Forecast: Household Expenditure on Insurance in Finland

Household expenditure on insurance in Finland has experienced varied growth rates over the past decade, beginning at 2.22 billion Euros in 2013 and growing to 3.61 billion Euros in 2023. From a low growth of -2.03% in 2015 to a peak year-on-year increase of 15.56% in 2022, trends have shown significant volatility. In recent years, the expenditure saw an increase of 3.95% from 2022 to 2023, highlighting a moderate yet steady growth. The Compound Annual Growth Rate (CAGR) over the past five years was 5.76%.

The forecasted data from 2024 to 2028 suggests continued growth albeit at a slightly reduced pace, with a five-year forecasted CAGR of 2.71%, leading to a total expenditure of 4.29 billion Euros by 2028. The sector anticipates a 14.32% growth over the forecast period.

Future trends to watch for include:

• Impact of technological advancements in insurance products.

• Changes in regulatory policies affecting household insurance.

• Macro-economic factors such as income levels and inflation rates.

• Increasing consumer awareness and demand for comprehensive insurance coverage.