Non-Life Insurance in Finland, Key Trends and Opportunities to 2019

 Table of Contents

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Claims
4.2.3 Profitability
4.2.4 Assets and investments

5 Outlook by Category
5.1 Property Insurance
5.1.1 Product overview
5.1.2 Premium
5.1.3 Profitability
5.2 Motor Insurance
5.2.1 Product overview
5.2.2 Premium
5.2.3 Profitability
5.3 Liability Insurance
5.3.1 Product overview
5.3.2 Premium
5.3.3 Profitability
5.4 Marine, Aviation and Transit Insurance
5.4.1 Product overview
5.4.2 Premium
5.4.3 Profitability

6 Distribution Channel Outlook
6.1 Analysis by Distribution Channel

7 Natural Hazards
7.1 Flooding
7.2 Storms
7.3 Earthquakes
7.4 Extreme Temperatures
7.5 Exposure to Natural Hazards

8 Competitive Landscape
8.1 Overview
8.2 Leading Companies in the Finnish Non-Life Insurance Segment
8.2.1 OP Insurance Ltd – company overview
8.2.2 If P&C Insurance Company Ltd – company overview
8.2.3 LocalTapiola General Mutual Insurance Company – company overview
8.2.4 LocalTapiola Regionals – company overview
8.2.5 Fennia Mutual Insurance Company – company overview

9 Governance, Risk and Compliance
9.1 Legislation Overview and Historical Evolution
9.2 Latest Changes in Regulations
9.3 Regulations and market practice by Type of Insurance
9.3.1 Life insurance
9.3.2 Property insurance
9.3.3 Motor insurance
9.3.4 Liability insurance
9.3.5 Marine, aviation and transit insurance
9.3.6 Personal accident and health insurance
9.4 Compulsory Insurance
9.4.1 Motor third-party liability insurance
9.4.2 Workers’ compensation insurance
9.4.3 Pension insurance for private employers
9.4.4 Air carriers and aircraft operators insurance
9.4.5 Professional indemnity insurance for alternative investment fund managers
9.4.6 Professional liability insurance for insurance brokers
9.5 Supervision and Control
9.5.1 International Association of Insurance Supervisors (IAIS)
9.5.2 European Insurance and Occupational Pension Authority (EIOPA)
9.5.3 Federation of European Risk Management Associations (FERMA)
9.5.4 Financial Supervisory Authority
9.5.5 The Federation of Finnish Financial Services (FFI)
9.6 Non-Admitted Insurance Regulations
9.6.1 Overview
9.6.2 Intermediaries
9.6.3 Market practices
9.6.4 Fines and penalties
9.7 Company Registration and Operations
9.7.1 Types of insurance organization
9.7.2 Establishing a local company
9.7.3 Foreign ownership
9.7.4 Types of license
9.7.5 Capital requirements
9.7.6 Solvency margins
9.7.7 Reserve requirements
9.7.8 Investment regulations
9.7.9 Statutory return requirements
9.7.10 Fee structure
9.8 Taxation
9.8.1 Insurance premium or policy taxation
9.8.2 Withholding tax on insurance premium paid overseas
9.8.3 Corporate tax
9.8.4 VAT
9.8.5 Captives
9.9 Legal System
9.9.1 Introduction
9.9.2 Access to court
9.9.3 Alternative dispute resolution (ADR)

10 Databook
10.1 Policies and Premium
10.2 Claims and Expenses
10.3 Assets and Investments
10.4 Direct Marketing and E-Commerce
10.5 Insurance Brokers and Agencies
10.6 Bancassurance and Other Distribution Channels
10.7 Property Insurance
10.8 Property Insurance by Product
10.9 Motor Insurance
10.1 Motor Insurance by Product
10.11 Liability Insurance
10.12 Marine, Aviation and Transit Insurance

11 Definitions and Methodology
11.1 Definitions
11.2 Methodology

12 About Timetric
12.1 Contact Timetric
12.2 About Timetric
12.3 Timetric’s Services
12.4 Disclaimer

List of Tables

Table 1: Finnish Non-Life Insurance – Key Facts, 2014
Table 2: Finnish Non-Life Insurance – Segment Shares of the Top Insurers, 2014
Table 3: Finnish Humanitarian Aid by Country, 2015
Table 4: Finnish Government Credit Ratings
Table 5: Finnish Non-Life Insurance – Gross Written Premium (EUR Billion and US$ Billion), 2010–2014
Table 6: Finnish Non-Life Insurance – Penetration (%), 2010–2014
Table 7: Finnish Non-Life Insurance – Gross Written Premium (EUR Billion and US$ Billion), 2014–2019
Table 8: Finnish Non-Life Insurance – Penetration (%), 2014–2019
Table 9: Finnish Non-Life Insurance – Premium per Capita (EUR and US$), 2010–2014
Table 10: Finnish Non-Life Insurance – Premium per Capita (EUR and US$), 2014–2019
Table 11: Finnish Non-Life Insurance – Paid Claims (EUR Billion and US$ Billion), 2010–2014
Table 12: Finnish Non-Life Insurance – Paid Claims (EUR Billion and US$ Billion), 2014–2019
Table 13: Finnish Non-Life Insurance – Profitability Ratio (%), 2010–2014
Table 14: Finnish Non-Life Insurance – Profitability Ratio (%), 2014–2019
Table 15: Finnish Non-Life Insurance – Total Assets (EUR Billion and US$ Billion), 2010–2014
Table 16: Finnish Non-Life Insurance – Total Assets (EUR Billion and US$ Billion), 2014–2019
Table 17: Finnish Non-Life Insurance – Total Investment Income (EUR Million and US$ Million), 2010–2014
Table 18: Finnish Non-Life Insurance – Total Investment Income (EUR Million and US$ Million), 2014–2019
Table 19: Finnish Non-Life Insurance – Investment Portfolio (EUR Million), 2010–2014
Table 20: Finnish Non-Life Insurance – Investment Portfolio (EUR Million), 2014–2019
Table 21: Finnish Non-Life Insurance – Direct Written Premium by Category (EUR Million), 2010–2014
Table 22: Finnish Non-Life Insurance – Direct Written Premium by Category (EUR Million), 2014–2019
Table 23: Finnish Property Insurance – Direct Written Premium by Sub-Category (EUR Million), 2010–2014
Table 24: Finnish Property Insurance – Direct Written Premium by Sub-Category (EUR Million), 2014–2019
Table 25: Finnish Property Insurance – Loss Ratio (%), 2010–2014
Table 26: Finnish Property Insurance – Loss Ratio (%), 2014–2019
Table 27: Finnish Motor Insurance – Number of Motor Hull and Motor Third-Party Liability Insurance Policies, 2012–2014
Table 28: Finnish Motor Insurance – New Vehicle Tax, 2016
Table 29: Finnish Motor Insurance – Direct Written Premium by Sub-Category (EUR Million), 2010–2014
Table 30: Finnish Motor Insurance – Direct Written Premium by Sub-Category (EUR Million), 2014–2019
Table 31: Finnish Motor Insurance – Loss Ratio (%), 2010–2014
Table 32: Finnish Motor Insurance – Loss Ratio (%), 2014–2019
Table 33: Finnish Liability Insurance – Gross Written Premium (EUR Million), 2010–2014
Table 34: Finnish Liability Insurance – Gross Written Premium (EUR Million), 2014–2019
Table 35: Finnish Liability Insurance – Loss Ratio (%), 2010–2014
Table 36: Finnish Liability Insurance – Loss Ratio (%), 2014–2019
Table 37: Finnish Marine, Aviation and Transit Insurance – Direct Written Premium (EUR Million), 2010–2014
Table 38: Finnish Marine, Aviation and Transit Insurance – Direct Written Premium (EUR Million), 2014–2019
Table 39: Finnish Marine, Aviation and Transit Insurance – Loss Ratio (%), 2010–2014
Table 40: Finnish Marine, Aviation and Transit Insurance – Loss Ratio (%), 2014–2019
Table 41: Finnish Non-Life Insurance – Direct Written Premium by Distribution Channel (EUR Million), 2010–2014
Table 42: Finnish Non-Life Insurance – Direct Written Premium by Distribution Channel (EUR Million), 2014–2019
Table 43: Finnish Non-Life Insurance – Direct Written Premium by Distribution Channel (%), 2010–2019
Table 44: Finnish Insurance Industry – Seasonal Weather Conditions
Table 45: Finnish Insurance industry – Earthquakes, 2010–2015
Table 46: Shares of Key Insurers in the Finnish Non-Life Insurance Segment (%), 2014
Table 47: OP Insurance Ltd – Key Facts
Table 48: OP Insurance Ltd – Key Financials (EUR Million), 2010–2014
Table 49: If P&C Insurance Company Ltd – Key Facts
Table 50: If P&C Insurance Company Ltd – Key Financials (EUR Million), 2010–2014
Table 51: LocalTapiola General Mutual Insurance Company – Key Facts
Table 52: LocalTapiola General Mutual Insurance Company – Key Financials (EUR Million), 2010–2014
Table 53: LocalTapiola Regionals – Key Facts
Table 54: LocalTapiola Regionals – Key Financials (EUR Million), 2010–2014
Table 55: Fennia Mutual Insurance Company – Key Facts
Table 56: Fennia Mutual Insurance Company – Key Financials (EUR Million), 2010–2014
Table 57: Finland – Insurance Regulatory Framework Key Features
Table 58: Finland – Life Insurance Regulatory Framework
Table 59: Finland – Property Insurance Regulatory Framework
Table 60: Finland – Motor Insurance Regulatory Framework
Table 61: Finland – Liability Insurance Regulatory Framework
Table 62: Finland – Minimum Coverage for Aircraft Third-Party Liability Per Accident and Aircraft
Table 63: Finland – Insurance Premium Taxation
Table 64: Finland – Corporate Tax Rates for the Financial Year 2016
Table 65: Finnish Insurance Industry – Policies and Premium, 2010–2014
Table 66: Finnish Insurance Industry – Policies and Premium, 2014–2019
Table 67: Finnish Non-Life Insurance – Claims and Expenses, 2010–2014
Table 68: Finnish Non-Life Insurance – Claims and Expenses, 2014–2019
Table 69: Finnish Non-Life Insurance – Assets and Investments, 2010–2014
Table 70: Finnish Non-Life Insurance – Assets and Investments, 2014–2019
Table 71: Finnish Non-Life Insurance – Direct Marketing, 2010–2014
Table 72: Finnish Non-Life Insurance – Direct Marketing and E-Commerce, 2014–2019
Table 73: Finnish Non-Life Insurance – Insurance Brokers and Agencies, 2010–2014
Table 74: Finnish Non-Life Insurance – Insurance Brokers and Agencies, 2014–2019
Table 75: Finnish Non-Life Insurance – Bancassurance and Other Distribution Channels, 2010–2014
Table 76: Finnish Non-Life Insurance – Bancassurance and Other Distribution Channels, 2014–2019
Table 77: Finnish Non-Life Insurance – Property Insurance, 2010–2014
Table 78: Finnish Non-Life Insurance – Property Insurance, 2014–2019
Table 79: Finnish Non-Life Insurance – Property Insurance by Product, 2010–2014
Table 80: Finnish Non-Life Insurance – Property Insurance by Product, 2014–2019
Table 81: Finnish Non-Life Insurance – Motor Insurance, 2010–2014
Table 82: Finnish Non-Life Insurance – Motor Insurance, 2014–2019
Table 83: Finnish Non-Life Insurance – Motor Insurance by Product, 2010–2014
Table 84: Finnish Non-Life Insurance – Motor Insurance by Product, 2014–2019
Table 85: Finnish Non-Life Insurance – Liability Insurance, 2010–2014
Table 86: Finnish Non-Life Insurance – Liability Insurance, 2014–2019
Table 87: Finnish Non-Life Insurance – Marine, Aviation and Transit Insurance, 2010–2014
Table 88: Finnish Non-Life Insurance – Marine, Aviation and Transit Insurance, 2014–2019
Table 89: Insurance Industry Definitions

List of 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 Non-Life Insurance Penetration – Regional Comparison (%), 2014
Figure 8: Finnish Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2014
Figure 9: Finnish Non-Life Insurance – Gross Written Premium (EUR Billion), 2010–2019
Figure 10: Finnish Non-Life Insurance – Penetration (%), 2010–2019
Figure 11: Finnish Non-Life Insurance – Premium per Capita (EUR), 2010–2019
Figure 12: Finnish Non-Life Insurance – Paid Claims (EUR Billion), 2010–2019
Figure 13: Finnish Non-Life Insurance – Profitability Ratio (%), 2010–2019
Figure 14: Finnish Non-Life Insurance – Total Assets (EUR Billion), 2010–2019
Figure 15: Finnish Non-Life Insurance – Total Investment Income (EUR Million), 2010–2019
Figure 16: Finnish Non-Life Insurance – Investment Portfolio (EUR Million), 2010–2019
Figure 17: Finnish Non-Life Insurance – Investment Portfolio Dynamics by Category, 2010–2019
Figure 18: Finnish Non-Life Insurance – Direct Written Premium by Category (EUR Million and US$ Million), 2010–2019
Figure 19: Finnish Non-Life Insurance – Direct Written Premium Dynamics by Category, 2010–2019
Figure 20: Finnish Property Insurance – Burglaries by Type, 2013–2014
Figure 21: Finnish Property Insurance – Construction Value Output by Category (EUR Billion), 2010–2014
Figure 22: Finnish Property Insurance – Direct Written Premium by Sub-Category (EUR Million), 2010–2019
Figure 23: Finnish Property Insurance – Direct Written Premium Dynamics by Sub-Category, 2010–2019
Figure 24: Finnish Property Insurance – Earned Premium, Incurred Loss and Loss Ratio (EUR Million and %), 2010–2019
Figure 25: Finnish Motor Insurance – Number of New Vehicles Registered, 2010–2015
Figure 26: Finnish Motor Insurance – Direct Written Premium by Sub-Category (EUR Million), 2010–2019
Figure 27: Finnish Motor Insurance – Direct Written Premium Dynamics by Sub-Category, 2010–2019
Figure 28: Finnish Motor Insurance– Earned Premium, Incurred Loss and Loss Ratio (EUR Million and %), 2010–2019
Figure 29: Finnish Liability Insurance – Number of Accidents at Work Place, 2010–2014
Figure 30: Finnish Patient Insurance – Number of Claims Rejected and Entitled to Indemnity, 2010–2015
Figure 31: Finnish Patient Insurance – Premiums and Claims (EUR Million), 2010–2015
Figure 32: Finnish Liability Insurance – Gross Written Premium (EUR Million), 2010–2019
Figure 33: Finnish Liability Insurance – Earned Premium, Incurred Loss and Loss Ratio (EUR Million and %), 2010–2019
Figure 34: Finnish Aviation Insurance – Number of Air Passengers, 2010–2015
Figure 35: Finnish Aviation Insurance – Domestic and International Freight (Tons), 2010–2015
Figure 36: Finnish Marine, Aviation and Transit Insurance – Direct Written Premium (EUR Million), 2010–2019
Figure 37: Finnish Marine, Aviation and Transit Insurance – Earned Premium, Incurred Loss and Loss Ratio (EUR Million and %), 2010–2019
Figure 38: Finnish Non-Life Insurance – Direct Written Premium by Distribution Channel (%), 2010, 2014 and 2019
Figure 39: Finnish Frequency of Hazards by Type, 1990–2014
Figure 40: Finnish Earthquakes Recorded by Region, June 2013 – May 2016
Figure 41: Shares of Key Insurers in the Finnish Non-Life Insurance Segment (%), 2014
Figure 42: Finland – The Three Pillars of Solvency II
Figure 43: Finland – Insurance Supervision and Control at Various Levels
Figure 44: Finland – Insurance Regulatory Frameworks for Company Registration and Operation 

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