: Finnish Other Group Life Insurance – Direct Written Premium (EUR Billion), 2010–2014

Table 49: Finnish Other Group Life Insurance – Direct Written Premium (EUR Billion), 2014–2019

Table 50: Finnish Individual Single-Premium Insurance – Direct Written Premium (EUR Billion), 2010–2014

Table 51: Finnish Individual Single-Premium Insurance – Direct Written Premium (EUR Billion), 2014–2019

Table 52: Finnish Individual Non-Single-Premium Insurance – Direct Written Premium (EUR Billion), 2010–2014

Table 53: Finnish Individual Non-Single-Premium Insurance – Direct Written Premium (EUR Billion), 2014–2019

Table 54: Finnish Group Single-Premium Insurance – Direct Written Premium (EUR Billion), 2010–2014

Table 55: Finnish Group Single-Premium Insurance – Direct Written Premium (EUR Billion), 2014–2019

Table 56: Finnish Group Non-Single-Premium Insurance – Direct Written Premium (EUR Billion), 2010–2014

Table 57: Finnish Group Non-Single-Premium Insurance – Direct Written Premium (EUR Billion), 2014–2019

Table 58: Finnish Linked Insurance Business – Direct Written Premium (EUR Billion), 2010–2014

Table 59: Finnish Linked Insurance Business – Direct Written Premium (EUR Billion), 2014–2019

Table 60: Finnish Non-Linked Insurance Business – Direct Written Premium (EUR Billion), 2010–2014

Table 61: Finnish Non-Linked Insurance Business – Direct Written Premium (EUR Billion), 2014–2019

Table 62: Finnish Life Insurance – Number of Pensioners, 2011–2015

Table 63: Finnish Life Insurance – Gross Written Premium (EUR billion), 2011–2015

Table 64: Finnish Life Insurance – Segment Shares (%), 2014

Table 65: Varma Mutual Pension Insurance Company, Key Facts

Table 66: Varma Mutual Pension Insurance Company, Key Financials (EUR Million), 2010–2014

Table 67: Ilmarinen Mutual Pension Insurance Company, Key Facts

Table 68: Ilmarinen Mutual Pension Insurance Company, Key Financials (EUR Million), 2010–2014

Table 69: Elo Mutual Pension Insurance Company, Key Facts

Table 70: Elo Mutual Pension Insurance Company, Key Financials (EUR Million), 2010–2014

Table 71: Nordea Life Assurance Finland Ltd, Key Facts

Table 72: Nordea Life Assurance Finland Ltd, Key Financials (EUR Million), 2010–2014

Table 73: OP Life Assurance Company Ltd, Key Facts

Table 74: OP Life Assurance Company Ltd, Key Financials (EUR Million), 2010–2014

Table 75: Mandatum Life Insurance Company Ltd, Key Facts

Table 76: Mandatum Life Insurance Company Ltd, Key Financials (EUR Million), 2010–2014

Table 77: Etera Mutual Pension Insurance Company, Key Facts

Table 78: Etera Mutual Pension Insurance Company, Key Financials (EUR Million), 2010–2014

Table 79: Veritas Pension Insurance Company Ltd, Key Facts

Table 80: Veritas Pension Insurance Company Ltd, Key Financials (EUR Million), 2010–2014

Table 81: LocalTapiola Mutual Life Insurance Company, Key Facts

Table 82: LocalTapiola Mutual Life Insurance Company, Key Financials (EUR Million), 2010–2014

Table 83: Fennia Life Insurance Company Ltd, Key Facts

Table 84: Fennia Life Insurance Company Ltd, Key Financials (EUR Million), 2010–2014

Table 85: Finland – Insurance Regulatory Framework Key Features

Table 86: Finland – Life Insurance Regulatory Framework

Table 87: Finland – Property Insurance Regulatory Framework

Table 88: Finland – Motor Insurance Regulatory Framework

Table 89: Finland – Liability Insurance Regulatory Framework

Table 90: Finland – Minimum Coverage for Aircraft Third-Party Liability Per Accident and Aircraft

Table 91: Finland – Insurance Premium Taxation

Table 92: Finland – Corporate Tax Rates for the Financial Year 2016

Table 93: Insurance Industry Definitions

Figures

Figure 1: Finnish Real GDP (EUR Billion), 2010–2019

Figure 2: EUR – US$ Exchange Rate, 2010–2019

Figure 3: Finnish Consumer Price Inflation, 2010–2019

Figure 4: Finnish Current Account Balance as Percentage of GDP (%), 2010–2014

Figure 5: Finnish Unemployment Rate, 2010–2019

Figure 6: Finnish Population by Age Group, 1991–2025

Figure 7: Finnish Life Insurance – Earnings-Related and National Pension Scheme Expenditure (EUR Million), 2010–2015

Figure 8: Finnish Life Insurance – Expenditure by Public Pension Classes (EUR Billion), 2015

Figure 9: Finnish Life Insurance – Gross Written Premium by Category (EUR Billion), 2010–2019

Figure 10: Finnish Life Insurance – Gross Written Premium by Category (% Share), 2014 and 2019

Figure 11: Finnish Life Insurance – Gross Written Premium Dynamics by Segment (2010–2019)

Figure 12: Finnish Life Insurance – New Business Direct Written Premium (EUR Billion), 2010–2014

Figure 13: Finnish Life Insurance – New Business Direct Written Premium (EUR Billion), 2014–2019

Figure 14: Finnish Life Insurance – Sum Assured (EUR Billion), 2010–2014

Figure 15: Finnish Life Insurance – Sum Assured (EUR Billion), 2014–2019

Figure 16: Finnish Life Insurance – Paid Claims (EUR Billion), 2010–2014

Figure 17: Finnish Life Insurance – Paid Claims (EUR Billion), 2014–2019

Figure 18: Finnish Life Insurance – Incurred Loss (EUR Billion), 2010–2014

Figure 19: Finnish Life Insurance – Incurred Loss (EUR Billion), 2014–2019

Figure 20: Finnish Life Insurance – Number of Policies per Capita, 2010–2014

Figure 21: Finnish Life Insurance – Number of Policies per Capita, 2014–2019

Figure 22: Finnish Life Insurance – Commissions and Expenses (EUR Billion), 2010–2014

Figure 23: Finnish Life Insurance – Commissions and Expenses (EUR Billion), 2014–2019

Figure 24: Finnish Life Insurance – Net Written Premium as a Percentage of Gross Written Premium (%), 2010–2014

Figure 25: Finnish Life Insurance – Net Written Premium as a Percentage of Gross Written Premium (%), 2014–2019

Figure 26: Finnish Life Insurance – Renewal Business Direct Written Premium (EUR Billion), 2010–2014

Figure 27: Finnish Life Insurance – Renewal Business Direct Written Premium (EUR Billion), 2014–2019

Figure 28: Finnish Life Insurance – Total Assets (EUR Billion), 2010–2014

Figure 29: Finnish Life Insurance – Total Assets (EUR Billion), 2014–2019

Figure 30: Finnish Life Insurance – Total Investment Income (EUR Billion), 2010–2014

Figure 31: Finnish Life Insurance – Total Investment Income (EUR Billion), 2014–2019

Figure 32: Finnish Life Insurance – Net Written Premium (EUR Billion), 2010–2014

Figure 33: Finnish Life Insurance – Net Written Premium (EUR Billion), 2014–2019

Figure 34: Finnish Life Insurance – Investment Portfolio (EUR Billion), 2010–2014

Figure 35: Finnish Life Insurance – Investment Portfolio, 2010 and 2014

Figure 36: Finnish Life Insurance – Penetration (%), 2010–2014

Figure 37: Finnish Life Insurance – Density (Direct Premium per Capita), 2010–2014

Figure 38: Finnish Life Insurance – Number of Active Policies (Thousand), 2010–2014

Figure 39: Finnish Life Insurance – Number of Active Policies (Thousand), 2014–2019

Figure 40: Finnish Life Insurance – Number of New Policies Sold (Thousand), 2010–2014

Figure 41: Finnish Life Insurance – Number of New Policies Sold (Thousand), 2014–2019

Figure 42: Finnish Life Insurance – Total Investments (EUR Billion), 2010–2014

Figure 43: Finnish Individual Life Insurance – Direct Written Premium by Category (EUR Billion), 2010–2019

Figure 44: Finnish Individual Life Insurance – Direct Written Premium by Category (Percentage Share), 2014 and 2019

Figure 45: Finnish Individual Life Insurance – Direct Written Premium Dynamics by Category, 2010–2019

Figure 46: Finnish Individual Whole Life Insurance – Direct Written Premium (EUR Billion), 2010–2014

Figure 47: Finnish Individual Whole Life Insurance – Direct Written Premium (EUR Billion), 2014–2019

Figure 48: Finnish Individual Pension Insurance – Direct Written Premium (EUR Billion), 2010–2014

Figure 49: Finnish Individual Pension Insurance – Direct Written Premium (EUR Billion), 2014–2019

Figure 50: Finnish Individual Endowment Insurance – Direct Written Premium (EUR Billion), 2010–2014

Figure 51: Finnish Individual Endowment Insurance – Direct Written Premium (EUR Billion), 2014–2019

Figure 52: Finnish Other Individual Life Insurance – Direct Written Premium (EUR Billion), 2010–2014

Figure 53: Finnish Other Individual Life Insurance – Direct Written Premium (EUR Billion), 2014–2019

Figure 54: Finnish Group Life Insurance – Direct Written Premium by Category (EUR Billion), 2010–2019

Figure 55: Finnish Group Life Insurance – Direct Written Premium by Category (Percentage Share), 2014 and 2019

Figure 56: Finnish Group Life Insurance – Direct Written Premium Dynamics by Category, 2010–2019

Figure 57: Finnish Group Superannuation Insurance – Direct Written Premium (EUR Billion), 2010–2014

Figure 58: Finnish Group Superannuation Insurance – Direct Written Premium (EUR Billion), 2014–2019

Figure 59: Finnish Other Group Life Insurance – Direct Written Premium (EUR Billion), 2010–2014

Figure 60: Finnish Other Group Life Insurance – Direct Written Premium (EUR Billion), 2014–2019

Figure 61: Finnish Individual Single-Premium Insurance – Direct Written Premium (EUR Billion), 2010–2014

Figure 62: Finnish Individual Single-Premium Insurance – Direct Written Premium (EUR Billion), 2014–2019

Figure 63: Finnish Individual Non-Single-Premium Insurance – Direct Written Premium (EUR Billion), 2010–2014

Figure 64: Finnish Individual Non-Single-Premium Insurance – Direct Written Premium (EUR Billion), 2014–2019

Figure 65: Finnish Group Single-Premium Insurance – Direct Written Premium (EUR Billion), 2010–2014

Figure 66: Finnish Group Single-Premium Insurance – Direct Written Premium (EUR Billion), 2014–2019

Figure 67: Finnish Group Non-Single-Premium Insurance – Direct Written Premium (EUR Billion), 2010–2014

Figure 68: Finnish Group Non-Single-Premium Insurance – Direct Written Premium (EUR Billion), 2014–2019

Figure 69: Finnish Linked Insurance Business – Direct Written Premium (EUR Billion), 2010–2014

Figure 70: Finnish Linked Insurance Business – Direct Written Premium (EUR Billion), 2014–2019

Figure 71: Finnish Non-Linked Insurance Business – Direct Written Premium (EUR Billion), 2010–2014

Figure 72: Finnish Non-Linked Insurance Business – Direct Written Premium (EUR Billion), 2014–2019

Figure 73: Finnish Life Insurance – Segment Shares (%), 2014

Figure 74: Finland – The Three Pillars of Solvency II

Figure 75: Finland – Insurance Supervision and Control at Various Levels

Figure 76: Finland – Insurance Regulatory Frameworks for Company Registration and Operation

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