Life Report

Product Insurance Market Reports Life Rev Finland

Key Highlights

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  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Finland's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Finland's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Finland

The Finland life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Finland.  Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Finland and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Finland’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Finland is available.

Axco’s report describes the regulatory framework that applies to the Finland domestic life insurance sector, including whether non-admitted insurance is permitted in Finland; as well as the legislation necessary to know regarding Finland’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Finland with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Finland's market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.


The report describes the public and private healthcare system in Finland, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.


Axco reports on the three pillars of Finland's pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Finland report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

Finland Life and Benefits Report Extract

Below are brief extracts of information from the Finland Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

Total life/non-statutory pension premium income in 2019 was EUR 6.02bn (USD 6.74bn), up almost 38% on 2018. Individual life premium in 2019 totalled EUR 3.83bn (USD 4.29bn).

Savings-related life insurance has only relatively recently begun to assume any real importance in the Finnish market. At the beginning of the 1990s life and pension insurance accounted for about 20% of the whole insurance market (life and non-life); by 2013, however, it made up more than ....


Total statutory pension income for 2019 was EUR 15.61bn (USD 17.00bn), up on 2018, reflecting improved employment and wage figures. Four privately managed mutual pension companies and several funds provide the main pension for employees in the private sector covering over 1.5 million employees. ....

Voluntary individual pension income in 2019 was about EUR 298.05mn (USD 324.78mn). In recent years there has ongoing discussion in the media about pensions and the need for private provision, with the reform of ....


Private medical insurance (PMI) is classed as non-life business in Finland but is written by both life and non-life companies, mainly the latter.

The class is growing slowly; the number of insured lives at the end of 2019 was 1,239,177 (1,207,483 at the end of 2018), of which 468,202 (467,155) were children, 515,133 (495,184) adult individuals and 255,842 (245,143) in employee groups.

There are no official statistics for the amount of premium ....

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