Between 2013 and 2023, the turnover of the insurance, reinsurance and pension funding sector in Finland showed considerable fluctuations. After experiencing growth from 2013 to 2015, turnover decreased sharply in 2016 and 2017. The year 2018 saw another significant decline, marking it as a low point with a value of 7.94 billion euros. A brief resurgence occurred in 2019 with the turnover reaching 9.63 billion euros, but it dropped again in 2020. Although the industry saw some recovery with positive growth in 2021 and 2022, the growth has been modest with a value of 9.2 billion euros recorded in 2023.
Year-on-year variations indicate a fluctuating pattern with significant negative and positive shifts. The most prominent declines were seen in 2016 and 2020, while 2014, 2019, and 2021 experienced notable positive growth. The compound annual growth rate (CAGR) for the last five years (2023 standing at an average CAGR of 2.98%) suggests a slow recovery period but also a trend toward stabilization.
Looking ahead, the forecast data shows a steady, but slight decline in turnover from 2024 to 2028, reflecting an average annual decrease of -0.71% and a total reduction of 3.5% over the five years.
Future trends to watch for include the impact of digital transformation in the insurance industry, regulatory changes, evolving consumer behaviors towards insurance products, and macroeconomic factors like GDP growth and inflation which could further influence market stability. Additionally, innovations in data analytics and artificial intelligence are likely to shape the strategic direction and operational efficiencies in the industry.
