The number of persons employed in the life insurance sector in Finland has shown a declining trend from 2013 to 2023. From 2013 to 2023, there has been a substantial decrease in employment, dropping from 983 to 713 employees. The year-on-year variations indicate significant drops in the early years, particularly in 2014 and 2015, but the decline becomes less steep after 2016. From 2020 to 2023, the year-on-year percentage variation slightly decreased each year, culminating in a 1.52% reduction in 2023. The compound annual growth rate (CAGR) over the last five years up to 2023 was approximately -1.27%. This long-term decline can be attributed to factors such as automation, digital transformation, and organizational restructuring in the sector.
Forecasts from 2024 to 2028 predict a continued, albeit more gradual, reduction in the number of employees, with a forecasted CAGR of -0.6%. By 2028, the workforce is expected to decrease to 683 employees. This indicates that the sector may continue to face pressures from increased efficiency and technological advancements.
Trends to watch for in the future include the impact of further automation and artificial intelligence on job roles, potential regulatory changes affecting the life insurance industry, and shifts in consumer behavior towards digital-first interactions, which could further influence employment patterns in the sector.
