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Insurance is about risk management

​Insurance is a way to even out the economic consequences of various risks. The purpose of insuring is to secure the everyday life and financial standing of individual people, companies and organisations.

Insurance companies are divided according to their line of business into life, non-life and employee pension insurers. Although one company may engage in one line only, the companies often form insurance groups or otherwise co-operate with each other.

Insurers can operate as mutual insurance companies or limited companies. In addition to these, foreign insurance companies sell insurance in the Finnish market through their branch offices. Some foreign insurers also provide cross-border services without an office in Finland.

The Finnish insurance market is characterized by a large proportion of statutory insurance policies. Two thirds of the total premiums written come from statutory insurance.

Employee pension insurance and workers' compensation insurance, both of which are a part of the Finnish social security scheme, are examples of statutory insurance. Motor liability insurance, patient insurance and environmental liability insurance are also statutory insurances.

Insurers' operations are governed by several laws, the most important of which are the Insurance Companies Act and the Insurance Contracts Act. Each statutory insurance line is also governed by its own Act. The insurance sector is monitored by the Financial Supervisory Authority.

The Finnish insurance market has developed well, and the overall demand for insurance is high. According to studies nearly half of all Finns consider voluntary insurance policies a necessary supplement to social security.



Finnish Insurance Survey 2020 Insurance Survey 20206.10.2020 21:00:004.11.2020 9:53:036.10.2020 21:00:00Insurance
Finnish Insurance in 2019 Insurance in 201911.5.2020 21:00:003.6.2020 10:19:0511.5.2020 21:00:00Insurance
Finnish Insurance in 2018 Insurance in 20188.8.2019 21:00:009.8.2019 14:12:398.8.2019 21:00:00Insurance
Finnish insurance in 2017 insurance in 201728.6.2018 21:00:0027.6.2018 11:42:0928.6.2018 21:00:00Insurance
Finnish Insurance in 2016 Insurance in 201626.6.2017 21:00:0027.6.2017 10:30:5926.6.2017 21:00:00Insurance



Consultation on Product Information Document on Product Information Document23.10.2016 21:00:0024.10.2016 14:46:0623.10.2016 21:00:00Insurance
Consultation on IDD level 2 measures on IDD level 2 measures29.9.2016 21:00:0024.10.2016 14:41:0229.9.2016 21:00:00Insurance
Consultation on product oversight and governance on product oversight and governance27.1.2016 22:00:0029.1.2016 10:59:1727.1.2016 22:00:00Insurance
FFI response on Technical Discussion Paper on PRIIPs response on Technical Discussion Paper on PRIIPs16.8.2015 21:00:0017.8.2015 16:54:2116.8.2015 21:00:00Insurance
Consultation on Product oversight and governance on Product oversight and governance18.1.2015 22:00:0020.1.2015 13:59:5718.1.2015 22:00:00Insurance


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