Finland

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

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

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

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

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

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

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

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

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

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

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

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

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