Finland insurance market
Finland has a mature and highly developed insurance market characterised by a large proportion of statutory insurance. Two thirds of total premiums written derive from statutory lines including employee pension insurance, workers' compensation insurance, motor third-party liability insurance and patient insurance. At end-2024 there were 46 licensed Finnish insurers: 34 specialising in non-life business and reinsurance, 8 in life insurance and 4 in statutory employee pension insurance, alongside 21 branches of foreign (mostly EEA) insurers and around 470 EEA insurers passporting services cross-border. Total gross premiums written across all sectors grew 5.2% to EUR 29.8bn in 2024; life premiums grew 20% to EUR 5.5bn, non-life premiums grew 3% to EUR 5.6bn and statutory pension premiums grew 2% to EUR 18.8bn. The market is highly concentrated, with Pohjola Insurance (OP Group), LähiTapiola and If P&C dominating the non-life sector. In 2025, Finance Finland's newly combined 'Finanssivuosi' report (replacing the separate former Vakuutusvuosi review) found that life and non-life insurer solvency remained at a good level, investment returns were positive, and premium growth continued, driven mainly by price increases compensating for prior years' higher claims costs; a detailed aggregate premium total for 2025 had not yet been separately published in the new combined report format. The Finnish Financial Supervisory Authority (Finanssivalvonta, FIN-FSA) is the primary prudential regulator, operating under the Solvency II framework as implemented by the Insurance Companies Act 521/2008 and its 2015 amendments.
Country market
Available products
Market overview
Market numbers
Total premiums
EUR 29.8bn
Annual growth
Insurance penetration
9.9%
Active insurers
46
Population
5,646,436
Registered vehicles
7,425,114
Total premiums (EUR bn)
- 202429.8 EUR bn
- 202328.4 EUR bn
- 202227.2 EUR bn
- 202126.2 EUR bn
- 202023.1 EUR bn
2020 — 23.1 EUR bn
2021 — 26.2 EUR bn
2022 — 27.2 EUR bn
2023 — 28.4 EUR bn
2024 — 29.8 EUR bn
Annual growth (%)
Non-life share / Life share
Non-life share
19.0%Life share
18.0%Insurance penetration (%)
Market data by year
Gross written premium 2024 (EUR bn)
- Keskinäinen Eläkevakuutusyhtiö Ilmarinen7.0 EUR bnEUR 6,956m (statutory employee pension insurance 2024, 37.1% share)
- Keskinäinen Työeläkevakuutusyhtiö Varma6.7 EUR bnEUR 6,656m (statutory employee pension insurance 2024, 35.5% share)
- Keskinäinen Työeläkevakuutusyhtiö Elo4.4 EUR bnEUR 4,378m (statutory employee pension insurance 2024, 23.3% share)
- Pohjola Vakuutus Oy1.8 EUR bnEUR 1,826m (non-life insurance 2024, 32.6% share of the EUR 5,600m market)
- Mandatum Henkivakuutusosakeyhtiö1.7 EUR bnEUR 1,665m (life and non-life insurance 2024, 15.4% share)
Keskinäinen Eläkevakuutusyhtiö Ilmarinen — 7.0 EUR bn
EUR 6,956m (statutory employee pension insurance 2024, 37.1% share)
Keskinäinen Työeläkevakuutusyhtiö Varma — 6.7 EUR bn
EUR 6,656m (statutory employee pension insurance 2024, 35.5% share)
Keskinäinen Työeläkevakuutusyhtiö Elo — 4.4 EUR bn
EUR 4,378m (statutory employee pension insurance 2024, 23.3% share)
Pohjola Vakuutus Oy — 1.8 EUR bn
EUR 1,826m (non-life insurance 2024, 32.6% share of the EUR 5,600m market)
Mandatum Henkivakuutusosakeyhtiö — 1.7 EUR bn
EUR 1,665m (life and non-life insurance 2024, 15.4% share)
Market share 2024
Keskinäinen Eläkevakuutusyhtiö Ilmarinen
37.1%Keskinäinen Työeläkevakuutusyhtiö Varma
35.5%Keskinäinen Työeläkevakuutusyhtiö Elo
23.3%Pohjola Vakuutus Oy
32.6%Mandatum Henkivakuutusosakeyhtiö
15.4%Insurer directory
Active insurers
Insurers currently active in Finland.
Keskinäinen Eläkevakuutusyhtiö Ilmarinen
Independent mutual (Finland)
EUR 6,956m
Keskinäinen Työeläkevakuutusyhtiö Varma
Independent mutual (Finland)
EUR 6,656m
Keskinäinen Työeläkevakuutusyhtiö Elo
Independent mutual (Finland)
EUR 4,378m
Pohjola Vakuutus Oy
Helsinki, Finland
EUR 1,826m
Mandatum Henkivakuutusosakeyhtiö
Helsinki, Finland
Mandatum Life Insurance Company Limited is a wholly owned subsidiary of Mandatum plc, an insurance holding company, providing wealth management, compensation and reward solutions, pension solutions, and personal insurance services for private and corporate clients. Mandatum is part of the development of Finland's financial markets and its roots date back over 150 years, to the life insurance company Kaleva, founded in 1874. Mandatum has been listed on Nasdaq Helsinki since 2023.
EUR 1,665m
LähiTapiola-ryhmä (ml. Suomen Vahinkovakuutus Oy)
Espoo, Finland
LähiTapiola (LocalTapiola) is a Finnish mutual finance group formed by the fusion of the Lähivakuutus and Tapiola companies, owned by its customers.
EUR 1,585m
Nordea Henkivakuutus Suomi Oy
Helsinki, Finland
Nordea Life Assurance Finland Ltd and Nordea Insurance Finland Ltd are Finnish insurance companies and part of the Nordea Group, the largest financial services group in the Nordic region. They offer personal insurance products including life, critical illness, disability, health, pension and investment insurance, distributed through Nordea Bank Abp as agent, with additional non-life products (home, travel, motor, pet) offered in partnership with If.
EUR 1,519m
If Vahinkovakuutus Oyj, Suomen sivuliike
Espoo, Finland (branch of If P&C Insurance Ltd (publ)/If Skadeförsäkring AB (publ), Stockholm, Sweden)
If is the branch operation in Finland of If P&C Insurance, the largest property and casualty insurer in the Nordic region, wholly owned by Finnish-listed Sampo plc. In Finland, If holds around a 26% market share and offers a comprehensive range of personal, commercial and industrial insurance products. In 2025 the Danish insurer Topdanmark was merged into If, expanding the group's Nordic footprint.
EUR 1,226m
Eläkevakuutusosakeyhtiö Veritas
Independent (Finland)
EUR 775m
Keskinäinen Vakuutusyhtiö Fennia
Helsinki, Finland
Fennia Mutual Insurance Company is a Finnish, customer-owned (mutual) non-life insurer founded in 1882, offering statutory and voluntary insurance products to private households, entrepreneurs, and companies of all sizes.
EUR 471m
Market notes
Important news
Apr 1, 2026
Government proposes amendments to Insurance Companies Act implementing revised Solvency II Directive
The Finnish government submitted a bill to amend the Insurance Companies Act, the Act on Foreign Insurance Companies and related pension laws to transpose Directive (EU) 2025/2. The bill introduces a new category for small and non-complex insurers with lighter regulatory treatment, updates governance and risk-management rules, and requires insurers to prepare sustainability and liquidity-risk management plans.
Why it matters
Most changes take effect on 30 January 2027, with certain FIN-FSA supervisory powers and Patient Insurance Centre provisions effective already from 1 July 2026, reshaping proportionality, governance and crisis-preparedness requirements for the whole sector.
Aug 29, 2025
Fennia's Henki-Fennia acquires Sp-Henkivakuutus from Säästöpankkiryhmä, expanding life insurance market share
Fennia's subsidiary Henki-Fennia acquired the entire share capital of Sp-Henkivakuutus Oy from Säästöpankkiryhmä on 29 August 2025, following an April 2025 agreement. The deal also launched a long-term distribution partnership between Fennia and Säästöpankkiryhmä covering savings-linked life insurance and loan protection.
Why it matters
The acquisition increased Fennia's life insurance market share to approximately 9% by premium income, marking a significant consolidation of the Finnish life insurance market and creating a new bancassurance-style distribution tie between a savings bank group and a mutual insurer.
Jun 17, 2025
FIN-FSA publishes AML/CFT risk assessment for life insurance sector - distribution channels identified as highest risk
FIN-FSA published its sector-level AML/CFT risk assessment for life insurance companies, rating overall risk as moderately significant (2/4). Endowment and capital redemption policies used as savings products were flagged as elevating ML/TF risk.
Why it matters
The assessment signals increased AML supervisory scrutiny of life insurers and puts companies on notice that FIN-FSA may increase inspections and sanctions for inadequate AML controls.
May 23, 2025
FIN-FSA imposes EUR 7.67 million penalty payment and public warning on S-Pankki for operational risk failures
FIN-FSA imposed a joint penalty payment of EUR 7,670,000 on S-Pankki Oyj for failures in operational risk management related to a software programming error active between 20 April and 5 August 2022 that was exploited by suspected criminals, alongside a public warning for breaches of strong customer authentication requirements.
Why it matters
The largest FIN-FSA penalty against a Finnish financial institution in recent years, signalling FIN-FSA's heightened focus on IT operational risk management relevant to bancassurance providers.
Regulation
Regulation
FIN-FSA
Finnish Financial Supervisory Authority
Primary prudential supervisor of credit institutions, insurance and pension companies, investment firms and other financial sector entities in Finland. Responsible for ensuring the stable operation of supervised entities and the protection of customers, investors and the insured. Acts as the national competent authority for Finland within EU supervisory frameworks including EIOPA, EBA and ESMA.
https://www.finanssivalvonta.fi/en/LVK
Finnish Motor Insurers' Centre
Central body for all motor liability insurers in Finland. Safeguards the rights of road accident victims where the liable party has failed to pay statutory motor liability insurance premiums. Handles cross-border MTPL claims, Green Card Bureau functions, and coordinates international motor insurance tasks. Its Crash Data Institute (OTI) promotes road safety through accident research.
https://www.lvk.fi/en/Finanssiala
Finance Finland
The industry association representing banks, life, non-life and employee pension insurance companies, finance houses, fund management companies and securities dealers operating in Finland. Publishes annual sector statistics and reports, including the newly combined 'Finanssivuosi' report (from 2026) which merges the former separate banking and insurance year reviews, and advocates on behalf of the financial sector.
https://www.finanssiala.fi/en/Vakuutuskeskus
Finnish Insurance Centre
Central body of non-life insurance companies and centre of expertise for four statutory insurance types: motor liability (LVK), patient insurance (PIC), environmental liability insurance and pharmaceutical insurance. Manages statutory insurance and compensation activities and coordinates international cooperation among member companies.
https://www.vakuutuskeskus.fi/STM
Ministry of Social Affairs and Health
Responsible for insurance legislation in Finland, including the Insurance Companies Act and statutory insurance lines. Prepares legislative proposals and issues decrees supplementing the Insurance Companies Act.
https://stm.fi/en/insurance/legislationKey legislation
Key legislation
Insurance Companies Act 521/2008 (as amended by 303/2015 and subsequent amendments)
Insurance Companies Act
Primary law governing the establishment, administration and operation of Finnish insurance and reinsurance companies. Sets requirements for authorisation, capital adequacy, governance and solvency. The 2015 amendments implemented the EU Solvency II Directive (2009/138/EC), introducing risk-based capital requirements (SCR and MCR), group supervision provisions and mandatory public disclosure of solvency and financial condition reports.
Insurance Contracts Act 543/1994
Insurance Contracts Act
Applies to all insurance contracts other than statutory insurance and reinsurance. Sets mandatory provisions on the rights and obligations of insurance companies, policyholders, insured persons, beneficiaries and third parties. Contract terms deviating from the Act to the detriment of the insured or policyholder are null and void. The Act is of a mandatory nature and entered into force in 1995.
Act on Foreign Insurance Companies 398/1995
Act on Foreign Insurance Companies
Stipulates how foreign insurance and reinsurance companies may conduct insurance business in Finland. EEA-domiciled insurers may operate via freedom of establishment (branch) or freedom of services without a local presence, following notification by their home supervisor to FIN-FSA; as of end-2024, 21 branches of foreign insurers operated in Finland alongside around 470 EEA insurers notified for cross-border service provision. Non-EEA insurers must operate through a branch and obtain separate FIN-FSA authorisation.
Act on Insurance Distribution 234/2018
Act on Insurance Distribution
Implements the EU Insurance Distribution Directive (IDD) into Finnish law. Applies to insurers and all insurance intermediaries (agents and brokers); as of the last legal update there were 127 insurance brokers registered in the FIN-FSA broker register. Requires provision of standardised Insurance Product Information Documents (IPID), product oversight and governance processes, and prohibits remuneration structures that conflict with customer interests. Entered into force on 1 October 2018.
Solvency II Directive 2009/138/EC as implemented by Insurance Companies Act amendments 303-314/2015
Solvency II regulatory framework
EU-harmonised prudential framework for insurance and reinsurance undertakings, applied in Finland since 1 January 2016. Introduces risk-based Solvency Capital Requirement (SCR) and Minimum Capital Requirement (MCR), the Own Risk and Solvency Assessment (ORSA), the system of governance requirements and Solvency and Financial Condition Reports (SFCR). Further amended by Directive (EU) 2025/2 to enhance proportionality, macro-prudential tools and sustainability risk management.
EU cross-border access
EU cross-border insurers
Zurich Insurance plc
Freedom of Services
Home country: Germany
Supervisor: BaFin (Germany)
Zurich Insurance plc changed from an Irish limited company into a German Aktiengesellschaft in 2023 and offers voluntary insurance services in Finland cross-border through international corporate clients.
Coface SA
Freedom of Services
Home country: France
Supervisor: ACPR (France)
Coface offers credit insurance services to companies operating in Finland on an FoS basis without a local branch.
Allianz Trade (Euler Hermes SA)
Freedom of Services
Home country: France
Supervisor: ACPR (France)
Allianz Trade (formerly Euler Hermes) offers credit insurance to Finnish companies on an FoS basis as part of the Allianz Group.
ERGO Versicherung AG
Freedom of Services
Home country: Germany
Supervisor: BaFin (Germany)
ERGO offers travel and other insurance products in Finland on an FoS basis through partners and intermediaries as part of the Munich Re Group.
Europ Assistance S.A.
Freedom of Services
Home country: France
Supervisor: ACPR (France), with its Irish branch also supervised under the Central Bank of Ireland's branch rules
Europ Assistance S.A. offers travel insurance (e.g. cancellation cover for cruises) in Finland under the freedom to provide services through its Irish branch.
Distribution channels
Share by channel- 38%Direct SalesInsurer Websites & Call Centres
- IF P&C Insurance (Sampo Group)
- POP Vakuutus (Suomen Vahinkovakuutus Oy)
- Pohjola Insurance (OP Financial Group)
- Turva Mutual
- 25%Insurance AgentsTied Agents
- LähiTapiola (20 regional units)
- Fennia Mutual
- Pohjantähti Mutual
- 20%Bancassurance
- OP Financial Group (Pohjola Insurance)
- Nordea Insurance Finland
- S-Pankki / S-ryhmä
- Säästöpankkiryhmä (distribution partner for Fennia Henkivakuutus)
- 12%Insurance BrokersIndependent
- Marsh Finland
- Aon Finland
- Willis Towers Watson Finland
- Howden Insurance Brokers
- 5%Digital / Comparison Platforms & Embedded Insurance
- Vakuutus24.fi
- Embedded/API-based insurtech channels
Some companies appear in more than one channel.
Consumer rights
How to file a complaint- 1
Contact your insurer's customer service or branch directly. For complex disputes, submit a clear written complaint to the insurer and await their response.
- 2
If unresolved, contact FINE (Finnish Financial Ombudsman Bureau) for free advice and to request a recommendation. FINE handles insurance, banking and investment disputes.
- 3
If FINE's recommendation is not followed, escalate to the Insurance Court (Vakuutusoikeus) for statutory insurance matters or to a district court for voluntary insurance disputes.
- 4
For cross-border disputes within the EEA, contact the European Consumer Centre Finland (ECC Finland) operating within the Finnish Competition and Consumer Authority.
EU cross-border access
EU cross-border access
Finland fully applies EU single-market rules for insurance. An EEA-authorised insurer or intermediary may operate in Finland either by establishing a branch (Freedom of Establishment) or by providing services directly from its home state (Freedom of Services), following a notification procedure between the home and Finnish regulators (FIN-FSA). A 2026 legislative reform is transposing the amended Solvency II Directive into the Insurance Companies Act, introducing a new category for small, non-complex insurers and strengthening governance and liquidity-risk rules.
EU Directive 2009/138/EC (Solvency II) as amended by Directive (EU) 2025/2; EU Directive 2016/97 (IDD); Finnish Insurance Companies Act 521/2008 (amended by Act 600/2026, most provisions effective 30 January 2027; certain FIN-FSA powers effective 1 July 2026); Act on Insurance Distribution 234/2018
freedom of establishment
An EEA insurer may set up a branch or permanent presence in Finland without separate local authorisation. The home-state regulator notifies FIN-FSA of the branch details. FIN-FSA supervises conduct-of-business rules in Finland; prudential supervision remains with the home regulator.
freedom of services
An EEA insurer may offer insurance directly into Finland from its home state after a notification procedure. The home-state regulator is responsible for all IDD and Solvency II compliance. FIN-FSA may enforce Finnish general-good rules and supervises cross-border provision and branches only to a limited extent.
Market history
Market history
1990-1995
Deep Recession and Financial Crisis
Finland's GDP fell by about 10% between 1990 and 1993 following financial deregulation, a credit boom and the collapse of Soviet trade. The banking and insurance sectors faced severe stress; insolvencies and credit losses reshaped the financial landscape and accelerated sector restructuring.
1995-2004
EU Accession, Market Opening and Major Consolidation
Finland joined the EU in 1995, opening the market to EEA competition. The Sampo Group merged with state bank Leonia in 2000, creating a major bancassurance conglomerate. Sampo subsequently divested its non-life business into the Nordic If P&C Insurance joint venture with Skandia and Storebrand. The top five groups controlled 89% of the non-life market by 1999.
2010-2015
Solvency II Implementation and Landmark Mergers
Finland transposed the Solvency II Directive (effective January 2016) via an Insurance Companies Act amendment. The landmark merger of Tapiola and Lähivakuutus formed LähiTapiola in 2012-2013, creating one of Finland's largest mutual insurance groups with over 1.6 million owner-customers and a 25.6% non-life market share.
2016-2023
Digital Acceleration and E-mobility Insurance Expansion
Digital channels grew rapidly, with approximately 74% of travel insurance purchases made online. FIN-FSA increased governance scrutiny of insurers, issuing several public warnings, including one against Pohjola Vakuutus in 2023 for failures in statutory workers' compensation claims handling.
2024-2026
Motor Insurance Reform, Life Insurance Consolidation and Solvency II Update
A reformed Motor Liability Insurance Act (effective 1 June 2024) expanded mandatory insurance to e-scooters and light electric vehicles. Fennia's Henki-Fennia acquired Sp-Henkivakuutus from Säästöpankkiryhmä in 2025, and the government proposed legislation in 2026 to implement the amended Solvency II Directive (EU) 2025/2, introducing a lighter regime for small, non-complex insurers.
Glossary
Glossary
fi
Vakuutusyhtiö
A licensed entity authorised by FIN-FSA to underwrite and issue insurance policies to policyholders in Finland.
fi
Vakuutusmeklari
An independent intermediary who acts on behalf of the policyholder to arrange insurance contracts, required to hold professional indemnity insurance and be registered with FIN-FSA.
fi
Vakuutusasiamies
An intermediary who acts on behalf of one or more specific insurers in distributing insurance products to customers.
fi
Liikennevakuutus
Mandatory statutory insurance covering personal injury and property damage caused to third parties by a motor vehicle, including e-scooters above 25 kg or 25 km/h since June 2024.
fi
Tapaturmavakuutus
Statutory insurance covering work-related injuries and occupational diseases; employers are obliged to insure all employees.
fi
Henkivakuutus
Insurance that pays a benefit upon the death of the insured or at the end of a specified term, including savings and investment-linked products.
fi
Vahinkovakuutus
General insurance covering property damage, liability, motor and other non-life risks, distinct from life and pension insurance.
fi
Vakuutusmaksu
The periodic payment made by the policyholder to the insurer in exchange for insurance coverage.
Market notes
FAQ
Market notes
Sources
Last updated: Sep 25, 2026
- 01Finnish Financial Supervisory Authority (FIN-FSA / Finanssivalvonta)
Primary regulator; publishes market statistics, supervisory measures, press releases and regulatory framework.
- 02FIN-FSA Non-Life Insurance Statistics
Quarterly premium written and claims paid data for Finnish non-life insurers.
- 03FIN-FSA Life Insurance Statistics
Annual premiums written and claims paid data for Finnish life insurance companies.
- 04FINE - Finnish Financial Ombudsman Bureau
Free consumer ADR body for insurance, banking and investment disputes in Finland.
- 05Finance Finland (Finanssiala ry)
Trade association publishing annual market reviews and statistics; Vakuutusalan markkinakatsaus has been replaced by Finanssivuosi.
- 06Finnish Motor Insurers' Centre (Liikennevakuutuskeskus / LVK)
Central body for MTPL insurance; publishes law updates and statistical data.
- 07Insurance Court of Finland (Vakuutusoikeus)
Specialist court handling appeals on statutory insurance decisions.
- 08Ministry of Social Affairs and Health (STM) - Insurance Legislation
Official government press releases and project pages on insurance law changes and Solvency II implementation.