The output of the insurance, reinsurance, and pension funding sectors in Finland has displayed variable growth over the past decade, with notable fluctuations. Between 2013 and 2023, we observed both significant spikes and downturns. For instance, from 2013 to 2014, there was a noteworthy growth of 10.93%, whereas 2015 experienced a decline of 6.32%. The year 2022 marked a high growth rate of 14.15%, contrasting with a slight decrease of 1.27% in 2023, where the value stood at 3.85 billion Euros. The compounded annual growth rate (CAGR) over the past five years was 3.91%.
Looking ahead, forecasts indicate steady growth from 2024 to 2028, with a five-year CAGR of 1.97%. The output is expected to rise from 3.95 billion Euros in 2024 to 4.35 billion Euros in 2028.
Future trends to watch for include:
- Digital transformation and adoption of insurtech, which could significantly improve efficiency and customer experience.
- Regulatory changes influencing market dynamics and potential consolidation in the sector.
- The impact of demographic shifts, particularly an aging population, on pension funding requirements and insurance products.
- Economic fluctuations and their effects on investment returns and premium income.
