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Non-Life Insurance in Finland, Key Trends and Opportunities to 2019 Report / Search Code: WGR528197
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Publish Date: 30 June, 2016
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Synops is Timetric’s 'Non-Life Ins urance in Finland, Key Trends and Opportunities to 2019' report provides a detailed outlook by product category for the Finnis h non-life ins urance s egment, and a comparis on of the Finnis h ins urance indus try with its regional counterparts . It provides values for key performance indicators s uch as written premium, incurred los s , los s ratio, commis s ions and expens es , combined ratio, total as s ets , total inves tment income and retentions during the review period (2010–2014) and forecas t period (2014–2019). The report als o analyzes dis tribution channels operating in the s egment, gives a comprehens ive overview of the Finnis h economy and demographics , explains the various types of natural hazard and their impact on the Finnis h ins urance indus try, and provides detailed information on the competitive lands cape in the country. The report brings together Timetric’s res earch, modeling and analys is expertis e, giving ins urers acces s to information on s egment dynamics and competitive advantages , and profiles of ins urers operating in the country. The report als o includes details of ins urance regulations , and recent changes in the regulatory s tructure. Summary Timetric’s 'Non-Life Ins urance in Finland, Key Trends and Opportunities to 2019' report provides in-depth market analys is , information and ins ights into the Finnis h non-life ins urance s egment, including: • The Finnis h non-life ins urance s egment’s detailed outlook by product category • A comprehens ive overview of the Finnis h economy and demographics • A comparis on of the Finnis h ins urance indus try with its regional counterparts • The various dis tribution channels in the Finnis h non-life ins urance s egment • Detailed analys is of natural hazards and their impact on the Finnis h ins urance indus try • Details of the competitive lands cape in the non-life ins urance s egment in Finland • Details of regulatory policy applicable to the Finnis h ins urance indus try Scope This report provides a comprehens ive analys is of the non-life ins urance s egment in Finland: • It provides his torical values for the Finnis h non-life ins urance s egment for the report’s 2010–2014 review period, and projected figures for the 2014–2019 forecas t period. • It offers a detailed analys is of the key categories in the Finnis h non-life ins urance s egment, and market forecas ts to 2019. • It profiles the top non-life ins urance companies in Finland, and outlines the key regulations affecting them. Reas ons To Buy • Make s trategic bus ines s decis ions us ing in-depth his toric and forecas t market data related to the Finnis h non-life ins urance s egment, and each category within it. • Unders tand the demand-s ide dynamics , key market trends and growth opportunities in the Finnis h non-life ins urance s egment. • As s es s the competitive dynamics in the non-life ins urance s egment. • Identify growth opportunities and market dynamics in key product categories . • Gain ins ights into key regulations governing the Finnis h ins urance indus try, and their impact on companies and the indus try's future. Key Highlights • The Finnis h non-life ins urance direct written premium increas ed at a review-period CAGR of 6.0%. • Effective from the firs t quarter of 2014, flood ins urance is privatized in Finland. • A ris e in new vehicle s ales primarily s upported the growth of motor ins urance products ’ s ales during the review period.
• The Finnis h Trans port Safety Agency (Trafi) and ins urers are working together to launch a new s ervice for cus tomers to ins ure and regis ter the vehicle at the s ame time. • In November 2015, the EU Commis s ion propos ed the es tablis hment of a European Depos it Ins urance Scheme (EDIS) to reduce the public finance ris ks from banks . • • Solvency II was implemented on January 1, 2016. Contents:
Table of Contents 1 Key Facts and Highlights 2 Executive Summary 3 Economy and Demographics 4 Segment Outlook 4.1 Regional Comparis on 4.2 Segment Indicators 4.2.1 Gros s written premium and penetration 4.2.2 Claims 4.2.3 Profitability 4.2.4 As s ets and inves tments 5 Outlook by Category 5.1 Property Ins urance 5.1.1 Product overview 5.1.2 Premium 5.1.3 Profitability 5.2 Motor Ins urance 5.2.1 Product overview 5.2.2 Premium 5.2.3 Profitability 5.3 Liability Ins urance 5.3.1 Product overview 5.3.2 Premium 5.3.3 Profitability 5.4 Marine, Aviation and Trans it Ins urance 5.4.1 Product overview 5.4.2 Premium 5.4.3 Profitability 6 Dis tribution Channel Outlook 6.1 Analys is by Dis tribution Channel 7 Natural Hazards 7.1 Flooding 7.2 Storms 7.3 Earthquakes 7.4 Extreme Temperatures 7.5 Expos ure to Natural Hazards 8 Competitive Lands cape 8.1 Overview 8.2 Leading Companies in the Finnis h Non-Life Ins urance Segment 8.2.1 OP Ins urance Ltd – company overview 8.2.2 If P& C Ins urance Company Ltd – company overview 8.2.3 LocalTapiola General Mutual Ins urance Company – company overview 8.2.4 LocalTapiola Regionals – company overview 8.2.5 Fennia Mutual Ins urance Company – company overview 9 Governance, Ris k and Compliance 9.1 Legis lation Overview and His torical Evolution 9.2 Lates t Changes in Regulations 9.3 Regulations and market practice by Type of Ins urance 9.3.1 Life ins urance 9.3.2 Property ins urance 9.3.3 Motor ins urance 9.3.4 Liability ins urance 9.3.5 Marine, aviation and trans it ins urance 9.3.6 Pers onal accident and health ins urance 9.4 Compuls ory Ins urance 9.4.1 Motor third-party liability ins urance 9.4.2 Workers ’ compens ation ins urance 9.4.3 Pens ion ins urance for private employers 9.4.4 Air carriers and aircraft operators ins urance 9.4.5 Profes s ional indemnity ins urance for alternative inves tment fund managers 9.4.6 Profes s ional liability ins urance for ins urance brokers 9.5 Supervis ion and Control 9.5.1 International As s ociation of Ins urance Supervis ors (IAIS) 9.5.2 European Ins urance and Occupational Pens ion Authority (EIOPA) 9.5.3 Federation of European Ris k Management As s ociations (FERMA) 9.5.4 Financial Supervis ory Authority 9.5.5 The Federation of Finnis h Financial Services (FFI) 9.6 Non-Admitted Ins urance Regulations 9.6.1 Overview
9.6.2 Intermediaries 9.6.3 Market practices 9.6.4 Fines and penalties 9.7 Company Regis tration and Operations 9.7.1 Types of ins urance organization 9.7.2 Es tablis hing a local company 9.7.3 Foreign owners hip 9.7.4 Types of licens e 9.7.5 Capital requirements 9.7.6 Solvency margins 9.7.7 Res erve requirements 9.7.8 Inves tment regulations 9.7.9 Statutory return requirements 9.7.10 Fee s tructure 9.8 Taxation 9.8.1 Ins urance premium or policy taxation 9.8.2 Withholding tax on ins urance premium paid overs eas 9.8.3 Corporate tax 9.8.4 VAT 9.8.5 Captives 9.9 Legal Sys tem 9.9.1 Introduction 9.9.2 Acces s to court 9.9.3 Alternative dis pute res olution (ADR) 10 Databook 10.1 Policies and Premium 10.2 Claims and Expens es 10.3 As s ets and Inves tments 10.4 Direct Marketing and E-Commerce 10.5 Ins urance Brokers and Agencies 10.6 Bancas s urance and Other Dis tribution Channels 10.7 Property Ins urance 10.8 Property Ins urance by Product 10.9 Motor Ins urance 10.1 Motor Ins urance by Product 10.11 Liability Ins urance 10.12 Marine, Aviation and Trans it Ins urance 11 Definitions and Methodology 11.1 Definitions 11.2 Methodology 12 About Timetric 12.1 Contact Timetric 12.2 About Timetric 12.3 Timetric’s Services 12.4 Dis claimer Lis t of Tables Table 1: Finnis h Non-Life Ins urance – Key Facts , 2014 Table 2: Finnis h Non-Life Ins urance – Segment Shares of the Top Ins urers , 2014 Table 3: Finnis h Humanitarian Aid by Country, 2015 Table 4: Finnis h Government Credit Ratings Table 5: Finnis h Non-Life Ins urance – Gros s Written Premium (EUR Billion and US$ Billion), 2010–2014 Table 6: Finnis h Non-Life Ins urance – Penetration (%), 2010–2014 Table 7: Finnis h Non-Life Ins urance – Gros s Written Premium (EUR Billion and US$ Billion), 2014–2019 Table 8: Finnis h Non-Life Ins urance – Penetration (%), 2014–2019 Table 9: Finnis h Non-Life Ins urance – Premium per Capita (EUR and US$), 2010–2014 Table 10: Finnis h Non-Life Ins urance – Premium per Capita (EUR and US$), 2014 –2019 Table 11: Finnis h Non-Life Ins urance – Paid Claims (EUR Billion and US$ Billion), 2010 –2014 Table 12: Finnis h Non-Life Ins urance – Paid Claims (EUR Billion and US$ Billion), 2014 –2019 Table 13: Finnis h Non-Life Ins urance – Profitability Ratio (%), 2010–2014 Table 14: Finnis h Non-Life Ins urance – Profitability Ratio (%), 2014–2019 Table 15: Finnis h Non-Life Ins urance – Total As s ets (EUR Billion and US$ Billion), 2010–2014 Table 16: Finnis h Non-Life Ins urance – Total As s ets (EUR Billion and US$ Billion), 2014–2019 Table 17: Finnis h Non-Life Ins urance – Total Inves tment Income (EUR Million and US$ Million), 2010–2014 Table 18: Finnis h Non-Life Ins urance – Total Inves tment Income (EUR Million and US$ Million), 2014–2019 Table 19: Finnis h Non-Life Ins urance – Inves tment Portfolio (EUR Million), 2010–2014 Table 20: Finnis h Non-Life Ins urance – Inves tment Portfolio (EUR Million), 2014–2019 Table 21: Finnis h Non-Life Ins urance – Direct Written Premium by Category (EUR Million), 2010–2014 Table 22: Finnis h Non-Life Ins urance – Direct Written Premium by Category (EUR
Million), 2014–2019 Table 23: Finnis h Property Ins urance – Direct Written Premium by Sub-Category (EUR Million), 2010–2014 Table 24: Finnis h Property Ins urance – Direct Written Premium by Sub-Category (EUR Million), 2014–2019 Table 25: Finnis h Property Ins urance – Los s Ratio (%), 2010–2014 Table 26: Finnis h Property Ins urance – Los s Ratio (%), 2014–2019 Table 27: Finnis h Motor Ins urance – Number of Motor Hull and Motor Third-Party Liability Ins urance Policies , 2012–2014 Table 28: Finnis h Motor Ins urance – New Vehicle Tax, 2016 Table 29: Finnis h Motor Ins urance – Direct Written Premium by Sub-Category (EUR Million), 2010–2014 Table 30: Finnis h Motor Ins urance – Direct Written Premium by Sub-Category (EUR Million), 2014–2019 Table 31: Finnis h Motor Ins urance – Los s Ratio (%), 2010–2014 Table 32: Finnis h Motor Ins urance – Los s Ratio (%), 2014–2019 Table 33: Finnis h Liability Ins urance – Gros s Written Premium (EUR Million), 2010 –2014 Table 34: Finnis h Liability Ins urance – Gros s Written Premium (EUR Million), 2014 –2019 Table 35: Finnis h Liability Ins urance – Los s Ratio (%), 2010–2014 Table 36: Finnis h Liability Ins urance – Los s Ratio (%), 2014–2019 Table 37: Finnis h Marine, Aviation and Trans it Ins urance – Direct Written Premium (EUR Million), 2010–2014 Table 38: Finnis h Marine, Aviation and Trans it Ins urance – Direct Written Premium (EUR Million), 2014–2019 Table 39: Finnis h Marine, Aviation and Trans it Ins urance – Los s Ratio (%), 2010–2014 Table 40: Finnis h Marine, Aviation and Trans it Ins urance – Los s Ratio (%), 2014–2019 Table 41: Finnis h Non-Life Ins urance – Direct Written Premium by Dis tribution Channel (EUR Million), 2010–2014 Table 42: Finnis h Non-Life Ins urance – Direct Written Premium by Dis tribution Channel (EUR Million), 2014–2019 Table 43: Finnis h Non-Life Ins urance – Direct Written Premium by Dis tribution Channel (%), 2010–2019 Table 44: Finnis h Ins urance Indus try – Seas onal Weather Conditions Table 45: Finnis h Ins urance indus try – Earthquakes , 2010–2015 Table 46: Shares of Key Ins urers in the Finnis h Non-Life Ins urance Segment (%), 2014 Table 47: OP Ins urance Ltd – Key Facts Table 48: OP Ins urance Ltd – Key Financials (EUR Million), 2010–2014 Table 49: If P& C Ins urance Company Ltd – Key Facts Table 50: If P& C Ins urance Company Ltd – Key Financials (EUR Million), 2010–2014 Table 51: LocalTapiola General Mutual Ins urance Company – Key Facts Table 52: LocalTapiola General Mutual Ins urance Company – Key Financials (EUR Million), 2010–2014 Table 53: LocalTapiola Regionals – Key Facts Table 54: LocalTapiola Regionals – Key Financials (EUR Million), 2010–2014 Table 55: Fennia Mutual Ins urance Company – Key Facts Table 56: Fennia Mutual Ins urance Company – Key Financials (EUR Million), 2010 –2014 Table 57: Finland – Ins urance Regulatory Framework Key Features Table 58: Finland – Life Ins urance Regulatory Framework Table 59: Finland – Property Ins urance Regulatory Framework Table 60: Finland – Motor Ins urance Regulatory Framework Table 61: Finland – Liability Ins urance Regulatory Framework Table 62: Finland – Minimum Coverage for Aircraft Third-Party Liability Per Accident and Aircraft Table 63: Finland – Ins urance Premium Taxation Table 64: Finland – Corporate Tax Rates for the Financial Year 2016 Table 65: Finnis h Ins urance Indus try – Policies and Premium, 2010–2014 Table 66: Finnis h Ins urance Indus try – Policies and Premium, 2014–2019 Table 67: Finnis h Non-Life Ins urance – Claims and Expens es , 2010–2014 Table 68: Finnis h Non-Life Ins urance – Claims and Expens es , 2014–2019 Table 69: Finnis h Non-Life Ins urance – As s ets and Inves tments , 2010–2014 Table 70: Finnis h Non-Life Ins urance – As s ets and Inves tments , 2014–2019 Table 71: Finnis h Non-Life Ins urance – Direct Marketing, 2010–2014 Table 72: Finnis h Non-Life Ins urance – Direct Marketing and E-Commerce, 2014–2019 Table 73: Finnis h Non-Life Ins urance – Ins urance Brokers and Agencies , 2010–2014 Table 74: Finnis h Non-Life Ins urance – Ins urance Brokers and Agencies , 2014–2019 Table 75: Finnis h Non-Life Ins urance – Bancas s urance and Other Dis tribution Channels , 2010–2014 Table 76: Finnis h Non-Life Ins urance – Bancas s urance and Other Dis tribution Channels , 2014–2019 Table 77: Finnis h Non-Life Ins urance – Property Ins urance, 2010–2014 Table 78: Finnis h Non-Life Ins urance – Property Ins urance, 2014–2019 Table 79: Finnis h Non-Life Ins urance – Property Ins urance by Product, 2010–2014 Table 80: Finnis h Non-Life Ins urance – Property Ins urance by Product, 2014–2019 Table 81: Finnis h Non-Life Ins urance – Motor Ins urance, 2010–2014
Table 82: Finnis h Non-Life Ins urance – Motor Ins urance, 2014–2019 Table 83: Finnis h Non-Life Ins urance – Motor Ins urance by Product, 2010–2014 Table 84: Finnis h Non-Life Ins urance – Motor Ins urance by Product, 2014–2019 Table 85: Finnis h Non-Life Ins urance – Liability Ins urance, 2010–2014 Table 86: Finnis h Non-Life Ins urance – Liability Ins urance, 2014–2019 Table 87: Finnis h Non-Life Ins urance – Marine, Aviation and Trans it Ins urance, 2010 –2014 Table 88: Finnis h Non-Life Ins urance – Marine, Aviation and Trans it Ins urance, 2014 –2019 Table 89: Ins urance Indus try Definitions Lis t of Figures Figure 1: Finnis h Real GDP (EUR Billion), 2010–2019 Figure 2: EUR – US$ Exchange Rate, 2010–2019 Figure 3: Finnis h Cons umer Price Inflation, 2010–2019 Figure 4: Finnis h Current Account Balance as Percentage of GDP (%), 2010–2014 Figure 5: Finnis h Unemployment Rate, 2010–2019 Figure 6: Finnis h Population by Age Group, 1991–2025 Figure 7: Finnis h Non-Life Ins urance Penetration – Regional Comparis on (%), 2014 Figure 8: Finnis h Ins urance Segment Direct Written Premium Shares – Regional Comparis on (%), 2014 Figure 9: Finnis h Non-Life Ins urance – Gros s Written Premium (EUR Billion), 2010 –2019 Figure 10: Finnis h Non-Life Ins urance – Penetration (%), 2010–2019 Figure 11: Finnis h Non-Life Ins urance – Premium per Capita (EUR), 2010–2019 Figure 12: Finnis h Non-Life Ins urance – Paid Claims (EUR Billion), 2010–2019 Figure 13: Finnis h Non-Life Ins urance – Profitability Ratio (%), 2010–2019 Figure 14: Finnis h Non-Life Ins urance – Total As s ets (EUR Billion), 2010–2019 Figure 15: Finnis h Non-Life Ins urance – Total Inves tment Income (EUR Million), 2010 –2019 Figure 16: Finnis h Non-Life Ins urance – Inves tment Portfolio (EUR Million), 2010–2019 Figure 17: Finnis h Non-Life Ins urance – Inves tment Portfolio Dynamics by Category, 2010–2019 Figure 18: Finnis h Non-Life Ins urance – Direct Written Premium by Category (EUR Million and US$ Million), 2010–2019 Figure 19: Finnis h Non-Life Ins urance – Direct Written Premium Dynamics by Category, 2010–2019 Figure 20: Finnis h Property Ins urance – Burglaries by Type, 2013–2014 Figure 21: Finnis h Property Ins urance – Cons truction Value Output by Category (EUR Billion), 2010–2014 Figure 22: Finnis h Property Ins urance – Direct Written Premium by Sub-Category (EUR Million), 2010–2019 Figure 23: Finnis h Property Ins urance – Direct Written Premium Dynamics by SubCategory, 2010–2019 Figure 24: Finnis h Property Ins urance – Earned Premium, Incurred Los s and Los s Ratio (EUR Million and %), 2010–2019 Figure 25: Finnis h Motor Ins urance – Number of New Vehicles Regis tered, 2010–2015 Figure 26: Finnis h Motor Ins urance – Direct Written Premium by Sub-Category (EUR Million), 2010–2019 Figure 27: Finnis h Motor Ins urance – Direct Written Premium Dynamics by SubCategory, 2010–2019 Figure 28: Finnis h Motor Ins urance– Earned Premium, Incurred Los s and Los s Ratio (EUR Million and %), 2010–2019 Figure 29: Finnis h Liability Ins urance – Number of Accidents at Work Place, 2010 –2014 Figure 30: Finnis h Patient Ins urance – Number of Claims Rejected and Entitled to Indemnity, 2010–2015 Figure 31: Finnis h Patient Ins urance – Premiums and Claims (EUR Million), 2010 –2015 Figure 32: Finnis h Liability Ins urance – Gros s Written Premium (EUR Million), 2010 –2019 Figure 33: Finnis h Liability Ins urance – Earned Premium, Incurred Los s and Los s Ratio (EUR Million and %), 2010–2019 Figure 34: Finnis h Aviation Ins urance – Number of Air Pas s engers , 2010–2015 Figure 35: Finnis h Aviation Ins urance – Domes tic and International Freight (Tons ), 2010–2015 Figure 36: Finnis h Marine, Aviation and Trans it Ins urance – Direct Written Premium (EUR Million), 2010–2019 Figure 37: Finnis h Marine, Aviation and Trans it Ins urance – Earned Premium, Incurred Los s and Los s Ratio (EUR Million and %), 2010–2019 Figure 38: Finnis h Non-Life Ins urance – Direct Written Premium by Dis tribution Channel (%), 2010, 2014 and 2019 Figure 39: Finnis h Frequency of Hazards by Type, 1990–2014 Figure 40: Finnis h Earthquakes Recorded by Region, June 2013 – May 2016 Figure 41: Shares of Key Ins urers in the Finnis h Non-Life Ins urance Segment (%), 2014 Figure 42: Finland – The Three Pillars of Solvency II Figure 43: Finland – Ins urance Supervis ion and Control at Various Levels Figure 44: Finland – Ins urance Regulatory Frameworks for Company Regis tration and
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