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Life Insurance in Finland, Key Trends and Opportunities to 2019

Life Insurance in Finland, Key Trends and Opportunities to 2019

Synopsis

Timetric’s 'Life Insurance in Finland, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers and challenges in the Finnish life insurance segment.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2010–2014) and forecast period (2014–2019).

The report also gives a comprehensive overview of the Finnish economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary

Timetric’s 'Life Insurance in Finland, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Finnish life insurance segment, including:

  • The Finnish life insurance segment’s growth prospects by life insurance category
  • Key trends, drivers and challenges for the life insurance segment
  • A comprehensive overview of the Finnish economy and demographics
  • Details of the competitive landscape in the life insurance segment in Finland
  • Details of regulatory policy applicable to the Finnish insurance industry
Scope

This report provides a comprehensive analysis of the life insurance segment in Finland:
  • It provides historical values for the Finnish life insurance segment for the report’s 2010–2014 review period, and projected figures for the 2014–2019 forecast period.
  • It offers a detailed analysis of the key categories in the Finnish life insurance segment, and market forecasts to 2019.
  • It profiles the top life insurance companies in Finland and outlines the key regulations affecting them.
Reasons To Buy
  • Make strategic business decisions using in-depth historic and forecast market data related to the Finnish life insurance segment, and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Finnish life insurance segment.
  • Assess the competitive dynamics in the life insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.
  • Gain insights into key regulations governing the Finnish insurance industry, and their impact on companies and the industry's future.
Key Highlights
  • Life insurance accounted for 80.6% of the Finnish insurance industry’s gross written premium in 2014.
  • Despite the 2012–2014 recession in the national economy, the life segment grew as a result of increased purchases of unit-linked individual life products.
  • The superannuation category accounted for 69.3% of the life insurance segment’s gross written premium in 2014.
  • A well-established public pension system is a challenge to private pension providers in Finland.
  • Low interest rates will impact sales of linked insurance products, with consumer interest falling as returns reduce.
  • Solvency II was implemented on January 1, 2016.
  • New pension reforms will come into force on January 1, 2017.


  • Key Facts and Highlights
    • Table Finnish Life Insurance - Key Facts, 2014
  • Executive Summary
  • Economy and Demographics
    • Table Finnish Humanitarian Aid by Country, 2015
    • Table Finnish Government Credit Ratings
  • Life Insurance Outlook
    • Key Drivers
    • Key Trends
    • Challenges
    • Life Insurance Growth Prospects by Category
      • Table Finnish Life Insurance - Gross Written Premium by Category (EUR Billion), 2010-2014
      • Table Finnish Life Insurance - Gross Written Premium by Category (US$ Billion), 2010-2014
      • Table Finnish Life Insurance - Gross Written Premium by Category (EUR Billion), 2014-2019
      • Table Finnish Life Insurance - Gross Written Premium by Category (US$ Billion), 2014-2019
      • Table Finnish Life Insurance - New Business Direct Written Premium (EUR Billion), 2010-2014
      • Table Finnish Life Insurance - New Business Direct Written Premium (EUR Billion), 2014-2019
      • Table Finnish Life Insurance - Sum Assured (EUR Billion), 2010-2014
      • Table Finnish Life Insurance - Sum Assured (EUR Billion), 2014-2019
      • Table Finnish Life Insurance - Paid Claims (EUR Billion), 2010-2014
      • Table Finnish Life Insurance - Paid Claims (EUR Billion), 2014-2019
      • Table Finnish Life Insurance - Incurred Loss (EUR Billion), 2010-2014
      • Table Finnish Life Insurance - Incurred Loss (EUR Billion), 2014-2019
      • Table Finnish Life Insurance - Number of Policies per Capita, 2010-2014
      • Table Finnish Life Insurance - Number of Policies per Capita, 2014-2019
      • Table Finnish Life Insurance - Commissions and Expenses (EUR Billion), 2010-2014
      • Table Finnish Life Insurance - Commissions and Expenses (EUR Billion), 2014-2019
      • Table Finnish Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%),, 2010-2014
      • Table Finnish Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2014-2019
      • Table Finnish Life Insurance - Renewal Business Direct Written Premium (EUR Billion), 2010-2014
      • Table Finnish Life Insurance - Renewal Business Direct Written Premium (EUR Billion), 2014-2019
      • Table Finnish Life Insurance - Total Assets (EUR Billion), 2010-2014
      • Table Finnish Life Insurance - Total Assets (EUR Billion), 2014-2019
      • Table Finnish Life Insurance - Total Investment Income (EUR Billion), 2010-2014
      • Table Finnish Life Insurance - Total Investment Income (EUR Billion), 2014-2019
      • Table Finnish Life Insurance - Net Written Premium (EUR Billion), 2010-2014
      • Table Finnish Life Insurance - Net Written Premium (EUR Billion), 2014-2019
    • Individual Life Insurance
      • Table Finnish Individual Life Insurance - Direct Written Premium by Category (EUR Billion), 2010-2014
      • Table Finnish Individual Life Insurance - Direct Written Premium by Category (US$ Billion), 2010-2014
      • Table Finnish Individual Life Insurance - Direct Written Premium by Category (EUR Billion), 2014-2019
      • Table Finnish Individual Life Insurance - Direct Written Premium by Category (US$ Billion), 2014-2019
      • Individual whole life insurance
        • Table Finnish Individual Whole Life Insurance - Direct Written Premium (EUR Billion), 2010-2014
        • Table Finnish Individual Whole Life Insurance - Direct Written Premium (EUR Billion), 2014-2019
      • Individual pension insurance
        • Table Finnish Individual Pension Insurance - Direct Written Premium (EUR Billion), 2010-2014
        • Table Finnish Individual Pension Insurance - Direct Written Premium (EUR Billion), 2014-2019
      • Individual endowment insurance
        • Table Finnish Individual Endowment Insurance - Direct Written Premium (EUR Billion), 2010-2014
        • Table Finnish Individual Endowment Insurance - Direct Written Premium (EUR Billion), 2014-2019
      • Other individual life insurance
        • Table Finnish Other Individual Life Insurance - Direct Written Premium (EUR Billion), 2010-2014
        • Table Finnish Other Individual Life Insurance - Direct Written Premium (EUR Billion), 2014-2019
    • Group Life Insurance
      • Table Finnish Group Life Insurance - Direct Written Premium by Category (EUR Billion), 2010-2014
      • Table Finnish Group Life Insurance - Direct Written Premium by Category (US$ Billion), 2010-2014
      • Table Finnish Group Life Insurance - Direct Written Premium by Category (EUR Billion), 2014-2019
      • Table Finnish Group Life Insurance - Direct Written Premium by Category (US$ Billion), 2014-2019
      • Group superannuation insurance
        • Table Finnish Group Superannuation Insurance - Direct Written Premium (EUR Billion), 2010-2014
        • Table Finnish Group Superannuation Insurance - Direct Written Premium (EUR Billion), 2014-2019
      • Other group life insurance
        • Table Finnish Other Group Life Insurance - Direct Written Premium (EUR Billion), 2010-2014
        • Table Finnish Other Group Life Insurance - Direct Written Premium (EUR Billion), 2014-2019
    • Life Insurance Growth Prospects by Product Type
      • Individual single-premium insurance
        • Table Finnish Individual Single-Premium Insurance - Direct Written Premium (EUR Billion), 2010-2014
        • Table Finnish Individual Single-Premium Insurance - Direct Written Premium (EUR Billion), 2014-2019
      • Individual non-single-premium insurance
        • Table Finnish Individual Non-Single-Premium Insurance - Direct Written Premium (EUR Billion), 2010-2014
        • Table Finnish Individual Non-Single-Premium Insurance - Direct Written Premium (EUR Billion), 2014-2019
      • Group single-premium insurance
        • Table Finnish Group Single-Premium Insurance - Direct Written Premium (EUR Billion), 2010-2014
        • Table Finnish Group Single-Premium Insurance - Direct Written Premium (EUR Billion), 2014-2019
      • Group non-single-premium insurance
        • Table Finnish Group Non-Single-Premium Insurance - Direct Written Premium (EUR Billion), 2010-2014
        • Table Finnish Group Non-Single-Premium Insurance - Direct Written Premium (EUR Billion), 2014-2019
      • Total linked insurance business
        • Table Finnish Linked Insurance Business - Direct Written Premium (EUR Billion), 2010-2014
        • Table Finnish Linked Insurance Business - Direct Written Premium (EUR Billion), 2014-2019
      • Total non-linked insurance business
        • Table Finnish Non-Linked Insurance Business - Direct Written Premium (EUR Billion), 2010-2014
        • Table Finnish Non-Linked Insurance Business - Direct Written Premium (EUR Billion), 2014-2019
  • Competitive Landscape and Strategic Insights
    • Overview
      • Table Finnish Life Insurance - Number of Pensioners, 2011-2015
      • Table Finnish Life Insurance - Gross Written Premium (EUR billion), 2011-2015
    • Leading Companies in the Finnish Life Insurance Segment
      • Table Finnish Life Insurance - Segment Shares (%), 2014
      • Varma Mutual Pension Insurance Company - company overview
        • Table Varma Mutual Pension Insurance Company, Key Facts
        • Table Varma Mutual Pension Insurance Company, Key Financials (EUR Million), 2010-2014
      • Ilmarinen Mutual Pension Insurance Company - company overview
        • Table Ilmarinen Mutual Pension Insurance Company, Key Facts
        • Table Ilmarinen Mutual Pension Insurance Company, Key Financials (EUR Million), 2010-2014
      • Elo Mutual Pension Insurance Company - company overview
        • Table Elo Mutual Pension Insurance Company, Key Facts
        • Table Elo Mutual Pension Insurance Company, Key Financials (EUR Million), 2010-2014
      • Nordea Life Assurance Finland Ltd - company overview
        • Table Nordea Life Assurance Finland Ltd, Key Facts
        • Table Nordea Life Assurance Finland Ltd, Key Financials (EUR Million), 2010-2014
      • OP Life Assurance Company Ltd - company overview
        • Table OP Life Assurance Company Ltd, Key Facts
        • Table OP Life Assurance Company Ltd, Key Financials (EUR Million), 2010-2014
      • Mandatum Life Insurance Company Ltd - company overview
        • Table Mandatum Life Insurance Company Ltd, Key Facts
        • Table Mandatum Life Insurance Company Ltd, Key Financials (EUR Million), 2010-2014
      • Etera Mutual Pension Insurance Company - company overview
        • Table Etera Mutual Pension Insurance Company, Key Facts
        • Table Etera Mutual Pension Insurance Company, Key Financials (EUR Million), 2010-2014
      • Veritas Pension Insurance Company Ltd - company overview
        • Table Veritas Pension Insurance Company Ltd, Key Facts
        • Table Veritas Pension Insurance Company Ltd, Key Financials (EUR Million), 2010-2014
      • LocalTapiola Mutual Life Insurance Company - company overview
        • Table LocalTapiola Mutual Life Insurance Company, Key Facts
        • Table LocalTapiola Mutual Life Insurance Company, Key Financials (EUR Million), 2010-2014
      • Fennia Life Insurance Company Ltd - company overview
        • Table Fennia Life Insurance Company Ltd, Key Facts
        • Table Fennia Life Insurance Company Ltd, Key Financials (EUR Million), 2010-2014
  • Governance, Risk and Compliance
    • Table Finland - Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulations
    • Regulations and market practice by Type of Insurance
      • Life insurance
        • Table Finland - Life Insurance Regulatory Framework
      • Property insurance
        • Table Finland - Property Insurance Regulatory Framework
      • Motor insurance
        • Table Finland - Motor Insurance Regulatory Framework
      • Liability insurance
        • Table Finland - Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Motor third-party liability insurance
      • Workers' compensation insurance
      • Pension insurance for private employers
      • Air carriers and aircraft operators insurance
        • Table Finland - Minimum Coverage for Aircraft Third-Party Liability Per Accident and Aircraft
      • Professional indemnity insurance for alternative investment fund managers
      • Professional liability insurance for insurance brokers
    • Supervision and Control
      • International Association of Insurance Supervisors (IAIS)
      • European Insurance and Occupational Pension Authority (EIOPA)
      • Federation of European Risk Management Associations (FERMA)
      • Financial Supervisory Authority
      • The Federation of Finnish Financial Services (FFI)
    • Non-Admitted Insurance Regulations
      • Overview
      • Intermediaries
      • Market practices
      • Fines and penalties
    • Company Registration and Operations
      • Types of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
      • Solvency margins
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
        • Table Finland - Insurance Premium Taxation
      • Withholding tax on insurance premium paid overseas
      • Corporate tax
        • Table Finland - Corporate Tax Rates for the Financial Year 2016
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution (ADR)
  • Definitions and Methodology
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • Appendix
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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