Non-life insurances - Finland

Finland

The Non-life insurance market in Finland is projected to reach a market size (gross written premium) of US$2,986.00m in 2024.
The average spending per capita in the Non-life insurance market is expected to be US$538.00 in 2024.
Furthermore, the gross written premium is anticipated to exhibit an annual growth rate (CAGR 2024-2028) of 0.57%, resulting in a market volume of US$3,055.00m by 2028.
When compared globally, the United States is expected to generate the highest gross written premium of US$3,371.0bn in 2024.
Finland's non-life insurance market is experiencing steady growth due to increasing awareness about risk management and the need for comprehensive coverage.

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Analyst Opinion

The Non-life insurances market in Finland has been experiencing notable developments in recent years. Customer preferences in the Finnish market are shifting towards more comprehensive and tailored insurance products that offer a higher level of coverage and customization. Customers are increasingly seeking policies that cater to their specific needs and provide additional benefits beyond basic coverage. This trend mirrors the global movement towards personalized insurance solutions that offer greater flexibility and value to policyholders. Trends in the market indicate a growing demand for digital insurance services and online platforms in Finland. Insurers are investing in technology to streamline processes, enhance customer experience, and offer innovative products through digital channels. This digital transformation is driven by the need to meet changing customer expectations, improve operational efficiency, and stay competitive in the evolving insurance landscape of the country. Local special circumstances in Finland, such as the country's well-established welfare system and high level of trust in insurance providers, contribute to the growth of the Non-life insurances market. The population's inclination towards risk mitigation and financial security, coupled with a stable regulatory environment, creates a conducive atmosphere for insurance companies to expand their offerings and attract more customers. Underlying macroeconomic factors, including Finland's stable economic growth, low unemployment rates, and increasing disposable incomes, play a significant role in driving the development of the Non-life insurances market. As the economy continues to grow, more individuals and businesses are recognizing the importance of insurance protection, leading to a rise in demand for non-life insurance products across various sectors in the country.

Methodology

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.