Life Insurance & Pension in Finland
Summary
Life Insurance & Pension in Finland industry profile provides top-line qualitative and quantitative summary information including: market size (value 2018-23, and forecast to 2028). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
Key Highlights
- Life insurance & pension is the financial cover for a contingency linked with human life, like death, disability, accident, retirement etc. Human life is subject to risks of death and disability due to natural and accidental causes. When human life is lost or a person is disabled permanently or temporarily, there is loss of income to the household.
- The Finnish life insurance & pension market recorded gross written premiums of $24.3 billion in 2023, representing a compound annual growth rate (CAGR) of 1.5% between 2018 and 2023.
- The life insurance segment accounted for the market's largest proportion in 2023, with total gross written premiums of $23.6 billion, equivalent to 97.3% of the market's overall value.
- The growth in the Finnish life insurance & pension market is driven by the increasing population of individuals aged 65 and above. This demographic shift is fueling demand for retirement savings plans and income protection policies as people seek financial security for their post-retirement years. According to Eurostat, the population of individuals aged 65 and above in Finland stood at 1.3 million in 2023, an increase of 1.6% from the previous year.
- Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the life insurance & pension market in Finland
- Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the life insurance & pension market in Finland
- Leading company profiles reveal details of key life insurance & pension market players’ global operations and financial performance
- Add weight to presentations and pitches by understanding the future growth prospects of the Finland life insurance & pension market with five year forecasts
- What was the size of the Finland life insurance & pension market by value in 2023?
- What will be the size of the Finland life insurance & pension market in 2028?
- What factors are affecting the strength of competition in the Finland life insurance & pension market?
- How has the market performed over the last five years?
- What are the main segments that make up Finland's life insurance & pension market?
- 1 Executive Summary
- 1.1. Market value
- 1.2. Market value forecast
- 1.3. Category segmentation
- 1.4. Geography segmentation
- 1.5. Market share
- 1.6. Market rivalry
- 1.7. Competitive landscape
- 2 Market Overview
- 2.1. Market definition
- 2.2. Market analysis
- 3 Market Data
- 3.1. Market value
- 4 Market Segmentation
- 4.1. Category segmentation
- 4.2. Geography segmentation
- 5 Market Outlook
- 5.1. Market value forecast
- 6 Five Forces Analysis
- 6.1. Summary
- 6.2. Buyer power
- 6.3. Supplier power
- 6.4. New entrants
- 6.5. Threat of substitutes
- 6.6. Degree of rivalry
- 7 Competitive Landscape
- 7.1. Market share
- 7.2. Who are the leading players?
- 7.3. What are the strategies of the leading players?
- 7.4. What are the strengths of the leading players?
- 8 Company Profiles
- 8.1. LocalTapiola Mutual Life Insurance Company
- 8.2. Mandatum Life Insurance Co Ltd
- 8.3. OP Financial Group
- 8.4. Nordea Life Assurance Finland Ltd
- 9 Macroeconomic Indicators
- 9.1. Country data
- 10 Appendix
- 10.1. Methodology
- 10.2. Industry associations
- 10.3. Related MarketLine research
- 10.4. About MarketLine
- List of Tables
- Table 1: Finland life insurance & pension market value: $ billion, 2018-23
- Table 2: Finland life insurance & pension market category segmentation: % share, by value, 2018-23
- Table 3: Finland life insurance & pension market category segmentation: $ billion, 2018-23
- Table 4: Finland life insurance & pension market geography segmentation: $ billion, 2023
- Table 5: Finland life insurance & pension market value forecast: $ billion, 2023-28
- Table 6: Finland life insurance & pension market share: % share, by value, 2023
- Table 7: LocalTapiola Mutual Life Insurance Company: Key Facts
- Table 8: LocalTapiola Mutual Life Insurance Company: Key Employees
- Table 9: Mandatum Life Insurance Co Ltd: Key Facts
- Table 10: Mandatum Life Insurance Co Ltd: Key Employees
- Table 11: OP Financial Group: Key Facts
- Table 12: OP Financial Group: Key Employees
- Table 13: Nordea Life Assurance Finland Ltd: Key Facts
- Table 14: Nordea Life Assurance Finland Ltd: Key Employees
- Table 15: Finland Size of Population (million), 2019-23
- Table 16: Finland Real GDP (Constant 2010 Prices, $ Billion), 2019-23
- Table 17: Finland GDP (Current Prices, $ Billion), 2019-23
- Table 18: Finland Inflation, 2019-23
- Table 19: Finland Consumer Price Index (Absolute), 2019-23
- Table 20: Finland Exchange Rate, 2018-23
- List of Figures
- Figure 1: Finland life insurance & pension market value: $ billion, 2018-23
- Figure 2: Finland life insurance & pension market category segmentation: $ billion, 2018-23
- Figure 3: Finland life insurance & pension market geography segmentation: % share, by value, 2023
- Figure 4: Finland life insurance & pension market value forecast: $ billion, 2023-28
- Figure 5: Forces driving competition in the life insurance & pension market in Finland, 2023
- Figure 6: Drivers of buyer power in the life insurance & pension market in Finland, 2023
- Figure 7: Drivers of supplier power in the life insurance & pension market in Finland, 2023
- Figure 8: Factors influencing the likelihood of new entrants in the life insurance & pension market in Finland, 2023
- Figure 9: Factors influencing the threat of substitutes in the life insurance & pension market in Finland, 2023
- Figure 10: Drivers of degree of rivalry in the life insurance & pension market in Finland, 2023
- Figure 11: Finland life insurance & pension market share: % share, by value, 2023
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