In Finland, the Life insurance market has been experiencing steady growth and evolution in recent years. Customer preferences in the Finnish Life insurance market are shifting towards more personalized and flexible products that offer a combination of protection and investment opportunities. Customers are increasingly seeking policies that cater to their individual needs and provide a sense of security for themselves and their families. Trends in the market indicate a rise in demand for digital solutions and online platforms for purchasing and managing life insurance policies. Insurers in Finland are adapting to this trend by offering seamless digital experiences and innovative tools to attract tech-savvy customers. Local special circumstances in Finland, such as the country's strong social welfare system and high level of financial literacy among the population, contribute to the growth of the Life insurance market. The Finnish culture of long-term financial planning and risk management also plays a significant role in driving the demand for life insurance products. Underlying macroeconomic factors, including stable economic growth, low unemployment rates, and a growing aging population, create a favorable environment for the Life insurance market in Finland. As the population ages, there is an increasing awareness of the importance of life insurance as a means of financial protection and wealth transfer. Overall, the Life insurance market in Finland is characterized by a shift towards personalized products, digitalization, and a strong culture of financial planning, supported by favorable macroeconomic conditions.
Data coverage:
Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.Modeling approach / Market size:
Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.
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