The turnover in the non-life insurance sector in Finland has experienced fluctuations over the last decade, reaching 3.77 billion euros in 2023. From 2013 to 2017, the sector saw a modest increase before a significant drop in 2018. Subsequent years displayed slight recovery with marginal variations, stabilizing slightly above 3.7 billion euros. Notably, the sector exhibited a declining trend.
Year-on-year analysis for the past two years indicates a decline of approximately 0.41% and 0.43%, respectively. The five-year compound annual growth rate (CAGR) leading up to 2023 showed a slight growth of 1.18%. Conversely, the forecasted CAGR from 2024 to 2028 predicts a modest decrease of 0.28%, with an overall reduction of 1.41%
Future trends to monitor include digital transformation impacting efficiency, evolving regulatory requirements, and the growing integration of technology in underwriting and claims processing. Shifts in consumer preferences towards personalized products and increasing environmental risks may also influence the sector's dynamics.
