Forecast: Turnover in Insurance Sector in Finland

From 2013 to 2023, the turnover in the Finnish insurance sector showcased periods of notable volatility. Initially, there was growth from €9.83 billion in 2013 to €10.74 billion in 2015. However, a downturn followed, reaching a low of €7.87 billion in 2020. Subsequent recovery efforts saw a return to €9.59 billion by 2023. Year-on-year variations highlight:

• 2014: +8.12%
• 2015: +1.03%
• 2016: -15.79%
• 2017: -1.34%
• 2018: -11.24%, with a 5-year CAGR of -4.23%
• 2019: +21.35%, 5-year CAGR of -2%
• 2020: -18.18%, 5-year CAGR of -6.04%
• 2021: +9.14%, 5-year CAGR of -1.04%
• 2022: +6.82%, 5-year CAGR of 0.54%
• 2023: +4.56%, 5-year CAGR of 3.89%

Forecasting from 2024 to 2028 indicates a slow but steady growth. The turnover is expected to rise gradually from €9.66 billion in 2024 to €9.94 billion in 2028, forecasting a 5-year CAGR of 0.57% and an overall 5-year growth rate of 2.9%.

Future trends to watch include potential impacts of digital transformation within the sector, shifts in consumer preferences towards personalized insurance products, and the influence of regulatory changes. Monitoring these elements will be crucial for understanding upcoming market dynamics.