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Life insurance in finland, key trends and opportunities to 2017

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The report provides in-depth market analysis, information and insights into the Finnish life insurance segment, including:

The Finnish life insurance segment’s growth prospects by life insurance categories
Key trends and drivers for the life insurance segment

Published in Economy & Finance , Business
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  • 1. Life Insurance in Finland, Key Trends and Opportunities to 2017 Synopsis The report provides in-depth market analysis, information and insights into the Finnish life insurance segment, including: The Finnish life insurance segment’s growth prospects by life insurance categories Key trends and drivers for the life insurance segment The various distribution channels in the Finnish life insurance segment The detailed competitive landscape in the life insurance segment in Finland A detailed overview of the regulatory framework of the Finnish insurance industry A description of the life reinsurance segment in Finland Porter's Five Forces analysis of the life insurance segment A benchmarking section on the Finnish life insurance segment in comparison with other countries in the Nordic Region Executive summary Life insurance was the largest segment in the Finnish insurance industry in 2012, accounting for 81.8% of the industry’s gross written premium in 2012. Pure risk, capital-redemption and unit-linked policies will record considerable growth between 2012 and 2018, although the opposite will be the case with guaranteed-return policies due to subdued interest rates on government bonds. The solvency margin of life insurers was more than five times the required level in 2012. Scope This report provides a comprehensive analysis of the life insurance segment in Finland: It provides historical values for the Finnish life insurance segment for the report’s 2008–2012 review period, and expected figures for the 2012–2017 forecast period. It offers a detailed analysis of the key categories in the Finnish life insurance segment, along with market forecasts until 2017. It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions. It analyses the various distribution channels for life insurance products in Finland. Using Porter’s industry-standard “Five Forces” analysis, it details the competitive landscape in Finland for the life insurance business. It provides a detailed analysis of the reinsurance segment in Finland and its growth prospects. It profiles the top life insurance companies in Finland and outlines the key regulations affecting them. Reasons to buy Make strategic business decisions using in-depth historic and forecast market data related to the Finnish life insurance segment and each category within it Understand the demand-side dynamics, key market trends and growth opportunities within the Finnish life insurance segment Assess the competitive dynamics in the life insurance segment, along with the reinsurance segment Identify the growth opportunities and market dynamics within key product categories Gain insights into key regulations governing the Finnish insurance industry and its impact on companies and the market's future Key highlights Life insurance was the largest segment in the Finnish insurance industry in 2012, accounting for 81.8% of the industry’s gross written premium in 2012. Bancassurance is the main channel of distribution for life insurance products, accounting for 54.2% of the segment’s new business gross written premiums in 2012. With low interest rates offered on government bonds, there has been a decrease in both demand for and supply of guaranteed-return policies. In 2012, the life insurers’ solvency ratio was more than 23% higher than requirements, on account of potential payouts to policyholders. The life segment is highly concentrated, with the 10 leading companies collectively accounting for 97.1% of the segment’s written premiums in 2012. table Of Contents 1 Executive Summary 2 Introduction 2.1 What Is This Report About? 2.2 Definitions 2.3 Methodology 3 Nordic Region Market Dynamics 3.1 Overview 3.1.1 Market Trends 3.1.2 Market Size 4 Life Insurance Segment – Regional Benchmarking 4.1 Scale And Penetration 4.1.1 Total Gross Written Premium 4.1.2 Premium Per Capita 4.1.3 Life Insurance Penetration (% Of Gdp) 4.2 Growth 4.2.1 Gross Written Premium 4.2.2 Gross Written Premium Per Capita 4.3 Efficiency And Risk 4.3.1 Loss Ratio 4.3.2 Combined Ratio 4.3.3 Incurred Losses Per Capita 4.3.4 Incurred Losses As A Percentage Of Gdp 4.4 Distribution Channels Life Insurance in Finland, Key Trends and Opportunities to 2017
  • 2. 4.4.1 Direct Marketing 4.4.2 Bancassurance 4.4.3 Agencies 4.4.4 Online Channels 5 Finnish Insurance Industry Attractiveness 5.1 Insurance Industry Size, 2008–2017 5.2 Key Industry Trends And Drivers 6 Life Insurance Outlook 6.1 Life Insurance Growth Prospects By Category 6.1.1 Individual Life Insurance 6.1.2 Individual Pension Insurance 6.1.3 Individual Endowment Insurance 6.1.4 Individual Unit-linked Insurance 6.1.5 Group Life Insurance 6.1.6 Group Superannuation Insurance 6.1.7 Group Unit-linked Insurance 6.2 Life Insurance Growth Prospects By Product Type 6.2.1 Individual Single-premium Policies 6.2.2 Individual Non-single-premium Policies 6.2.3 Group Single-premium Policies 6.2.4 Group Non-single-premium Policies 7 Analysis By Distribution Channels 7.1 Direct Marketing 7.2 Bancassurance 7.3 Agencies 7.4 E-commerce 7.5 Brokers 7.6 Other Channels 8 Porter’s Five Forces Analysis – Finnish Life Insurance 8.1 Bargaining Power Of Supplier: Medium To High 8.2 Bargaining Power Of Buyer: Low To Medium 8.3 Barriers To Entry: High 8.4 Intensity Of Rivalry: Medium To High 8.5 Threat Of Substitutes: Low 9 Reinsurance Growth Dynamics And Challenges 9.1 Reinsurance Segment Size, 2008–2017 9.2 Reinsurance Segment Size By Type Of Insurance, 2008–2017 10 Governance, Risk And Compliance 10.1 Legislation Overview And Historical Evolution 10.2 Regulations By Type Of Insurance 10.2.1 Life Insurance Regulations 10.2.2 Property Insurance Regulations 10.2.3 Motor Insurance Regulations 10.2.4 Marine, Aviation And Transit Insurance Regulations 10.2.5 Personal Accident And Health Insurance Regulations 10.3 Compulsory Insurance 10.3.1 Motor Third-party Liability Insurance 10.3.2 Workers’ Compensation Insurance 10.3.3 Air Carriers And Aircraft Operators Insurance 10.4 Supervision And Control 10.4.1 International Association Of Insurance Supervisors (iais) 10.4.2 European Insurance And Occupational Pension Authority (eiopa) 10.4.3 Financial Supervisory Authority (fsa) 10.5 Non-admitted Insurance Regulations 10.5.1 Overview 10.5.2 Intermediaries Life Insurance in Finland, Key Trends and Opportunities to 2017
  • 3. 10.5.3 Market Practices 10.5.4 Fines And Penalties 10.6 Company Registration And Operations 10.6.1 Types Of Insurance Organization 10.6.2 Establishing A Local Company 10.6.3 Foreign Ownership 10.6.4 Types Of License 10.6.5 Capital Requirements 10.6.6 Solvency Margins 10.6.7 Reserve Requirements 10.6.8 Investment Regulations 10.6.9 Statutory Return Requirements 10.6.10 Fee Structure 10.7 Taxation 10.7.1 Insurance Premium Or Policy Taxation 10.7.2 Withholding Tax On Insurance Premium Paid Overseas 10.7.3 Corporate Tax 10.7.4 Vat 10.7.5 Captives 10.8 Legal System 10.8.1 Introduction 10.8.2 Access To Court 10.8.3 Alternative Dispute Resolution (adr) 11 Competitive Landscape And Strategic Insights 11.1 Overview 11.2 Leading Companies In The Finnish Life Insurance Segment 11.3 Comparison Of The Top Five Insurers 11.3.1 Gross Written Premium 11.3.2 Incurred Loss 11.3.3 Total Assets 11.4 Varma Mutual Pension Insurance Company – Company Overview 11.4.1 Varma Mutual Pension Insurance Company – Key Facts 11.4.2 Varma Mutual Pension Insurance Company – Key Financials 11.5 Ilmarinen Mutual Pension Insurance Company – Company Overview 11.5.1 Ilmarinen Mutual Pension Insurance Company – Key Facts 11.5.2 Ilmarinen Mutual Pension Insurance Company – Key Financials 11.6 Localtapiola Mutual Pension Insurance Company – Company Overview 11.6.1 Localtapiola Mutual Pension Insurance Company – Key Facts 11.6.2 Localtapiola Mutual Pension Insurance Company – Key Financials 11.7 Nordea Life Assurance Finland Ltd – Company Overview 11.7.1 Nordea Life Assurance Finland Ltd – Key Facts 11.7.2 Nordea Life Assurance Finland Ltd – Key Financials 11.8 Fenia Mutual Pension Insurance Company – Company Overview 11.8.1 Fenia Mutual Pension Insurance Company – Key Facts 11.8.2 Fenia Mutual Pension Insurance Company – Key Financials 11.9 Mandatum Life Insurance Company Ltd – Company Overview 11.9.1 Mandatum Life Insurance Company Ltd – Key Facts 11.9.2 Mandatum Life Insurance Company Ltd – Key Financials 11.10 Op Life Assurance Company Ltd – Company Overview 11.10.1 Op Life Assurance Company Ltd – Key Facts 11.10.2 Op Life Assurance Company Ltd – Key Financials 11.11 Etera Mutual Pension Insurance Company – Company Overview 11.11.1 Etera Mutual Pension Insurance Company – Key Facts 11.11.2 Etera Mutual Pension Insurance Company – Key Financials 11.12 Veritas Pension Insurance Company Ltd – Company Overview 11.12.1 Veritas Pension Insurance Company Ltd – Key Facts 11.12.2 Veritas Pension Insurance Company Ltd – Key Financials 11.13 Localtapiola Mutual Life Insurance Company – Company Overview 11.13.1 Localtapiola Mutual Life Insurance Company – Key Facts 11.13.2 Localtapiola Mutual Life Insurance Company – Key Financials 12 Business Environment And Country Risk 12.1 Business Confidence 12.1.1 Market Capitalization Trend – Finnish Stock Exchange, Finland 12.2 Economic Performance Life Insurance in Finland, Key Trends and Opportunities to 2017
  • 4. 12.2.1 Gdp At Constant Prices (us$) 12.2.2 Gdp Per Capita At Constant Prices (us$) 12.2.3 Gdp At Current Prices (us$) 12.2.4 Gdp Per Capita At Current Prices (us$) 12.2.5 Gdp By Key Segments 12.2.6 Agriculture, Hunting, Forestry And Fishing Net Output At Current Prices (us$) 12.2.7 Agriculture, Hunting, Forestry And Fishing Net Output At Current Prices, As A Percentage Of Gdp 12.2.8 Manufacturing Net Output At Current Prices (us$) 12.2.9 Manufacturing Net Output At Current Prices, As A Percentage Of Gdp 12.2.10 Mining, Manufacturing And Utilities At Current Prices (us$) 12.2.11 Mining, Manufacturing And Utilities At Current Prices, As A Percentage Of Gdp 12.2.12 Construction Net Output At Current Prices (us$) 12.2.13 Construction Net Output At Current Prices As A Percentage Of Gdp 12.2.14 Inflation Rate 12.2.15 Exports As A Percentage Of Gdp 12.2.16 Imports As A Percentage Of Gdp 12.2.17 Exports Growth 12.2.18 Imports Growth 12.2.19 Annual Average Exchange Rate Eur–us$ 12.3 Infrastructure Quality And Availability 12.3.1 Commercial Vehicle Exports Total Value 12.3.2 Commercial Vehicle Imports Total Value 12.3.3 Automotive Exports Total Value 12.3.4 Automotive Imports Total Value 12.3.5 Total Internet Subscribers 12.4 Labor Force 12.4.1 Labor Force 12.4.2 Unemployment Rate 12.5 Demographics 12.5.1 Gross National Disposable Income (us$) 12.5.2 Household Consumption Expenditure (us$) 12.5.3 Total Population 12.5.4 Urban And Rural Population 12.5.5 Age Distribution Of The Total Population 13 Appendix 13.1 Methodology 13.2 Contact Timetric 13.3 About Timetric 13.4 Timetric’s Services 13.5 Disclaimer ResearchMoz(http://www.researchmoz.us/) is the one stop online destination to find and buy market research reports & Industry Analysis. We fulfill all your research needs spanning across industry verticals with our huge collection of market research reports. We provide our services to all sizes of organizations and across all industry verticals and markets. Our Research Coordinators have in-depth knowledge of reports as well as publishers and will assist you in making an informed decision by giving you unbiased and deep insights on which reports will satisfy your needs at the best price. Contact: M/s Sheela, 90 State Street, Suite 700, Albany NY - 12207 United States Tel: +1-518-618-1030 USA - Canada Toll Free 866-997-4948 Email: sales@researchmoz.us Website: http://www.researchmoz.us/ Life Insurance in Finland, Key Trends and Opportunities to 2017