Finland - Insurance

Insurance in Finland is highly developed and diversified. There are 56 Finnish insurance companies, 16 of them engaged in life insurance. In 1990, premium income amounted to $ US 1,901 per capita, or 6.5% of the GDP.

In 1994, life insurance in force totaled M 85.6 billion. Workers' compensation, hunter's liability, workers' pension, nuclear liability, shipowners' liability, employers' liability and automobile third-party insurance are compulsory. Other forms of insurance include fire, burglary, water damage, maritime, funeral, livestock, fidelity guarantee, and credit.

The leading troika of nonlife insurance firms in Finland is comprised of Sampo (33% market share), Pohjola (24%), and Tapiola (13%), as of 1996. The Federation of Finnish Insurance Companies calculated that in 1995 the rate for nonlife insurer's assets declined by M 900 million. In 1995, premium income from life assurance was up by 45% and voluntary pension insurance by over 30%. In 1996, Finnish households had an estimated M 200 billion lying idle in bank accounts and voluntary pension insurance accounts for only about M 30 billion.

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