Personal Accident and Health Insurance in Finland, Key Trends and Opportunities to 2019

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Published: June 24, 2016 Report Code: GD-IS1232MR-ST

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GlobalData’s 'Personal Accident and Health Insurance in Finland, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers, challenges in the Finnish personal accident and health insurance segment.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, 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 personal accident and health insurance segment in Finland:

• It provides historical values for the Finnish personal accident and health 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 personal accident and health insurance segment, and market forecasts to 2019.

• It profiles the top personal accident and health insurance companies in Finland, and outlines the key regulations affecting them.

Key Highlights

• The segment accounted for the lowest share of the insurance gross written premium during the review period.

• The Finnish government provides healthcare to the entire population, leaving limited scope for private health insurers.

• Finland’s healthcare system comprises both private and public sectors.

• Health was the dominant category in the personal accident and health segment throughout the review period, with 60.4% of the segment’s direct written premium in 2014.

• Solvency II legislation was implemented in January 2016.

Reasons to Buy

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

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

• Assess the competitive dynamics in the personal accident and health 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.

OP Insurance Ltd
If P&C Insurance Company Ltd
LocalTapiola Regionals
Eurooppalainen Insurance Company Ltd
Fennia Mutual Insurance Company

Table of Contents

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Personal Accident and Health Insurance Segment Outlook

4.1 Key Drivers

4.2 Key Trends

4.3 Challenges

4.4 Personal Accident and Health Insurance Growth Prospects by Category

4.4.1 Personal accident insurance

4.4.2 Health insurance

5 Competitive Landscape and Strategic Insights

5.1 Overview

5.2 Leading Companies in the Finnish Personal Accident and Health Insurance Segment

5.2.1 OP Insurance Ltd – company overview

5.2.2 If P&C Insurance Company Ltd – company overview

5.2.3 LocalTapiola Regionals – company overview

5.2.4 Eurooppalainen Insurance Company Ltd – company overview

5.2.5 Fennia Mutual Insurance Company – 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 About GlobalData

8.1 Contact GlobalData

8.2 About GlobalData

8.3 GlobalData’s Services

8.4 Disclaimer

Table

Table 1: Finnish Personal Accident and Health Insurance – Key Facts, 2014

Table 2: Finnish Humanitarian Aid by Country, 2015

Table 3: Finnish Government Credit Ratings

Table 4: Finnish Personal Accident and Health Insurance – Direct Written Premium by Category (EUR Million), 2010–2014

Table 5: Finnish Personal Accident and Health Insurance – Direct Written Premium by Category (US$ Million), 2010–2014

Table 6: Finnish Personal Accident and Health Insurance – Direct Written Premium by Category (EUR Million), 2014–2019

Table 7: Finnish Personal Accident and Health Insurance – Direct Written Premium by Category (US$ Million), 2014–2019

Table 8: Finnish Personal Accident and Health Insurance – Net Earned Premium (EUR Million), 2010–2014

Table 9: Finnish Personal Accident and Health Insurance – Net Earned Premium (EUR Million), 2014–2019

Table 10: Finnish Personal Accident and Health Insurance – Paid Claims (EUR Million), 2010–2014

Table 11: Finnish Personal Accident and Health Insurance – Paid Claims (EUR Million), 2014–2019

Table 12: Finnish Personal Accident and Health Insurance – Incurred Loss by Category (EUR Million), 2010–2014

Table 13: Finnish Personal Accident and Health Insurance – Incurred Loss by Category (US$ Million), 2010–2014

Table 14: Finnish Personal Accident and Health Insurance – Incurred Loss by Category (EUR Million), 2014–2019

Table 15: Finnish Personal Accident and Health Insurance – Incurred Loss by Category (US$ Million), 2014–2019

Table 16: Finnish Personal Accident and Health Insurance – Loss Ratio (%), 2010–2014

Table 17: Finnish Personal Accident and Health Insurance – Loss Ratio (%), 2014–2019

Table 18: Finnish Personal Accident and Health Insurance – Commission and Expenses (EUR Million), 2010–2014

Table 19: Finnish Personal Accident and Health Insurance – Commission and Expenses (EUR Million), 2014–2019

Table 20: Finnish Personal Accident and Health Insurance – Combined Ratio (%), 2010–2014

Table 21: Finnish Personal Accident and Health Insurance – Combined Ratio (%), 2014–2019

Table 22: Finnish Personal Accident and Health Insurance – Total Assets (EUR Million), 2010–2014

Table 23: Finnish Personal Accident and Health Insurance – Total Assets (EUR Million), 2014–2019

Table 24: Finnish Personal Accident and Health Insurance – Total Investment Income (EUR Million), 2010–2014

Table 25: Finnish Personal Accident and Health Insurance – Total Investment Income (EUR Million), 2014–2019

Table 26: Finnish Personal Accident and Health Insurance – Net Written Premium as a Percentage of Gross Written Premium (%), 2010–2014

Table 27: Finnish Personal Accident and Health Insurance – Net Written Premium as a Percentage of Gross Written Premium (%), 2014–2019

Table 28: Finnish Personal Accident Insurance – Direct Written Premium (EUR Million), 2010–2014

Table 29: Finnish Personal Accident Insurance – Direct Written Premium (EUR Million), 2014–2019

Table 30: Finnish Personal Accident Insurance – Loss Ratio (%), 2010–2014

Table 31: Finnish Personal Accident Insurance – Loss Ratio (%), 2014–2019

Table 32: Finnish Health Insurance – Direct Written Premium (EUR Million), 2010–2014

Table 33: Finnish Health Insurance – Direct Written Premium (EUR Million), 2014–2019

Table 34: Finnish Health Insurance – Loss Ratio (%), 2010–2014

Table 35: Finnish Health Insurance – Loss Ratio (%), 2014–2019

Table 36: Finnish Personal Accident and Health Insurance – Segment Shares (%), 2014

Table 37: OP Insurance Ltd, Key Facts

Table 38: If P&C Insurance Company Ltd, Key Facts

Table 39: LocalTapiola Regionals, Key Facts

Table 40: Eurooppalainen Insurance Company Ltd, Key Facts

Table 41: Fennia Mutual Insurance Company, Key Facts

Table 42: Finland – Insurance Regulatory Framework Key Features

Table 43: Finland – Life Insurance Regulatory Framework

Table 44: Finland – Property Insurance Regulatory Framework

Table 45: Finland – Motor Insurance Regulatory Framework

Table 46: Finland – Liability Insurance Regulatory Framework

Table 47: Finland – Minimum Coverage for Aircraft Third-Party Liability Per Accident and Aircraft

Table 48: Finland – Insurance Premium Taxation

Table 49: Finland – Corporate Tax Rates for the Financial Year 2016

Table 50: 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 Personal Accident Insurance – Number of Road Accidents, 2010–2015

Figure 8: Finnish Personal Accident Insurance – Number of Fatalities in Road Accidents, 2010–2015

Figure 9: Finland – Number of Asylum Applicants, 2010–2014

Figure 10: Finnish Personal Accident and Health Insurance – Direct Written Premium by Category (EUR Million), 2010–2019

Figure 11: Finnish Personal Accident and Health Insurance – Direct Written Premium by Category (Percentage Share), 2014 and 2019

Figure 12: Finnish Personal Accident and Health Insurance – Direct Written Premium Dynamics by Category, 2010–2019

Figure 13: Finnish Personal Accident and Health Insurance – Net Earned Premium (EUR Million), 2010–2014

Figure 14: Finnish Personal Accident and Health Insurance – Net Earned Premium (EUR Million), 2014–2019

Figure 15: Finnish Personal Accident and Health Insurance – Paid Claims (EUR Million), 2010–2014

Figure 16: Finnish Personal Accident and Health Insurance – Paid Claims (EUR Million), 2014–2019

Figure 17: Finnish Personal Accident and Health Insurance – Incurred Loss by Category (EUR Million), 2010–2019

Figure 18: Finnish Personal Accident and Health Insurance – Loss Ratio (%), 2010–2014

Figure 19: Finnish Personal Accident and Health Insurance – Loss Ratio (%), 2014–2019

Figure 20: Finnish Personal Accident and Health Insurance – Commission and Expenses (EUR Million), 2010–2014

Figure 21: Finnish Personal Accident and Health Insurance – Commission and Expenses (EUR Million), 2014–2019

Figure 22: Finnish Personal Accident and Health Insurance – Combined Ratio (%), 2010–2014

Figure 23: Finnish Personal Accident and Health Insurance – Combined Ratio (%), 2014–2019

Figure 24: Finnish Personal Accident and Health Insurance – Total Assets (EUR Million), 2010–2014

Figure 25: Finnish Personal Accident and Health Insurance – Total Assets (EUR Million), 2014–2019

Figure 26: Finnish Personal Accident and Health Insurance – Total Investment Income (EUR Million), 2010–2014

Figure 27: Finnish Personal Accident and Health Insurance – Total Investment Income (EUR Million), 2014–2019

Figure 28: Finnish Personal Accident and Health Insurance – Net Written Premium as a Percentage of Gross Written Premium (%), 2010–2014

Figure 29: Finnish Personal Accident and Health Insurance – Net Written Premium as a Percentage of Gross Written Premium (%), 2014–2019

Figure 30: Finnish Personal Accident and Health Insurance – Investment Portfolio (EUR Million), 2010–2014

Figure 31: Finnish Personal Accident and Health Insurance – Investment Portfolio (% Share), 2010 and 2014

Figure 32: Finnish Personal Accident and Health Insurance – Penetration (%), 2010–2014

Figure 33: Finnish Personal Accident and Health Insurance – Direct Premium per Capita (EUR), 2010–2014

Figure 34: Finnish Personal Accident Insurance – Direct Written Premium (EUR Million), 2010–2014

Figure 35: Finnish Personal Accident Insurance – Direct Written Premium (EUR Million), 2014–2019

Figure 36: Finnish Personal Accident Insurance – Loss Ratio (%), 2010–2014

Figure 37: Finnish Personal Accident Insurance – Loss Ratio (%), 2014–2019

Figure 38: Finnish Health Insurance – Direct Written Premium (EUR Million), 2010–2014

Figure 39: Finnish Health Insurance – Direct Written Premium (EUR Million), 2014–2019

Figure 40: Finnish Health Insurance – Loss Ratio (%), 2010–2014

Figure 41: Finnish Health Insurance – Loss Ratio (%), 2014–2019

Figure 42: Finnish Personal Accident and Health Insurance – Segment Shares (%), 2014

Figure 43: Finland – The Three Pillars of Solvency II

Figure 44: Finland – Insurance Supervision and Control at Various Levels

Figure 45: Finland – Insurance Regulatory Frameworks for Company Registration and Operation

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