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Life Insurance in Finland, Key

Trends and Opportunities to 2018

Market Intelligence Report

Reference code: IS0777MR

Published: January 2015

www.timetric.com

Timetric

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7 Carmelite Street

London EC4Y 0BS

United Kingdom

Tel: +44 (0)20 7936 6400

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http://www.timetric.com/

Life Insurance in Finland, Key Trends and Opportunities to 2018 Page 2

© Timetric. This product is licensed and is not to be photocopied Published: January 2015

1 Executive Summary

Timetric’s “Life Insurance in Finland, Key Trends and Opportunities to 2018” report provides detailed

analysis of the market trends, drivers, challenges in the Finnish life insurance segment. It provides values

of a number of Key Performance Indicators (KPI) such as written premium, incurred loss, loss ratio,

commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and

retentions during the review period (2009–2013) and forecast period (2014–2018). The report also

analyses various distribution channels operating in the segment and provides detailed information

pertaining to the competitive landscape in the country.

This brings together Timetric’s research, modeling, and analysis expertise in order to develop an

insightful report. This allows insurers to identify segment dynamics, competitive advantage and profile of

insurers operating in the country. The report also covers a detailed regulatory policies and recent

changes in regulatory structure.

1.1 Synopsis

The 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

The various distribution channels in the Finnish life insurance segment

The detailed competitive landscape in the life insurance segment in Finland

Detailed regulatory policies of the Finnish insurance industry

Analysis of various consumer segments in Finnish life insurance

Key developments in the Finnish life insurance segment

New products launched by Finnish life insurers

1.2 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 the 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.



2 Finnish Insurance Industry Attractiveness

2.1 Insurance Industry Size, 2009–2018

Figure 1: Finnish Insurance – Gross Written Premium by Segment (EUR Billion), 2009–2018

Source: The Financial Supervisory Authority (FIN-FSA) and Timetric analysis © Timetric

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

EU

R B

illio

n

Life Non-life Personal accident and health



Table 1: Finnish Insurance – Gross Written Premium by Segment (Percentage Share), 2009–2018

Segment 2009 2013 2018

Life

Non-life

Personal accident and health

Overall 100.0% 100.0% 100.0%


Figure 2: Finnish Insurance – Gross Written Premium Dynamics by Segment (2009–2018)


Note: Bubble size represents the 2013 segment value

CA

GR

2013–2018

CAGR 2009–2013

Life Non-Life Personal accident and health



3 Life Insurance Outlook

3.1 Life Insurance Growth Prospects by Category

Figure 3: Finnish Life Insurance – Gross Written Premium by Category (EUR Billion), 2009–2018


Note: The individual others category includes unit-linked products

Figure 4: Finnish Life Insurance – Gross Written Premium by Category (Percentage Share), 2013

and 2018


Note: The individual others category includes unit-linked products

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

EU

R B

illio

n

Group superannuation Pension Group whole life Endowment Individual other Group life others

Group superannuation Pension Group whole life

Endowment Individual other Group life others

Inner Circle 2013Outer Circle 2018



4 Methodology

All Timetric insurance reports are created by following a comprehensive, four-stage methodology. This

includes market study, research, analysis and quality control.

1) Market Study

A. Standardization

Definitions are specified using recognized industry classifications. The same definition is

used for every country.

Annual average currency exchange rates are used for the latest completed year. These are

then applied across both the historical and forecast data to remove exchange rate

fluctuations.

B. Internal audit

Review of in-house databases to gather existing data:

Historic market databases and reports

Company database

C. Trend monitoring

Review of the latest insurance companies and industry trends

2) Research

A. Sources

Collection of the latest market-specific data from a wide variety of industry sources:

Government statistics

Industry associations

Company filings

International organizations

Insurance regulatory agencies

B. Expert opinion

Collation of opinion taken from leading insurance industry experts

Analysis of third-party opinion and forecasts:

Broker reports

Media

Official government sources

C. Data consolidation and verification

Consolidation of data and opinion to create historical datasets

Creation of models to benchmark data across sectors and regions

3) Analysis

A. Market forecasts

Feeding forecast data into market models:

Macroeconomic indicators

Industry-specific drivers

Analysis of insurance industry database to identify trends:

Latest insurance trends

Key drivers of the insurance industry



B. Report writing

Analysis of market data

Discussion of company and industry trends and issues

Review of financial deals and insurance trends

4) Quality Control

Templates

Detailed process manuals

Standardized report templates and accompanying style guides

Complex forecasting tools to ensure that forecast methodologies are consistently applied

Quality-control checklists

Quality-control process

Peer review

Senior-level QC

Random spot checks on data integrity

Benchmark checks across databases

Market data cross-checked for consistency with accumulated data from:

Company filings

Government sources

4.1 Related Reports

Life Insurance in Greece, Key Trends and Opportunities to 2018

Life Insurance in Poland, Key Trends and Opportunities to 2018

Life Insurance in Colombia, Key Trends and Opportunities to 2018

Life Insurance in Russia, Key Trends and Opportunities to 2018

Life Insurance in Mexico, Key Trends and Opportunities to 2018

Life Insurance in Argentina, Key Trends and Opportunities to 2018



TABLE OF CONTENTS

1 Key Facts and Events ..................................................................................................... 2

2 Executive Summary ........................................................................................................ 3

3 Introduction ................................................................................................................... 16

3.1 What is this Report About? ..................................................................................................... 16

3.2 Definitions .............................................................................................................................. 16

3.3 Methodology ........................................................................................................................... 18

4 Finnish Insurance Industry Attractiveness ................................................................ 20

4.1 Insurance Industry Size, 2009–2018 ...................................................................................... 21

5 Life Insurance Outlook ................................................................................................. 29

5.1 Consumer Segmentation ........................................................................................................ 30

5.2 Key Drivers............................................................................................................................. 33

5.3 Key Trends ............................................................................................................................. 34

5.4 Challenges ............................................................................................................................. 35

5.5 Life Insurance Growth Prospects by Category ........................................................................ 36

5.6 Individual Life Insurance ......................................................................................................... 72

5.6.1 Individual pension insurance ............................................................................................................ 83

5.6.2 Individual endowment insurance ...................................................................................................... 87

5.6.3 Other individual other insurance....................................................................................................... 91

5.7 Group Life Insurance .............................................................................................................. 95

5.7.1 Group whole life insurance ............................................................................................................. 106

5.7.2 Group superannuation insurance ................................................................................................... 110

5.7.3 Other group life insurance .............................................................................................................. 114

5.8 Life Insurance Growth Prospects by Customer Segment...................................................... 118

5.8.1 Individual single-premium insurance .............................................................................................. 118

5.8.2 Individual non-single-premium insurance ....................................................................................... 124

5.8.3 Group single-premium insurance ................................................................................................... 130

5.8.4 Group non-single-premium insurance ............................................................................................ 136

5.9 Life Insurance Growth Prospects by Product Type ............................................................... 142

5.9.1 Total linked insurance business ..................................................................................................... 142

5.9.2 Total non-linked insurance business .............................................................................................. 148

6 Analysis by Distribution Channel .............................................................................. 154

6.1 Direct Marketing ................................................................................................................... 156

6.2 Bancassurance .................................................................................................................... 164

6.3 Agencies .............................................................................................................................. 172

6.4 E-Commerce ........................................................................................................................ 180

6.5 Brokers ................................................................................................................................. 188

6.6 Other Channels .................................................................................................................... 196

7 Governance, Risk and Compliance ........................................................................... 204



7.1 Legislation Overview and Historical Evolution ...................................................................... 205

7.2 Regulations by Type of Insurance ........................................................................................ 208

7.2.1 Life insurance regulations .............................................................................................................. 208

7.2.2 Property insurance regulations ....................................................................................................... 209

7.2.3 Motor insurance regulations ........................................................................................................... 211

7.2.4 Marine, aviation and transit insurance regulations ......................................................................... 212

7.2.5 Personal accident and health insurance regulations...................................................................... 212

7.3 Compulsory Insurance ......................................................................................................... 213

7.3.1 Motor third-party liability insurance................................................................................................. 213

7.3.2 Workers’ compensation insurance ................................................................................................. 214

7.3.3 Air carriers and aircraft operators insurance .................................................................................. 215

7.4 Supervision and Control ....................................................................................................... 217

7.4.1 International Association of Insurance Supervisors (IAIS) ............................................................. 217

7.4.2 European Insurance and Occupational Pension Authority (EIOPA) .............................................. 218

7.4.3 Financial Supervisory Authority (FSA) ........................................................................................... 218

7.5 Non-Admitted Insurance Regulations ................................................................................... 219

7.5.1 Overview ......................................................................................................................................... 219

7.5.2 Intermediaries ................................................................................................................................. 219

7.5.3 Market practices ............................................................................................................................. 219

7.5.4 Fines and penalties ........................................................................................................................ 220

7.6 Company Registration and Operations ................................................................................. 221

7.6.1 Types of insurance organization .................................................................................................... 222

7.6.2 Establishing a local company ......................................................................................................... 222

7.6.3 Foreign ownership .......................................................................................................................... 223

7.6.4 Types of license.............................................................................................................................. 224

7.6.5 Capital requirements ...................................................................................................................... 225

7.6.6 Solvency margins ........................................................................................................................... 225

7.6.7 Reserve requirements .................................................................................................................... 226

7.6.8 Investment regulations ................................................................................................................... 226

7.6.9 Statutory return requirements ......................................................................................................... 226

7.6.10 Fee structure .................................................................................................................................. 227

7.7 Taxation ............................................................................................................................... 228

7.7.1 Insurance premium or policy taxation ............................................................................................ 228

7.7.2 Withholding tax on insurance premium paid overseas................................................................... 228

7.7.3 Corporate tax .................................................................................................................................. 228

7.7.4 VAT ................................................................................................................................................. 229

7.7.5 Captives .......................................................................................................................................... 229

7.8 Legal System ....................................................................................................................... 230

7.8.1 Introduction ..................................................................................................................................... 230

7.8.2 Access to court ............................................................................................................................... 230

7.8.3 Alternative dispute resolution (ADR) .............................................................................................. 231

8 Competitive Landscape and Strategic Insights ....................................................... 232



8.1 Overview .............................................................................................................................. 232

8.2 Leading Companies in the Finnish Life Segment .................................................................. 233

8.3 Comparison of the Top Five Insurers.................................................................................... 234

8.3.1 Gross written premium ................................................................................................................... 234

8.3.2 Incurred loss ................................................................................................................................... 235

8.3.3 Total assets .................................................................................................................................... 236

8.4 Leading Life Insurers – New Product Launches ................................................................... 237

8.5 Leading Life Insurers – Key Developments .......................................................................... 237

8.6 Varma Mutual Pension Insurance Company – Company Overview ...................................... 238

8.6.1 Varma Mutual Pension Insurance Company – key facts ............................................................... 238

8.6.2 Varma Mutual Pension Insurance Company – key financials ........................................................ 238

8.7 Ilmarinen Mutual Pension Insurance Company – Company Overview .................................. 239

8.7.1 Ilmarinen Mutual Pension Insurance Company – key facts ........................................................... 239

8.7.2 Ilmarinen Mutual Pension Insurance Company – key financials .................................................... 239

8.8 Nordea Life Assurance Finland Ltd – Company Overview .................................................... 240

8.8.1 Nordea Life Assurance Finland Ltd – key facts .............................................................................. 240

8.8.2 Nordea Life Assurance Finland Ltd – key financials ...................................................................... 240

8.9 LocalTapiola Mutual Pension Insurance Company – Company Overview ............................ 241

8.9.1 LocalTapiola Mutual Pension Insurance Company – key facts ..................................................... 241

8.9.2 LocalTapiola Mutual Pension Insurance Company – key financials .............................................. 241

8.10 Fennia Mutual Pension Insurance Company – Company Overview ..................................... 242

8.10.1 Fennia Mutual Pension Insurance Company – key facts ............................................................... 242

8.10.2 Fennia Mutual Pension Insurance Company – key financials ....................................................... 242

8.11 OP Life Assurance Company Ltd – Company Overview ....................................................... 243

8.11.1 OP Life Assurance Company Ltd – key facts ................................................................................. 243

8.11.2 OP Life Assurance Company Ltd – key financials ......................................................................... 243

8.12 Mandatum Life Insurance Company Ltd – Company Overview ............................................ 244

8.12.1 Mandatum Life Insurance Company Ltd – key facts ...................................................................... 244

8.12.2 Mandatum Life Insurance Company Ltd – key financials .............................................................. 244

8.13 Etera Mutual Pension Insurance Company – Company Overview ........................................ 245

8.13.1 Etera Mutual Pension Insurance Company – key facts ................................................................. 245

8.13.2 Etera Mutual Pension Insurance Company – key financials .......................................................... 245

8.14 Veritas Pension Insurance Company Ltd – Company Overview ........................................... 246

8.14.1 Veritas Pension Insurance Company Ltd – key facts..................................................................... 246

8.14.2 Veritas Pension Insurance Company Ltd – key financials ............................................................. 246

8.15 LocalTapiola Mutual Life Insurance Company – Company Overview ................................... 247

8.15.1 LocalTapiola Mutual Life Insurance Company – key facts ............................................................. 247

8.15.2 LocalTapiola Mutual Life Insurance Company – key financials ..................................................... 247

9 Appendix – 1 ............................................................................................................... 248

9.1 Business Confidence ............................................................................................................ 248

9.1.1 Market capitalization trend – Helsinki Stock Exchange (HSE), Finland ......................................... 248



9.2 Economic Performance ........................................................................................................ 249

9.2.1 GDP at constant prices (US$) ........................................................................................................ 249

9.2.2 GDP per capita at constant prices (US$) ....................................................................................... 250

9.2.3 GDP at current prices (US$) .......................................................................................................... 251

9.2.4 GDP per capita at current prices (US$) ......................................................................................... 252

9.2.5 GDP by key sector ......................................................................................................................... 253

9.2.6 Agriculture, hunting, forestry and fishing net output at current prices (US$) ................................. 254

9.2.7 Agriculture, hunting, forestry and fishing net output at current prices as a percentage of gdp ...... 255

9.2.8 Manufacturing net output at current prices (US$) .......................................................................... 256

9.2.9 Manufacturing net output at current prices as a percentage of GDP ............................................. 257

9.2.10 Mining, manufacturing and utilities at current prices (US$) ........................................................... 258

9.2.11 Mining, manufacturing and utilities at current prices, as percentage of GDP ................................ 259

9.2.12 Construction net output at current prices (US$) ............................................................................. 260

9.2.13 Construction net output at current prices as a percentage of GDP ............................................... 261

9.2.14 Inflation rate .................................................................................................................................... 262

9.2.15 Exports as a percentage of GDP.................................................................................................... 263

9.2.16 Imports as a percentage of GDP .................................................................................................... 264

9.2.17 Merchandise exports growth .......................................................................................................... 265

9.2.18 Merchandise imports growth .......................................................................................................... 266

9.2.19 Annual average exchange rate US$-EUR ..................................................................................... 267

9.3 Infrastructure ........................................................................................................................ 268

9.3.1 Commercial vehicle exports – total value ....................................................................................... 268

9.3.2 Commercial vehicle imports – total value ....................................................................................... 269

9.3.3 Automotive exports – total value .................................................................................................... 270

9.3.4 Automotive imports – total value .................................................................................................... 271

9.3.5 Total internet subscribers ............................................................................................................... 272

9.4 Labor Force .......................................................................................................................... 273

9.4.1 Labor force ..................................................................................................................................... 273

9.4.2 Unemployment rate ........................................................................................................................ 274

9.5 Demographics ...................................................................................................................... 275

9.5.1 Household consumption expenditure (US$) .................................................................................. 275

9.5.2 Total population .............................................................................................................................. 276

9.5.3 Urban and rural populations ........................................................................................................... 277

9.5.4 Age distribution of the total population ........................................................................................... 278

9.5.5 Life Expectancy .............................................................................................................................. 279

10 Appendix – 2 ............................................................................................................... 280

10.1 Methodology ......................................................................................................................... 280

10.2 Contact Timetric ................................................................................................................... 280

10.3 About Timetric ...................................................................................................................... 280

10.4 Timetric’s Services ............................................................................................................... 281

10.5 Disclaimer ............................................................................................................................ 282



LIST OF FIGURES

Figure 1: Finnish Insurance – Gross Written Premium by Segment (EUR Billion), 2009–2018 ..................................................................... 23 Figure 2: Finnish Insurance – Dynamics by Segment, Gross Written Premium (2009–2018) ....................................................................... 24 Figure 3: Finnish Insurance – Direct Written Premium by Segment (EUR Billion), 2009–2018 ..................................................................... 27 Figure 4: Finnish Insurance – Dynamics by Segment, Direct Written premium (2009–2018)........................................................................ 28 Figure 5: Finnish Life Insurance – Number of Active Policies and Gross Written Premium (Percentage Share), 2013 ................................. 30 Figure 6: Unemployment Rate (%), 2009–2013 ........................................................................................................................................... 31 Figure 7: Rural and Urban Populations (%), 2009–2013 .............................................................................................................................. 31 Figure 8: Finnish Population Distribution by Age Group (%), 2009–2013 ..................................................................................................... 32 Figure 9: Finnish Life Insurance – Gross Written Premium by Category (EUR Billion), 2009–2018 .............................................................. 38 Figure 10: Finnish Life Insurance – Gross Written Premium by Category (Percentage Share), 2013 and 2018 ........................................... 38 Figure 11: Finnish Life Insurance – Dynamics by Category, 2009–2018 ...................................................................................................... 39 Figure 12: Finnish Life Insurance – New Business Written Premium (EUR Billion), 2009–2013 ................................................................... 40 Figure 13: Finnish Life Insurance – New Business Written Premium (EUR Billion), 2013–2018 ................................................................... 41 Figure 14: Finnish Life Insurance – Earned Premium (EUR Billion), 2009–2013 .......................................................................................... 42 Figure 15: Finnish Life Insurance – Earned Premium (EUR Billion), 2013–2018 .......................................................................................... 43 Figure 16: Finnish Life Insurance – Sum Assured (EUR Billion), 2009–2013 ............................................................................................... 44 Figure 17: Finnish Life Insurance – Sum Assured (EUR Billion), 2013–2018 ............................................................................................... 45 Figure 18: Finnish Life Insurance – Paid Claims (EUR Billion), 2009–2013.................................................................................................. 46 Figure 19: Finnish Life Insurance – Paid Claims (EUR Billion), 2013–2018.................................................................................................. 47 Figure 20: Finnish Life Insurance – Incurred Loss (EUR Billion), 2009–2013 ............................................................................................... 48 Figure 21: Finnish Life Insurance – Incurred Loss (EUR Billion), 2013–2018 ............................................................................................... 49 Figure 22: Finnish Life Insurance – Loss Ratio (%), 2009–2013 .................................................................................................................. 50 Figure 23: Finnish Life Insurance – Loss Ratio (%), 2013–2018 .................................................................................................................. 51 Figure 24: Finnish Life Insurance – Commissions and Expenses (EUR Billion), 2009–2013 ........................................................................ 52 Figure 25: Finnish Life Insurance – Commissions and Expenses (EUR Billion), 2013–2018 ........................................................................ 53 Figure 26: Finnish Life Insurance – Combined Ratio (%), 2009–2013 .......................................................................................................... 54 Figure 27: Finnish Life Insurance – Combined Ratio (%), 2013–2018 .......................................................................................................... 55 Figure 28: Finnish Life Insurance – Fraud and Crimes (EUR Billion), 2009–2013 ........................................................................................ 56 Figure 29: Finnish Life Insurance – Fraud and Crimes (EUR Billion), 2013–2018 ........................................................................................ 57 Figure 30: Finnish Life Insurance – Total Assets (EUR Billion), 2009–2013 ................................................................................................. 58 Figure 31: Finnish Life Insurance – Total Assets (EUR Billion), 2013–2018 ................................................................................................. 59 Figure 32: Finnish Life Insurance – Total Investment Income (EUR Billion), 2009–2013 .............................................................................. 60 Figure 33: Finnish Life Insurance – Total Investment Income (EUR Billion), 2013–2018 .............................................................................. 61 Figure 34: Finnish Life Insurance – Retentions (EUR Billion), 2009–2013 ................................................................................................... 62 Figure 35: Finnish Life Insurance – Retentions (EUR Billion), 2013–2018 ................................................................................................... 63 Figure 36: Finnish Life Insurance – Investment Portfolio (EUR Billion), 2009–2013 ..................................................................................... 64 Figure 37: Finnish Life Insurance – Investment Portfolio, 2009 and 2013 .................................................................................................... 64 Figure 38: Finnish Life Insurance – Penetration (%), 2009–2013 ................................................................................................................. 65 Figure 39: Finnish Life Insurance – Density (Number of Policies per Capita), 2009–2013 ............................................................................ 66 Figure 40: Finnish Life Insurance – Number of Active Policies (Thousand), 2009–2013 .............................................................................. 67 Figure 41: Finnish Life Insurance – Number of Active Policies (Thousand), 2013–2018 .............................................................................. 68 Figure 42: Finnish Life Insurance – Number of New Policies Sold (Thousand), 2009–2013 ......................................................................... 69 Figure 43: Finnish Life Insurance – Number of New Policies Sold (Thousand), 2013–2018 ......................................................................... 70 Figure 44: Finnish Life Insurance – Premium per Capita (EUR), 2009–2013 ............................................................................................... 71 Figure 45: Finnish Individual Life Insurance – Gross Written Premium by Category (EUR Billion), 2009–2018 ............................................ 74 Figure 46: Finnish Individual Life Insurance – Gross Written Premium by Category (Percentage Share), 2013 and 2018 ............................ 74 Figure 47: Finnish Individual Life Insurance – Dynamics by Category, 2009–2018 ...................................................................................... 75 Figure 48: Finnish Individual Life Insurance – Direct Written Premium by Category (EUR Billion), 2009–2018 ............................................ 78 Figure 49: Finnish Individual Life Insurance – Direct Written Premium by Category (Percentage Share), 2013 and 2018 ............................ 78 Figure 50: Finnish Individual Life Insurance – Dynamics by Category, 2009–2018 ...................................................................................... 79 Figure 51: Finnish Individual Life Insurance – Policies by Category (Thousand), 2009–2018....................................................................... 81 Figure 52: Finnish Individual Life Insurance – Policies by Category (Percentage Share), 2013 and 2018 .................................................... 81 Figure 53: Finnish Individual Life Insurance – Dynamics by Category, 2009–2018 ...................................................................................... 82 Figure 54: Finnish Individual Pension Insurance – Number of Active Policies (Thousand), 2009–2013 ........................................................ 83 Figure 55: Finnish Individual Pension Insurance – Number of Active Policies (Thousand), 2013–2018 ........................................................ 84 Figure 56: Finnish Individual Pension Insurance – Gross Written Premium (EUR Billion), 2009–2013 ......................................................... 85 Figure 57: Finnish Individual Pension Insurance – Gross Written Premium (EUR Billion), 2013–2018 ......................................................... 86 Figure 58: Finnish Individual Endowment Insurance – Number of Active Policies (Thousand), 2009–2013 .................................................. 87 Figure 59: Finnish Individual Endowment Insurance – Number of Active Policies (Thousand), 2013–2018 .................................................. 88 Figure 60: Finnish Individual Endowment Insurance – Gross Written Premium (EUR Million), 2009–2013 .................................................. 89 Figure 61: Finnish Individual Endowment Insurance – Gross Written Premium (EUR Million), 2013–2018 .................................................. 90 Figure 62: Finnish Other Individual Insurance – Number of Active Policies (Thousand), 2009–2013 ........................................................... 91 Figure 63: Finnish Other Individual Insurance – Number of Active Policies (Thousand), 2013–2018 ........................................................... 92



Figure 64: Finnish Other Individual Insurance – Gross Written Premium (EUR Billion), 2009–2013 ............................................................. 93 Figure 65: Finnish Other Individual Insurance – Gross Written Premium (EUR Billion), 2013–2018 ............................................................. 94 Figure 66: Finnish Group Life Insurance – Gross Written Premium by Category (EUR Billion), 2009–2018 ................................................. 97 Figure 67: Finnish Group Life Insurance – Gross Written Premium by Category (Percentage Share), 2013 and 2018 ................................. 97 Figure 68: Finnish Group Life Insurance – Dynamics by Category, 2009–2018 ........................................................................................... 98 Figure 69: Finnish Group Life Insurance – Direct Written Premium by Category (EUR Billion), 2009–2018 ............................................... 101 Figure 70: Finnish Group Life Insurance – Direct Written Premium by Category (Percentage Share), 2013 and 2018 ............................... 101 Figure 71: Finnish Group Life Insurance – Dynamics by Category, 2009–2018 ......................................................................................... 102 Figure 72: Finnish Group Life Insurance – Policies by Category (Thousand), 2009–2018 .......................................................................... 104 Figure 73: Finnish Group Life Insurance – Policies by Category (Percentage Share), 2013 and 2018 ....................................................... 104 Figure 74: Finnish Group Life Insurance – Dynamics by Category, 2009–2018 ......................................................................................... 105 Figure 75: Finnish Group Whole Life Insurance – Number of Active Policies (Thousand), 2009–2013 ....................................................... 106 Figure 76: Finnish Group Whole Life Insurance – Number of Active Policies (Thousand), 2013–2018 ....................................................... 107 Figure 77: Finnish Group Whole Life Insurance – Gross Written Premium (EUR Million), 2009–2013........................................................ 108 Figure 78: Finnish Group Whole Life Insurance – Gross Written Premium (EUR Million), 2013–2018........................................................ 109 Figure 79: Finnish Group Superannuation Insurance – Number of Active Policies (Thousand), 2009–2013............................................... 110 Figure 80: Finnish Group Superannuation Insurance – Number of Active Policies (Thousand), 2013–2018............................................... 111 Figure 81: Finnish Group Superannuation Insurance – Gross Written Premium (EUR Billion), 2009–2013 ................................................ 112 Figure 82: Finnish Group Superannuation Insurance – Gross Written Premium (EUR Billion), 2013–2018 ................................................ 113 Figure 83: Finnish Other Group Life Insurance – Number of Active Policies (Thousand), 2009–2013 ........................................................ 114 Figure 84: Finnish Other Group Life Insurance – Number of Active Policies (Thousand), 2013–2018 ........................................................ 115 Figure 85: Finnish Other Group Life Insurance – Gross Written Premium (EUR Million), 2009–2013 ......................................................... 116 Figure 86: Finnish Other Group Life Insurance – Gross Written Premium (EUR Million), 2013–2018 ......................................................... 117 Figure 87: Finnish Individual Single-Premium Insurance – Number of Active Policies (Thousand), 2009–2013 ......................................... 118 Figure 88: Finnish Individual Single-Premium Insurance – Number of Active Policies (Thousand), 2013–2018 ......................................... 119 Figure 89: Finnish Individual Single-Premium Insurance – Gross Written Premium (EUR Billion), 2009–2013 ........................................... 120 Figure 90: Finnish Individual Single-Premium Insurance – Gross Written Premium (EUR Billion), 2013–2018 ........................................... 121 Figure 91: Finnish Individual Single-Premium Insurance – Direct Written Premium (EUR Billion), 2009–2013 ........................................... 122 Figure 92: Finnish Individual Single-Premium Insurance – Direct Written Premium (EUR Billion), 2013–2018 ........................................... 123 Figure 93: Finnish Individual Non-Single-Premium Insurance – Number of Active Policies (Thousand), 2009–2013 .................................. 124 Figure 94: Finnish Individual Non-Single-Premium Insurance – Number of Active Policies (Thousand), 2013–2018 .................................. 125 Figure 95: Finnish Individual Non-Single-Premium Insurance – Gross Written Premium (EUR Billion), 2009–2013 ................................... 126 Figure 96: Finnish Individual Non-Single-Premium Insurance – Gross Written Premium (EUR Billion), 2013–2018 .................................. 127 Figure 97: Finnish Individual Non-Single-Premium Insurance – Direct Written Premium (EUR Billion), 2009–2013 ................................... 128 Figure 98: Finnish Individual Non-Single-Premium Insurance – Direct Written Premium (EUR Billion), 2013–2018 .................................. 129 Figure 99: Finnish Group Single-Premium Insurance – Number of Active Policies (Thousand), 2009–2013 .............................................. 130 Figure 100: Finnish Group Single-Premium Insurance – Number of Active Policies (Thousand), 2013–2018 ............................................ 131 Figure 101: Finnish Group Single-Premium Insurance – Gross Written Premium (EUR Billion), 2009–2013 .............................................. 132 Figure 102: Finnish Group Single-Premium Insurance – Gross Written Premium (EUR Billion), 2013–2018 .............................................. 133 Figure 103: Finnish Group Single-Premium Insurance – Direct Written Premium (EUR Billion), 2009–2013 .............................................. 134 Figure 104: Finnish Group Single-Premium Insurance – Direct Written Premium (EUR Billion), 2013–2018 .............................................. 135 Figure 105: Finnish Group Non-Single-Premium Insurance – Number of Active Policies (Thousand), 2009–2013 ..................................... 136 Figure 106: Finnish Group Non-Single-Premium Insurance – Number of Active Policies (Thousand), 2013–2018 .................................... 137 Figure 107: Finnish Group Non-Single-Premium Insurance – Gross Written Premium (EUR Million), 2009–2013...................................... 138 Figure 108: Finnish Group Non-Single-Premium Insurance – Gross Written Premium (EUR Million), 2013–2018...................................... 139 Figure 109: Finnish Group Non-Single-Premium Insurance – Direct Written Premium (EUR Million), 2009–2013 ...................................... 140 Figure 110: Finnish Group Non-Single-Premium Insurance – Direct Written Premium (EUR Million), 2013–2018 ...................................... 141 Figure 111: Finnish Linked Insurance Business – Number of Active Policies (Thousand), 2009–2013 ...................................................... 142 Figure 112: Finnish Linked Insurance Business – Number of Active Policies (Thousand), 2013–2018 ...................................................... 143 Figure 113: Finnish Linked Insurance Business – Gross Written Premium (EUR Billion), 2009–2013 ........................................................ 144 Figure 114: Finnish Linked Insurance Business – Gross Written Premium (EUR Billion), 2013–2018 ........................................................ 145 Figure 115: Finnish Linked Insurance Business – Direct Written Premium (EUR Billion), 2009–2013 ........................................................ 146 Figure 116: Finnish Linked Insurance Business – Direct Written Premium (EUR Billion), 2013–2018 ........................................................ 147 Figure 117: Finnish Non-Linked Insurance Business – Number of Active Policies (Thousand), 2009–2013 ............................................... 148 Figure 118: Finnish Non-Linked Insurance Business – Number of Active Policies (Thousand), 2013–2018 ............................................... 149 Figure 119: Finnish Non-Linked Insurance Business – Gross Written Premium (EUR Billion), 2009–2013 ................................................ 150 Figure 120: Finnish Non-Linked Insurance Business – Gross Written Premium (EUR Billion), 2013–2018 ............................................... 151 Figure 121: Finnish Non-Linked Insurance Business – Direct Written Premium (EUR Billion), 2009–2013 ................................................ 152 Figure 122: Finnish Non-Linked Insurance Business – Direct Written Premium (EUR Billion), 2013–2018................................................ 153 Figure 123: Finnish Life Insurance – New Business Written Premium by Distribution Channel (Percentage Share), 2013 and 2018 ......... 155 Figure 124: Finnish Life Insurance – Direct Marketing Commission Paid (EUR Million), 2009–2013 .......................................................... 156 Figure 125: Finnish Life Insurance – Direct Marketing Commission Paid (EUR Million), 2013–2018 .......................................................... 157 Figure 126: Finnish Life Insurance – New Business Gross Written Premium (EUR Million), 2009–2013 .................................................... 158 Figure 127: Finnish Life Insurance – New Business Gross Written Premium (EUR Million), 2013–2018 .................................................... 159 Figure 128: Finnish Life Insurance – New Policies Sold Through Direct Marketing (Thousand), 2009–2013 .............................................. 160 Figure 129: Finnish Life Insurance – New Policies Sold Through Direct Marketing (Thousand), 2013–2018 .............................................. 161



Figure 130: Finnish Life Insurance – Number of Direct Marketing Distributors, 2009–2013 ........................................................................ 162 Figure 131: Finnish Life Insurance – Number of Direct Marketing Distributors, 2013–2018 ........................................................................ 163 Figure 132: Finnish Life Insurance – Bancassurance Commission Paid (EUR Million), 2009–2013 ........................................................... 164 Figure 133: Finnish Life Insurance – Bancassurance Commission Paid (EUR Million), 2013–2018 ........................................................... 165 Figure 134: Finnish Life Insurance – New Business Gross Written Premium (EUR Million), 2009–2013 .................................................... 166 Figure 135: Finnish Life Insurance – New Business Gross Written Premium (EUR Million), 2013–2018 .................................................... 167 Figure 136: Finnish Life Insurance – New Policies Sold Through Bancassurance (Thousand), 2009–2013 ............................................... 168 Figure 137: Finnish Life Insurance – New Policies Sold Through Bancassurance (Thousand), 2013–2018 ............................................... 169 Figure 138: Finnish Life Insurance – Number of Bancassurance Distributors, 2009–2013 ......................................................................... 170 Figure 139: Finnish Life Insurance – Number of Bancassurance Distributors, 2013–2018 ......................................................................... 171 Figure 140: Finnish Life Insurance – Commission Paid to Agencies (EUR Million), 2009–2013 ................................................................. 172 Figure 141: Finnish Life Insurance – Commission Paid to Agencies (EUR Million), 2013–2018 ................................................................. 173 Figure 142: Finnish Life Insurance – New Business Gross Written Premium (EUR Million), 2009–2013 .................................................... 174 Figure 143: Finnish Life Insurance – New Business Gross Written Premium (EUR Million), 2013–2018 .................................................... 175 Figure 144: Finnish Life Insurance – New Policies Sold Through Agencies (Thousand), 2009–2013 ......................................................... 176 Figure 145: Finnish Life Insurance – New Policies Sold Through Agencies (Thousand), 2013–2018 ......................................................... 177 Figure 146: Finnish Life Insurance – Number of Agencies, 2009–2013...................................................................................................... 178 Figure 147: Finnish Life Insurance – Number of Agencies, 2013–2018...................................................................................................... 179 Figure 148: Finnish Life Insurance – E-Commerce Commission Paid (EUR Million), 2009–2013 ............................................................... 180 Figure 149: Finnish Life Insurance – E-Commerce Commission Paid (EUR Million), 2013–2018 ............................................................... 181 Figure 150: Finnish Life Insurance – New Business Gross Written Premium (EUR Million), 2009–2013 .................................................... 182 Figure 151: Finnish Life Insurance – New Business Gross Written Premium (EUR Million), 2013–2018 .................................................... 183 Figure 152: Finnish Life Insurance – New Policies Sold Through E-Commerce (Thousand), 2009–2013 ................................................... 184 Figure 153: Finnish Life Insurance – New Policies Sold Through E-Commerce (Thousand), 2013–2018 ................................................... 185 Figure 154: Finnish Life Insurance – Number of E-Commerce Distributors, 2009–2013 ............................................................................. 186 Figure 155: Finnish Life Insurance – Number of E-Commerce Distributors, 2013–2018 ............................................................................. 187 Figure 156: Finnish Life Insurance – Commission Paid to Brokers (EUR Million), 2009–2013 ................................................................... 188 Figure 157: Finnish Life Insurance – Commission Paid to Brokers (EUR Million), 2013–2018 ................................................................... 189 Figure 158: Finnish Life Insurance – New Business Gross Written Premium (EUR Million), 2009–2013 .................................................... 190 Figure 159: Finnish Life Insurance – New Business Gross Written Premium (EUR Million), 2013–2018 .................................................... 191 Figure 160: Finnish Life Insurance – New Policies Sold Through Brokers (Thousand), 2009–2013 ........................................................... 192 Figure 161: Finnish Life Insurance – New Policies Sold Through Brokers (Thousand), 2013–2018 ........................................................... 193 Figure 162: Finnish Life Insurance – Number of Brokers, 2009–2013 ........................................................................................................ 194 Figure 163: Finnish Life Insurance – Number of Brokers, 2013–2018 ........................................................................................................ 195 Figure 164: Finnish Life Insurance – Commission Paid to Other Channels (EUR Million), 2009–2013 ....................................................... 196 Figure 165: Finnish Life Insurance – Commission Paid to Other Channels (EUR Million), 2013–2018 ....................................................... 197 Figure 166: Finnish Life Insurance – New Business Gross Written Premium (EUR Million), 2009–2013 .................................................... 198 Figure 167: Finnish Life Insurance – New Business Gross Written Premium (EUR Million), 2013–2018 .................................................... 199 Figure 168: Finnish Life Insurance – New Policies Sold Through Other Channels (Thousand), 2009–2013 ............................................... 200 Figure 169: Finnish Life Insurance – New Policies Sold Through Other Channels (Thousand), 2013–2018 ............................................... 201 Figure 170: Finnish Life Insurance – Number of Distributors in Other Channels, 2009–2013 ..................................................................... 202 Figure 171: Finnish Life Insurance – Number of Distributors in Other Channels, 2013–2018 ..................................................................... 203 Figure 172: Finland – Insurance Regulatory Framework ............................................................................................................................ 204 Figure 173: Finland – The Three Pillars of Solvency II ............................................................................................................................... 207 Figure 174: Finland – Insurance Supervision and Control at Various Levels .............................................................................................. 217 Figure 175: Finland – Insurance Regulatory Frameworks for Company Registration and Operation .......................................................... 221 Figure 176: Finnish Life Insurance – Segment Shares (%), 2013............................................................................................................... 233 Figure 177: Gross Written Premium – Top Five Finnish Life Insurers (EUR Billion), 2013 .......................................................................... 234 Figure 178: Incurred Loss – Top Five Finnish Life Insurers (EUR Billion), 2013 ......................................................................................... 235 Figure 179: Total Assets – Top Five Finnish Life Insurers (EUR Billion), 2013 ........................................................................................... 236 Figure 180: Finland, Helsinki Stock Exchange (HSE) Market Capitalization (US$ Billion), 2008–2012 ....................................................... 248 Figure 181: Finnish GDP at Constant Prices (US$ Billion), 2009–2013...................................................................................................... 249 Figure 182: Finnish GDP Per Capita at Constant Prices (US$), 2009–2013 .............................................................................................. 250 Figure 183: Finnish GDP at Current Prices (US$ Billion), 2009–2013 ........................................................................................................ 251 Figure 184: Finnish GDP Per Capita at Current Prices (US$), 2009–2013 ................................................................................................. 252 Figure 185: Finnish GDP by Key Sector (%) 2008 and 2012...................................................................................................................... 253 Figure 186: Finnish Agriculture, Hunting, Forestry and Fishing Net Output at Current Prices (US$ Billion), 2008–2012 ............................. 254 Figure 187: Finnish Agriculture, Hunting, Forestry and Fishing Net Output at Current Prices as a Percentage of GDP (%), 2008–2012 .... 255 Figure 188: Finnish Manufacturing Net Output at Current Prices (US$ Billion), 2008–2012 ....................................................................... 256 Figure 189: Finnish Manufacturing Net Output at Current Prices as a Percentage of GDP (%), 2008–2012 .............................................. 257 Figure 190: Finnish Mining, Manufacturing and Utilities Net Output at Current Prices (US$ Billion), 2008–2012 ........................................ 258 Figure 191: Finnish Mining, Manufacturing and Utilities Net Output at Current Prices as a percentage of GDP (%), 2008–2012 ............... 259 Figure 192: Finnish Construction Net Output at Current Prices (US$ Billion), 2008 – 2012 ........................................................................ 260 Figure 193: Finnish Construction Output at Current Prices as a Percentage of GDP (%), 2008–2012 ....................................................... 261 Figure 194: Finnish Inflation Rate (%), 2009–2013 .................................................................................................................................... 262 Figure 195: Finnish Exports as a Percentage of GDP (%), 2008–2012 ...................................................................................................... 263



Figure 196: Finnish Imports as a Percentage of GDP (%), 2008–2012 ...................................................................................................... 264 Figure 197: Finnish Merchandise Exports Growth (%), 2009–2012 ............................................................................................................ 265 Figure 198: Finnish Merchandise Imports Growth (%), 2009–2012 ............................................................................................................ 266 Figure 199: Finnish Annual Average Exchange Rate US$–EUR, 2009–2013 ............................................................................................ 267 Figure 200: Finnish Commercial Vehicle Exports – Total Value (US$ Million), 2009–2013 ........................................................................ 268 Figure 201: Finnish Commercial Vehicle Imports – Total Value (US$ Million), 2009–2013 ......................................................................... 269 Figure 202: Finnish Automotive Exports – Total Value (US$ Million), 2009–2013 ...................................................................................... 270 Figure 203: Finnish Automotive Imports – Total Value (US$ Billion), 2009–2013 ....................................................................................... 271 Figure 204: Finnish Internet Subscriptions (Million), 2009–2013 ................................................................................................................ 272 Figure 205: Finnish Size of Labor Force (Million), 2008–2012 ................................................................................................................... 273 Figure 206: Finnish Unemployment Rate (%), 2009–2013 ......................................................................................................................... 274 Figure 207: Finnish Household Consumption Expenditure (US$ Billion), 2009–2013 ................................................................................. 275 Figure 208: Finnish Total Population (Million), 2009–2013 ......................................................................................................................... 276 Figure 209: Finnish Urban and Rural Populations (%), 2009–2013 ............................................................................................................ 277 Figure 210: Finnish Population Distribution by Age (%), 2009–2013 .......................................................................................................... 278 Figure 211: Finnish Life Expectancy (Number of Years), 2009–2013 ......................................................................................................... 279



LIST OF TABLES

Table 1: Finnish Non-Life Insurance – Key Facts, 2013 ................................................................................................................................. 2 Table 2: Insurance Industry Definitions ........................................................................................................................................................ 16 Table 3: Finnish Insurance – Gross Written Premium by Segment (EUR Billion), 2009–2013 ...................................................................... 21 Table 4: Finnish Insurance – Gross Written Premium by Segment (US$ Billion), 2009–2013 ...................................................................... 21 Table 5: Finnish Insurance – Gross Written Premium by Segment (EUR Billion), 2013–2018 ...................................................................... 22 Table 6: Finnish Insurance – Gross Written Premium by Segment (US$ Billion), 2013–2018 ...................................................................... 22 Table 7: Finnish Insurance – Segmentation, Gross Written Premium (Percentage Share), 2009–2018 ....................................................... 24 Table 8: Finnish Insurance – Direct Written Premium by Segment (EUR Billion), 2009–2013 ...................................................................... 25 Table 9: Finnish Insurance – Direct Written Premium by Segment (US$ Billion), 2009–2013 ....................................................................... 25 Table 10: Finnish Insurance – Direct Written Premium by Segment (EUR Billion), 2013–2018 .................................................................... 26 Table 11: Finnish Insurance – Direct Written Premium by Segment (US$ Billion), 2013–2018 ..................................................................... 26 Table 12: Finnish Insurance – Segmentation, Direct Written Premium (Percentage Share), 2009–2018 ...................................................... 28 Table 13: Finnish Non-Life Insurance – Gross Written Premium by Category (EUR Billion), 2009–2013 ..................................................... 38 Table 14: Finnish Non-Life Insurance – Gross Written Premium by Category (US$ Billion), 2009–2013 ...................................................... 38 Table 15: Finnish Non-Life Insurance – Gross Written Premium by Category (EUR Billion), 2013–2018 ..................................................... 39 Table 16: Finnish Non-Life Insurance – Gross Written Premium by Category (US$ Billion), 2013–2018 ...................................................... 39 Table 17: Finnish Non-Life Insurance – Direct Written Premium by Category (EUR Billion), 2009–2013 ...................................................... 42 Table 18: Finnish Non-Life Insurance – Direct Written Premium by Category (US$ Billion), 2009–2013 ...................................................... 42 Table 19: Finnish Non-Life Insurance – Direct Written Premium by Category (EUR Billion), 2013–2018 ...................................................... 43 Table 20: Finnish Non-Life Insurance – Direct Written Premium by Category (US$ Billion), 2013–2018 ...................................................... 43 Table 21: Finnish Non-Life Insurance – Earned Premium (EUR Billion), 2009–2013 ................................................................................... 46 Table 22: Finnish Non-Life Insurance – Earned Premium (EUR Billion), 2013–2018 ................................................................................... 47 Table 23: Finnish Non-Life Insurance – Paid Claims by Category (EUR Billion), 2009–2013 ....................................................................... 48 Table 24: Finnish Non-Life Insurance – Paid Claims by Category (US$ Billion), 2009–2013 ........................................................................ 48 Table 25: Finnish Non-Life Insurance – Paid Claims by Category (EUR Billion), 2013–2018 ....................................................................... 49 Table 26: Finnish Non-Life Insurance – Paid Claims by Category (US$ Billion), 2013–2018 ........................................................................ 49 Table 27: Finnish Non-Life Insurance – Incurred Loss by Category (EUR Billion), 2009–2013 ..................................................................... 50 Table 28: Finnish Non-Life Insurance – Incurred Loss by Category (US$ Billion), 2009–2013 ..................................................................... 50 Table 29: Finnish Non-Life Insurance – Incurred Loss by Category (EUR Billion), 2013–2018 ..................................................................... 51 Table 30: Finnish Non-Life Insurance – Incurred Loss by Category (US$ Billion), 2013–2018 ..................................................................... 51 Table 31: Finnish Non-Life Insurance – Retentions by Category (EUR Billion), 2009–2013 ......................................................................... 52 Table 32: Finnish Non-Life Insurance – Retentions by Category (US$ Billion), 2009–2013 .......................................................................... 52 Table 33: Finnish Non-Life Insurance – Retentions by Category (EUR Billion), 2013–2018 ......................................................................... 53 Table 34: Finnish Non-Life Insurance – Retentions by Category (US$ Billion), 2013–2018 .......................................................................... 53 Table 35: Finnish Non-Life Insurance – Loss Ratio (%), 2009–2013 ............................................................................................................ 54 Table 36: Finnish Non-Life Insurance – Loss Ratio (%), 2013–2018 ............................................................................................................ 55 Table 37: Finnish Non-Life Insurance – Commissions and Expenses (EUR Billion), 2009–2013.................................................................. 56 Table 38: Finnish Non-Life Insurance – Commissions and Expenses (EUR Billion), 2013–2018.................................................................. 57 Table 39: Finnish Non-Life Insurance – Combined Ratio (%), 2009–2013 ................................................................................................... 58 Table 40: Finnish Non-Life Insurance – Combined Ratio (%), 2013–2018 ................................................................................................... 59 Table 41: Finnish Non-Life Insurance – Fraud and Crimes (EUR Billion), 2009–2013 .................................................................................. 60 Table 42: Finnish Non-Life Insurance – Fraud and Crimes (EUR Billion), 2013–2018 .................................................................................. 61 Table 43: Finnish Non-Life Insurance – Total Assets (EUR Billion), 2009–2013 .......................................................................................... 62 Table 44: Finnish Non-Life Insurance – Total Assets (EUR Billion), 2013–2018 .......................................................................................... 63 Table 45: Finnish Non-Life Insurance – Total Investment Income (EUR Billion), 2009–2013 ....................................................................... 64 Table 46: Finnish Non-Life Insurance – Total Investment Income (EUR Billion), 2013–2018 ....................................................................... 65 Table 47: Finnish Non-Life Insurance – Retentions (EUR Billion), 2009–2013 ............................................................................................. 66 Table 48: Finnish Non-Life Insurance – Retentions (EUR Billion), 2013–2018 ............................................................................................. 67 Table 49: Finnish Property Insurance – Gross Written Premium by Sub-Category (EUR Million), 2009–2013 ............................................. 73 Table 50: Finnish Property Insurance – Gross Written Premium by Sub-Category (US$ Million), 2009–2013 .............................................. 73 Table 51: Finnish Property Insurance – Gross Written Premium by Sub-Category (EUR Million), 2013–2018 ............................................. 74 Table 52: Finnish Property Insurance – Gross Written Premium by Sub-Category (US$ Million), 2013–2018 .............................................. 74 Table 53: Finnish Property Insurance – Direct Written Premium by Sub-Category (EUR Million), 2009–2013 .............................................. 76 Table 54: Finnish Property Insurance – Direct Written Premium by Sub-Category (US$ Million), 2009–2013 .............................................. 76 Table 55: Finnish Property Insurance – Direct Written Premium by Sub-Category (EUR Million), 2013–2018 .............................................. 77 Table 56: Finnish Property Insurance – Direct Written Premium by Sub-Category (US$ Million), 2013–2018 .............................................. 77 Table 57: Finnish Property Insurance – Loss Ratio (%), 2009–2013 ............................................................................................................ 79 Table 58: Finnish Property Insurance – Loss Ratio (%), 2013–2018 ............................................................................................................ 80 Table 59: Finnish Fire and Allied Perils Insurance – Number of Policies Sold (Thousand), 2009–2013........................................................ 81 Table 60: Finnish Fire and Allied Perils Insurance – Number of Policies Sold (Thousand), 2013–2018........................................................ 82 Table 61: Finnish Fire and Allied Perils Insurance – Gross Written Premium (EUR Billion), 2009–2013 ...................................................... 83 Table 62: Finnish Fire and Allied Perils Insurance – Gross Written Premium (EUR Billion), 2013–2018 ...................................................... 84 Table 63: Finnish Engineering Insurance – Number of Policies Sold (Thousand), 2009–2013 ..................................................................... 85



Table 64: Finnish Engineering Insurance – Number of Policies Sold (Thousand), 2013–2018 ..................................................................... 86 Table 65: Finnish Engineering Insurance – Gross Written Premium (EUR Million), 2009–2013 ................................................................... 87 Table 66: Finnish Engineering Insurance – Gross Written Premium (EUR Million), 2013–2018 ................................................................... 88 Table 67: Finnish Agriculture Insurance – Number of Policies Sold (Thousand), 2009–2013 ....................................................................... 89 Table 68: Finnish Agriculture Insurance – Number of Policies Sold (Thousand), 2013–2018 ....................................................................... 90 Table 69: Finnish Agriculture Insurance – Gross Written Premium (EUR Million), 2009–2013 ..................................................................... 91 Table 70: Finnish Agriculture Insurance – Gross Written Premium (EUR Million), 2013–2018 ..................................................................... 92 Table 71: Finnish Other Property Insurance – Number of Policies Sold (Thousand), 2009–2013 ................................................................. 93 Table 72: Finnish Other Property Insurance – Number of Policies Sold (Thousand), 2013–2018 ................................................................. 94 Table 73: Finnish Other Property Insurance – Gross Written Premium (EUR Million), 2009–2013 ............................................................... 95 Table 74: Finnish Other Property Insurance – Gross Written Premium (EUR Million), 2013–2018 ............................................................... 96 Table 75: Finnish Motor Insurance – Gross Written Premium by Sub-Category (EUR Billion), 2009–2013 .................................................. 97 Table 76: Finnish Motor Insurance – Gross Written Premium by Sub-Category (US$ Billion), 2009–2013 ................................................... 97 Table 77: Finnish Motor Insurance – Gross Written Premium by Sub-Category (EUR Billion), 2013–2018 .................................................. 98 Table 78: Finnish Motor Insurance – Gross Written Premium by Sub-Category (US$ Billion), 2013–2018 ................................................... 98 Table 79: Finnish Motor Insurance – Direct Written Premium by Sub-Category (EUR Billion), 2009–2013................................................. 100 Table 80: Finnish Motor Insurance – Direct Written Premium by Sub-Category (US$ Billion), 2009–2013 ................................................. 100 Table 81: Finnish Motor Insurance – Direct Written Premium by Sub-Category (EUR Billion), 2013–2018................................................. 101 Table 82: Finnish Motor Insurance – Direct Written Premium by Sub-Category (US$ Billion), 2013–2018 ................................................. 101 Table 83: Finnish Motor Insurance – Loss Ratio (%), 2009–2013 .............................................................................................................. 103 Table 84: Finnish Motor Insurance – Loss Ratio (%), 2013–2018 .............................................................................................................. 104 Table 85: Finnish Motor Hull Insurance – Number of Policies Sold (Thousand), 2009–2013 ...................................................................... 105 Table 86: Finnish Motor Hull Insurance – Number of Policies Sold (Thousand), 2013–2018 ...................................................................... 106 Table 87: Finnish Motor Hull Insurance – Gross Written Premium (EUR Billion), 2009–2013..................................................................... 107 Table 88: Finnish Motor Hull Insurance – Gross Written Premium (EUR Billion), 2013–2018..................................................................... 108 Table 89: Finnish Motor Third-Party Insurance – Number of Policies Sold (Thousand), 2009–2013 .......................................................... 109 Table 90: Finnish Motor Third-Party Insurance – Number of Policies Sold (Thousand), 2013–2018 .......................................................... 110 Table 91: Finnish Motor Third-Party Insurance – Gross Written Premium (EUR Billion), 2009–2013 ......................................................... 111 Table 92: Finnish Motor Third-Party Insurance – Gross Written Premium (EUR Billion), 2013–2018 ......................................................... 112 Table 93: Finnish Liability Insurance – Gross Written Premium by Sub-Category (EUR Billion), 2009–2013 .............................................. 113 Table 94: Finnish Liability Insurance – Gross Written Premium by Sub-Category (US$ Billion), 2009–2013 .............................................. 113 Table 95: Finnish Liability Insurance – Gross Written Premium by Sub-Category (EUR Million), 2013–2018 ............................................. 114 Table 96: Finnish Liability Insurance – Gross Written Premium by Sub-Category (US$ Million), 2013–2018 .............................................. 114 Table 97: Finnish Liability Insurance – Direct Written Premium by Sub-Category (EUR Million), 2009–2013 ............................................. 116 Table 98: Finnish Liability Insurance – Direct Written Premium by Sub-Category (US$ Million), 2009–2013 .............................................. 116 Table 99: Finnish Liability Insurance – Direct Written Premium by Sub-Category (EUR Million), 2013–2018 ............................................. 117 Table 100: Finnish Liability Insurance – Direct Written Premium by Sub-Category (US$ Million), 2013–2018 ............................................ 117 Table 101: Finnish Liability Insurance – Loss Ratio (%), 2009–2013 ......................................................................................................... 119 Table 102: Finnish Liability Insurance – Loss Ratio (%), 2013–2018 ......................................................................................................... 120 Table 103: Finnish Workmen’s Compensation, Industrial Accident and Employer Liability Insurance – Number of Policies Sold (Thousand),

2009–2013 ................................................................................................................................................................................................ 121 Table 104: Finnish Workmen’s Compensation, Industrial Accident and Employer Liability Insurance – Number of Policies Sold (Thousand),

2013–2018 ................................................................................................................................................................................................ 122 Table 105: Finnish Workmen’s Compensation, Industrial Accident and Employer Liability Insurance – Written Premium (EUR Million), 2009–

2013 .......................................................................................................................................................................................................... 123 Table 106: Finnish Workmen’s Compensation, Industrial Accident and Employer Liability Insurance – Written Premium (EUR Million), 2013–

2018 .......................................................................................................................................................................................................... 124 Table 107: Finnish Other Liability Insurance – Number of Policies Sold (Thousand), 2009–2013 .............................................................. 125 Table 108: Finnish Other Liability Insurance – Number of Policies Sold (Thousand), 2013–2018 .............................................................. 126 Table 109: Finnish Other Liability Insurance – Written Premium (EUR Million), 2009–2013 ....................................................................... 127 Table 110: Finnish Other Liability Insurance – Written Premium (EUR Million), 2013–2018 ....................................................................... 128 Table 111: Finnish Marine, Aviation and Transit Insurance – Gross Written Premium by Sub-Category (EUR Million), 2009–2013 ........... 129 Table 112: Finnish Marine, Aviation and Transit Insurance – Gross Written Premium by Sub-Category (US$ Million), 2009–2013 ............ 129 Table 113: Finnish Marine, Aviation and Transit Insurance – Gross Written Premium by Sub-Category (EUR Million), 2013–2018 ........... 130 Table 114: Finnish Marine, Aviation and Transit Insurance – Gross Written Premium by Sub-Category (US$ Million), 2013–2018 ............ 130 Table 115: Finnish Marine, Aviation and Transit Insurance – Direct Written Premium by Sub-Category (EUR Million), 2009–2013 ........... 132 Table 116: Finnish Marine, Aviation and Transit Insurance – Direct Written Premium by Sub-Category (US$ Million), 2009–2013 ............ 132 Table 117: Finnish Marine, Aviation and Transit Insurance – Direct Written Premium by Sub-Category (EUR Million), 2013–2018 ........... 133 Table 118: Finnish Marine, Aviation and Transit Insurance – Direct Written Premium by Sub-Category (US$ Million), 2013–2018 ............ 133 Table 119: Finnish Marine Insurance – Number of Policies Sold (Thousand), 2009–2013 ......................................................................... 135 Table 120: Finnish Marine Insurance – Number of Policies Sold (Thousand), 2013–2018 ......................................................................... 136 Table 121: Finnish Marine Insurance – Gross Written Premium (EUR Billion), 2009–2013 ........................................................................ 137 Table 122: Finnish Marine Insurance – Gross Written Premium (EUR Million), 2013–2018 ....................................................................... 138 Table 123: Finnish Aviation Insurance – Number of Policies Sold (Thousand), 2009–2013 ....................................................................... 139 Table 124: Finnish Aviation Insurance – Number of Policies Sold (Thousand), 2013–2018 ....................................................................... 140 Table 125: Finnish Aviation Insurance – Gross Written Premium (EUR Million), 2009–2013...................................................................... 141



Table 126: Finnish Aviation Insurance – Gross Written Premium (EUR Million), 2013–2018...................................................................... 142 Table 127: Finnish Marine, Aviation and Transit Insurance – Loss Ratio (%), 2009–2013 ......................................................................... 143 Table 128: Finnish Marine, Aviation and Transit Insurance – Loss Ratio (%), 2013–2018 ......................................................................... 144 Table 129: Finnish Marine Hull Insurance – Number of Policies Sold (Thousand), 2009–2013 .................................................................. 145 Table 130: Finnish Marine Hull Insurance – Number of Policies Sold (Thousand), 2013–2018 .................................................................. 146 Table 131: Finnish Marine Hull Insurance – Gross Written Premium (EUR Million), 2009–2013 ................................................................ 147 Table 132: Finnish Marine Hull Insurance – Gross Written Premium (EUR Million), 2013–2018 ................................................................ 148 Table 133: Finnish Aviation Hull Insurance – Number of Policies Sold (Thousand), 2009–2013 ................................................................ 149 Table 134: Finnish Aviation Hull Insurance – Number of Policies Sold (Thousand), 2013–2018 ................................................................ 150 Table 135: Finnish Aviation Hull Insurance – Gross Written Premium (EUR Million), 2009–2013............................................................... 151 Table 136: Finnish Aviation Hull Insurance – Gross Written Premium (EUR Million), 2013–2018............................................................... 152 Table 137: Finnish Transit Insurance – Number of Policies Sold (Thousand), 2009–2013 ......................................................................... 153 Table 138: Finnish Transit Insurance – Number of Policies Sold (Thousand), 2013–2018 ......................................................................... 154 Table 139: Finnish Transit Insurance – Gross Written Premium (EUR Million), 2009–2013 ....................................................................... 155 Table 140: Finnish Transit Insurance – Gross Written Premium (EUR Million), 2013–2018 ....................................................................... 156 Table 141: Finnish Non-Life Insurance – Direct Marketing Commission Paid (EUR Million), 2009–2013 ................................................... 159 Table 142: Finnish Non-Life Insurance – Direct Marketing Commission Paid (EUR Million), 2013–2018 ................................................... 160 Table 143: Finnish Non-Life Insurance – Gross Written Premium Through Direct Marketing (EUR Billion), 2009–2013 ............................. 161 Table 144: Finnish Non-Life Insurance – Gross Written Premium Through Direct Marketing (EUR Billion), 2013–2018 ............................. 162 Table 145: Finnish Non-Life Insurance – Policies Sold Through Direct Marketing (Thousand), 2009–2013 ............................................... 163 Table 146: Finnish Non-Life Insurance – Policies Sold Through Direct Marketing (Thousand), 2013–2018 ............................................... 164 Table 147: Finnish Non-Life Insurance – Number of Direct Marketing Distributors, 2009–2013 ................................................................. 165 Table 148: Finnish Non-Life Insurance – Number of Direct Marketing Distributors, 2013–2018 ................................................................. 166 Table 149: Finnish Non-Life Insurance – Bancassurance Commission Paid (EUR Million), 2009–2013 ..................................................... 167 Table 150: Finnish Non-Life Insurance – Bancassurance Commission Paid (EUR Million), 2013–2018 ..................................................... 168 Table 151: Finnish Non-Life Insurance – Gross Written Premium Through Bancassurance (EUR Million), 2009–2013 .............................. 169 Table 152: Finnish Non-Life Insurance – Gross Written Premium Through Bancassurance (EUR Million), 2013–2018 .............................. 170 Table 153: Finnish Non-Life Insurance – Policies Sold Through Bancassurance (Thousand), 2009–2013 ................................................. 171 Table 154: Finnish Non-Life Insurance – Policies Sold Through Bancassurance (Thousand), 2013–2018 ................................................. 172 Table 155: Finnish Non-Life Insurance – Number of Bancassurance Distributors, 2009–2013 ................................................................... 173 Table 156: Finnish Non-Life Insurance – Number of Bancassurance Distributors, 2013–2018 ................................................................... 174 Table 157: Finnish Non-Life Insurance – Commission Paid to Agencies (EUR Million), 2009–2013 ........................................................... 175 Table 158: Finnish Non-Life Insurance – Commission Paid to Agencies (EUR Million), 2013–2018 ........................................................... 176 Table 159: Finnish Non-Life Insurance – Gross Written Premium Through Agencies (EUR Billion), 2009–2013 ........................................ 177 Table 160: Finnish Non-Life Insurance – Gross Written Premium Through Agencies (EUR Billion), 2013–2018 ........................................ 178 Table 161: Finnish Non-Life Insurance – Policies Sold Through Agencies (Thousand), 2009–2013 .......................................................... 179 Table 162: Finnish Non-Life Insurance – Policies Sold Through Agencies (Thousand), 2013–2018 .......................................................... 180 Table 163: Finnish Non-Life Insurance – Number of Agencies, 2009–2013 ............................................................................................... 181 Table 164: Finnish Non-Life Insurance – Number of Agencies, 2013–2018 ............................................................................................... 182 Table 165: Finnish Non-Life Insurance – E-Commerce Commission Paid (EUR Million), 2009–2013 ........................................................ 183 Table 166: Finnish Non-Life Insurance – E-Commerce Commission Paid (EUR Million), 2013–2018 ........................................................ 184 Table 167: Finnish Non-Life Insurance – Gross Written Premium Through E-Commerce (EUR Million), 2009–2013 ................................. 185 Table 168: Finnish Non-Life Insurance – Gross Written Premium Through E-Commerce (EUR Million), 2013–2018 ................................. 186 Table 169: Finnish Non-Life Insurance – Policies Sold Through E-Commerce (Thousand), 2009–2013 .................................................... 187 Table 170: Finnish Non-Life Insurance – Policies Sold Through E-Commerce (Thousand), 2013–2018 .................................................... 188 Table 171: Finnish Non-Life Insurance – Number of E-Commerce Distributors, 2009–2013 ...................................................................... 189 Table 172: Finnish Non-Life Insurance – Number of E-Commerce Distributors, 2013–2018 ...................................................................... 190 Table 173: Finnish Non-Life Insurance – Commission Paid to Brokers (EUR Million), 2009–2013 ............................................................. 191 Table 174: Finnish Non-Life Insurance – Commission Paid to Brokers (EUR Million), 2013–2018 ............................................................. 192 Table 175: Finnish Non-Life Insurance – Gross Written Premium Through Brokers (EUR Million), 2009–2013 .......................................... 193 Table 176: Finnish Non-Life Insurance – Gross Written Premium Through Brokers (EUR Million), 2013–2018 .......................................... 194 Table 177: Finnish Non-Life Insurance – Policies Sold Through Brokers (Thousand), 2009–2013 ............................................................. 195 Table 178: Finnish Non-Life Insurance – Policies Sold Through Brokers (Thousand), 2013–2018 ............................................................. 196 Table 179: Finnish Non-Life Insurance – Number of Brokers, 2009–2013 ................................................................................................. 197 Table 180: Finnish Non-Life Insurance – Number of Brokers, 2013–2018 ................................................................................................. 198 Table 181: Finnish Non-Life Insurance – Commission Paid to Other Channels (EUR Million), 2009–2013................................................. 199 Table 182: Finnish Non-Life Insurance – Commission Paid to Other Channels (EUR Million), 2013–2018................................................. 200 Table 183: Finnish Non-Life Insurance – Gross Written Premium Through Other Channels (EUR Million), 2009–2013 ............................. 201 Table 184: Finnish Non-Life Insurance – Gross Written Premium Through Other Channels (EUR Million), 2013–2018 ............................. 202 Table 185: Finnish Non-Life Insurance – Policies Sold Through Other Channels (Thousand), 2009–2013 ................................................ 203 Table 186: Finnish Non-Life Insurance – Policies Sold Through Other Channels (Thousand), 2013–2018 ................................................ 204 Table 187: Finnish Non-Life Insurance – Number of Distributors in Other Channels, 2009–2013............................................................... 205 Table 188: Finnish Non-Life Insurance – Number of Distributors in Other Channels, 2013–2018............................................................... 206 Table 189: Finland – Life Insurance Regulatory Framework ...................................................................................................................... 211 Table 190: Finland – Property Insurance Regulatory Framework ............................................................................................................... 212 Table 191: Finland – Motor Insurance Regulatory Framework ................................................................................................................... 214



Table 192: Finland – Minimum Coverage for Aircraft Third-Party Liability Per Accident and Aircraft .......................................................... 219 Table 193: Finland – Minimum Capital Requirements ................................................................................................................................ 228 Table 194: Finland – Insurance Premium Taxation .................................................................................................................................... 231 Table 195: Finland – Corporate Tax Rates for the Financial Year 2013 ..................................................................................................... 232 Table 196: Finnish Non-Life Insurance – Segment Shares (%), 2013 ........................................................................................................ 236 Table 197: Pohjola Insurance Ltd, Key Facts ............................................................................................................................................. 242 Table 198: Pohjola Insurance Ltd, Key Financials (EUR Million), 2009–2013 ............................................................................................ 242 Table 199: If P&C Insurance Company Ltd, Key Facts .............................................................................................................................. 243 Table 200: If P&C Insurance Company Ltd, Key Financials (EUR Million), 2009–2013 .............................................................................. 243 Table 201: LocalTapiola General Mutual Insurance Company, Key Facts ................................................................................................. 244 Table 202: LocalTapiola General Mutual Insurance Co., Key Financials (EUR Million), 2009–2013 ........................................................... 244 Table 203: Fennia Mutual Insurance Company, Key Facts ........................................................................................................................ 245 Table 204: Fennia Mutual Insurance Company, Key Financials (EUR Million), 2009–2013 ........................................................................ 245 Table 205: LocalTapiola Regionals, Key Facts .......................................................................................................................................... 246 Table 206: LocalTapiola Regionals, Key Financials (EUR Million), 2009–2013 .......................................................................................... 246 Table 207: A-Vakuutus Ltd, Key Facts ....................................................................................................................................................... 247 Table 208: A-Vakuutus Ltd, Key Financials (EUR Million), 2009–2013 ...................................................................................................... 247 Table 209: Pohjantähti Mutual Insurance Company, Key Facts ................................................................................................................. 248 Table 210: Pohjantähti Mutual Insurance Company, Key Financials (EUR Million), 2009–2013 ................................................................. 248 Table 211: Turva Mutual Insurance Company, Key Facts .......................................................................................................................... 249 Table 212: Turva Mutual Insurance Company, Key Financials (EUR Million), 2009–2013 ......................................................................... 249 Table 213: Folksam Non-Life Insurance Company Ltd, Key Facts ............................................................................................................. 250 Table 214: Folksam Non-Life Insurance Company Ltd, Key Financials (EUR Million), 2009–2013 ............................................................. 250 Table 215: Försäkringsaktiebolaget Alandia, Key Facts ............................................................................................................................. 251 Table 216: Försäkringsaktiebolaget Alandia, Key Financials (EUR Million), 2009–2013 ............................................................................ 251

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