The value-added of insurance, reinsurance, and pension funding in Finland stood at 1.83% billion Euros in 2023. The value experienced fluctuations with noticeable growths and declines, especially a drop in 2015 and 2017. Across five years, the Compound Annual Growth Rate (CAGR) showcased moderate trends, indicating a stable yet slowly growing sector. In recent years, the year-on-year variation was minimal, solidifying the sector's gradual stability. From 2024 onwards, forecasts suggest a steady increase with an estimated 1.33% CAGR and overall growth of 6.83% by 2028.
Future Trends to Watch For:
- Technological advancements in InsurTech impacting operational efficiencies and cost structures
- Evolving regulatory frameworks aligning with EU directives and sustainability goals
- Demographic shifts influencing pension funding and insurance product demands
- Anticipated increase in health and life insurance sectors due to post-pandemic changes
