The Property Insurance market in Finland has been experiencing significant growth and development in recent years. Customer preferences in the Finnish Property Insurance market have been shifting towards comprehensive coverage options that not only protect against traditional risks like fire and theft, but also increasingly cover natural disasters such as floods and storms. Customers are also showing a preference for customizable insurance policies that can be tailored to their specific needs and preferences. Trends in the market indicate a growing demand for digital insurance solutions, with more customers opting to purchase and manage their property insurance policies online. Insurtech companies are also playing a key role in driving innovation in the market, offering new and convenient ways for customers to access and purchase insurance products. Local special circumstances, such as Finland's high rate of homeownership and the country's location in a region prone to natural disasters like heavy snowfall and forest fires, are influencing the development of the Property Insurance market. These factors are driving both insurers and customers to prioritize comprehensive coverage that can protect against a wide range of risks. Underlying macroeconomic factors, such as Finland's stable economy and low unemployment rate, are also contributing to the growth of the Property Insurance market. As disposable incomes rise and the housing market remains strong, more individuals are investing in property insurance to safeguard their valuable assets against unforeseen events. Additionally, favorable government regulations and initiatives are creating a conducive environment for insurers to expand their offerings and reach a larger customer base in the Finnish market.
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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