Loss ratio of non-life insurance in Finland 2020, by type

In the non-life insurance sector in Finland in 2020, the loss ratio was highest for the insurance category legal expenses and other direct insurance, at 87.8 percent. This is followed by the insurance category workers' compensation, at 78.6 percent. In Finland, workers’ compensation is part of the social security system, and all employees are covered. In 2019, the premiums written for this insurance type was 584 million euros. Loss ratio is a measure used in the insurance sector to help gauge the profitability of a company and represents the ratio between the claims paid out and total premiums earned.

Largest insurance companies in Finland

   Which is the largest insurance company in Finland? There are mainly four larger companies operating on the non-life insurance market in Finland, which together cover more than 90 percent of the total market. The largest of these is OP Group, which had around a third of the market share in 2019. The other three large ones are LocalTapiola Group, the Finnish branch of the Swedish If P&C, and Fennia Group.   

Loss ratio of insurance companies

   Among the four largest companies mentioned above, OP Group had the lowest loss ratio, of 81.7 percent. Among the ten largest non-life insurance companies in Finland in terms of gross premiums written, Fennia had the highest loss ratio, of 134.4 percent