Jennifer Rudden
Research Lead Financial Services & Real estate
The Finnish non-life insurance market is almost completely dominated by four large insurance companies: three based in Finland and one Finnish branch of a Swedish company. These four companies combined own more than 90 percent of the total market in Finland. The largest of these companies is OP Group, which is a financial group providing financial services, such as banks and mortgage banks, but also non-life insurance. Op Group alone covers around one third of the market.
LocalTapiola Group is the second largest company operating on the non-life insurance market in Finland, and is followed by the Finnish branch of the Swedish company If P&C, and then by Fennia. Among the four companies mentioned, Op Group also had the highest earned premiums from non-life insurance, but the Finnish branch of If P&C generated the highest net profits.
The highest aggregated premium income for non-life insurance in Finland was for motor insurance. All cars that are used in traffic in Finland need to have a liability motor insurance, but a casco insurance for the vehicle is not mandatory. The premium income generated from motor insurance was still higher for the vehicles than the motor liability.
The loss ratio of motor vehicle casco insurance in Finland is also higher than for motor liability insurance. The motor vehicle was almost the insurance category with the highest loss ratio, but is a close second after worker’s compensation, which has the highest.
LocalTapiola Group is the second largest company operating on the non-life insurance market in Finland, and is followed by the Finnish branch of the Swedish company If P&C, and then by Fennia. Among the four companies mentioned, Op Group also had the highest earned premiums from non-life insurance, but the Finnish branch of If P&C generated the highest net profits.
The highest aggregated premium income for non-life insurance in Finland was for motor insurance. All cars that are used in traffic in Finland need to have a liability motor insurance, but a casco insurance for the vehicle is not mandatory. The premium income generated from motor insurance was still higher for the vehicles than the motor liability.
The loss ratio of motor vehicle casco insurance in Finland is also higher than for motor liability insurance. The motor vehicle was almost the insurance category with the highest loss ratio, but is a close second after worker’s compensation, which has the highest.
