Personal Accident and Health Insurance in Finland, Key Trends and Opportunities to 2017

Published: Jan, 2014 | Pages: 230 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


Synopsis
The report provides in depth market analysis, information and insights into the Finnish personal accident and health insurance segment, including:
The Finnish personal accident and health insurance segment's growth prospects by insurance categories 
Key trends and drivers for the personal accident and health insurance segment 
The various distribution channels in the Finnish personal accident and health insurance segment
The detailed competitive landscape in the personal accident and health insurance segment in Finland
A detailed overview of the regulatory framework of the Finnish insurance industry
A description of the personal accident and health reinsurance segment in Finland
Porter's Five Forces Analysis of the personal accident and health insurance segment
A benchmarking section on the Finnish life insurance segment in comparison with other countries in the Nordic Region 

Summary
In terms of gross written premium, personal accident and health is the smallest segment in the Finnish insurance industry. The government's welfare system, under which healthcare services are free for all Finns, and wide social security cover have limited the requirement for private health insurance. Over the forecast period, personal accident and health insurance growth is expected to be driven by the health insurance category, which accounted for 59.9% of the segment in 2012. Overall, the value of the segment is expected to increase from EUR0.4 billion (US$0.5 billion) in 2012 to EUR0.6 billion (US$0.7 billion) in 2017, at a compound annual growth rate (CAGR) of 8.4%. 
Scope
This report provides a comprehensive analysis of the personal accident and health insurance segment in Finland:
It provides historical values for the Finnish personal accident and health 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 sub-segments in Finnish personal accident and health 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 personal accident and health insurance products in Finland.
Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Finland for the personal accident and health insurance segment.
It provides a detailed analysis of the reinsurance segment in Finland and its growth prospects.
It profiles the top personal accident and health insurance companies in Finland and outlines the key regulations affecting them. 
Reason To Buy
 Make strategic business decisions using in-depth historic and forecast market data related to the Finnish personal accident and health insurance segment and each category within it
Understand the demand-side dynamics, key market trends and growth opportunities within the Finnish personal accident and health insurance segment
Assess the competitive dynamics in the personal accident and health 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
 Over the forecast period, personal accident and health insurance growth is expected to be driven by the health insurance category, which accounted for 59.9% of the segment in 2012.
Direct marketing channels, such as the insurers' branches, accounted for 45.4% of the new business gross written premium in 2012, while bancassurance contributed 39.2%.
The personal accident and health insurance segment accounted for the lowest share, just 2.0%, of the insurance industry in 2012, in terms of total gross written premium.
In 2012, the health category dominated personal accident and health insurance, with a segment share of 59.2%.
The five leading companies collectively accounted for 85.9% of the segment's gross written premium in 2012.
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 1 Executive Summary
2 Introduction
2.1 What is This Report About?
2.2 Definitions
2.3 Methodology
3 Nordic Region Market Dymics
3.1 Overview
3.1.1 Market trends
3.1.2 Market size
4 Persol Accident and Health Insurance Segment - Regiol Benchmarking
4.1 Overview
4.2 Scale and penetration
4.2.1 Total gross written premium
4.2.2 Premium per capita
4.2.3 Persol accident and health insurance penetration (% of GDP)
4.3 Growth
4.3.1 Gross written premium
4.3.2 Gross written premium per capita
4.4 Efficiency and risk
4.4.1 Loss ratio
4.4.2 Combined ratio
4.4.3 Incurred losses per capita
4.4.4 Incurred losses as a percentage of GDP
4.5 Distribution channels
4.5.1 Direct marketing
4.5.2 Bancassurance
4.5.3 Agencies
4.5.4 Brokers
4.5.5 Online channels
5 Finnish Insurance Industry Attractiveness
5.1 Insurance Industry Size, 2008-2017
5.2 Key Industry Trends and Drivers
6 Persol Accident and Health Insurance Segment Outlook
6.1 Persol Accident and Health Insurance Growth Prospects by Category
6.1.1 Persol accident insurance
6.1.2 Travel insurance
6.1.3 Health insurance
7 Alysis 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 Alysis - Finnish Persol Accident and Health Insurance
8.1 Bargaining Power of Suppliers: Low to Medium
8.2 Bargaining Power of Buyers: High
8.3 Barriers to Entry: High
8.4 Intensity of Rivalry: High
8.5 Threat of Substitutes: Medium to High
9 Reinsurance Growth Dymics and Challenges
9.1 Reinsurance Segment Size, 2008-2017
9.2 Reinsurance Segment Size by Type of Insurance, 2008-2017
10 Governce, 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 Persol 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 Intertiol Association of Insurance Supervisors (IAIS)
10.4.2 European Insurance and Occupatiol Pension Authority (EIOPA)
10.4.3 Fincial Supervisory Authority (FSA)
10.5 Non-Admitted Insurance Regulations
10.5.1 Overview
10.5.2 Intermediaries
10.5.3 Market practices
10.5.4 Fines and pelties
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 Altertive dispute resolution (ADR)
11 Competitive Landscape and Strategic Insights
11.1 Overview
11.2 Leading Companies in Finnish Persol Accident and Health Insurance Segment
11.3 If P&C Insurance Company Ltd - Company Overview
11.3.1 If P&C Insurance Company Ltd - key facts
11.4 Pohjola Insurance Ltd - Company Overview
11.4.1 Pohjola Insurance Ltd - key facts
11.5 LocalTapiola General Mutual Insurance Company - Company Overview
11.5.1 LocalTapiola General Mutual Insurance Company - key facts
11.6 Eurooppalainen Insurance Company Ltd - Company Overview
11.6.1 Eurooppalainen Insurance Company Ltd - key facts
11.7 Fennia Mutual Insurance Company - Company Overview
11.7.1 Fennia Mutual Pension Insurance Company - key facts
11.8 Local Insurance Mutual Company - Company Overview
11.8.1 Local Insurance Mutual Company - key facts
11.9 Pohjantahti Mutual Insurance Company - Company Overview
11.9.1 Pohjantahti Mutual Insurance Company - key facts
11.1 Turva Mutual Insurance Company - Company Overview
11.10.1 Turva Mutual Insurance Company - key facts
11.11 Aktia Non-Life Insurance Company Ltd - Company Overview
11.11.1 Aktia Non-Life Insurance Company Ltd - key facts
11.12 Forsakringsaktiebolaget Alandia - Company Overview
11.12.1 Forsakringsaktiebolaget Alandia - key facts
12 Business Environment and Country Risk
12.1 Business Confidence
12.1.1 Market capitalization trend - Finnish Stock Exchange, Finland
12.2 Economic Performance
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 tiol 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


List of Tables
Table 1: Insurance Industry Definitions
Table 2: Finnish Insurance - Overall Written Premium by Segment (EUR Billion), 2008-2012
Table 3: Finnish Insurance - Overall Written Premium by Segment (US$ Billion), 2008-2012
Table 4: Finnish Insurance - Overall Written Premium by Segment (EUR Billion), 2012-2017
Table 5: Finnish Insurance - Overall Written Premium by Segment (US$ Billion), 2012-2017
Table 6: Finnish Insurance - Segmentation (% Share), 2008-2017
Table 7: Finnish Persol Accident and Health Insurance - Written Premium by Category (EUR Billion), 2008-2012
Table 8: Finnish Persol Accident and Health Insurance - Written Premium by Category (US$ Billion), 2008-2012
Table 9: Finnish Persol Accident and Health Insurance - Written Premium by Category (EUR Billion), 2012-2017
Table 10: Finnish Persol Accident and Health Insurance - Written Premium by Category (US$ Billion), 2012-2017
Table 11: Finnish Persol Accident and Health Insurance - Earned Premium (EUR Billion), 2008-2012
Table 12: Finnish Persol Accident and Health Insurance - Earned Premium (EUR Billion), 2012-2017
Table 13: Finnish Persol Accident and Health Insurance - Paid Claims by Category (EUR Billion), 2008-2012
Table 14: Finnish Persol Accident and Health Insurance - Paid Claims by Category (US$ Billion), 2008-2012
Table 15: Finnish Persol Accident and Health Insurance - Paid Claims by Category (EUR Billion), 2012-2017
Table 16: Finnish Persol Accident and Health Insurance - Paid Claims by Category (US$ Billion), 2012-2017
Table 17: Finnish Persol Accident and Health Insurance - Incurred Loss by Category (EUR Billion), 2008-2012
Table 18: Finnish Persol Accident and Health Insurance - Incurred Loss by Category (US$ Billion), 2008-2012
Table 19: Finnish Persol Accident and Health Insurance - Incurred Loss by Category (EUR Billion), 2012-2017
Table 20: Finnish Persol Accident and Health Insurance - Incurred Loss by Category (US$ Billion), 2012-2017
Table 21: Finnish Persol Accident and Health Insurance - Loss Ratio (%), 2008-2012
Table 22: Finnish Persol Accident and Health Insurance - Loss Ratio (%), 2012-2017
Table 23: Finnish Persol Accident and Health Insurance - Commission and Expenses (EUR Billion), 2008-2012
Table 24: Finnish Persol Accident and Health Insurance - Commission and Expenses (EUR Billion), 2012-2017
Table 25: Finnish Persol Accident and Health Insurance - Combined Ratio (%), 2008-2012
Table 26: Finnish Persol Accident and Health Insurance - Combined Ratio (%), 2012-2017
Table 27: Finnish Persol Accident and Health Insurance - Frauds and Crimes (EUR Million), 2008-2012
Table 28: Finnish Persol Accident and Health Insurance - Frauds and Crimes (EUR Billion), 2012-2017
Table 29: Finnish Persol Accident and Health Insurance - Total Assets (EUR Billion), 2008-2012
Table 30: Finnish Persol Accident and Health Insurance - Total Assets (EUR Billion), 2012-2017
Table 31: Finnish Persol Accident and Health Insurance - Total Investment Income (EUR Million), 2008-2012
Table 32: Finnish Persol Accident and Health Insurance - Total Investment Income (EUR Million), 2012-2017
Table 33: Finnish Persol Accident and Health Insurance - Retentions (EUR Billion), 2008-2012
Table 34: Finnish Persol Accident and Health Insurance - Retentions (EUR Billion), 2012-2017
Table 35: Finnish Persol Accident Insurance - Number of Policies Sold (Thousand), 2008-2012
Table 36: Finnish Persol Accident Insurance - Number of Policies Sold (Thousand), 2012-2017
Table 37: Finnish Persol Accident Insurance - Written Premium (EUR Billion), 2008-2012
Table 38: Finnish Persol Accident Insurance - Written Premium (EUR Billion), 2012-2017
Table 39: Finnish Persol Accident Insurance - Loss Ratio (%), 2008-2012
Table 40: Finnish Persol Accident Insurance - Loss Ratio (%), 2012-2017
Table 41: Finnish Travel Insurance - Number of Policies Sold (Thousand), 2008-2012
Table 42: Finnish Travel Insurance - Number of Policies Sold (Thousand), 2012-2017
Table 43: Finnish Travel Insurance - Written Premium (EUR Billion), 2008-2012
Table 44: Finnish Travel Insurance - Written Premium (EUR Billion), 2012-2017
Table 45: Finnish Travel Insurance - Loss Ratio (%), 2008-2012
Table 46: Finnish Travel Insurance - Loss Ratio (%), 2012-2017
Table 47: Finnish Health Insurance - Number of Policies Sold (Thousand), 2008-2012
Table 48: Finnish Health Insurance - Number of Policies Sold (Thousand), 2012-2017
Table 49: Finnish Health Insurance - Written Premium (EUR Billion), 2008-2012
Table 50: Finnish Health Insurance - Written Premium (EUR Billion), 2012-2017
Table 51: Finnish Health Insurance - Loss Ratio (%), 2008-2012
Table 52: Finnish Health Insurance - Loss Ratio (%), 2012-2017
Table 53: Finnish Persol Accident and Health Insurance - Direct Marketing Commission Paid (EUR Billion), 2008-2012
Table 54: Finnish Persol Accident and Health Insurance - Direct Marketing Commission Paid (EUR Billion), 2012-2017
Table 55: Finnish Persol Accident and Health Insurance - Written Premium Through Direct Marketing (EUR Billion), 2008-2012
Table 56: Finnish Persol Accident and Health Insurance - Written Premium Through Direct Marketing (EUR Billion), 2012-2017
Table 57: Finnish Persol Accident and Health Insurance - Policies Sold Through Direct Marketing (Thousand), 2008-2012
Table 58: Finnish Persol Accident and Health Insurance - Policies Sold Through Direct Marketing (Thousand), 2012-2017
Table 59: Finnish Persol Accident and Health Insurance - Number of Direct Marketing Distributors, 2008-2012
Table 60: Finnish Persol Accident and Health Insurance - Number of Direct Marketing Distributors, 2012-2017
Table 61: Finnish Persol Accident and Health Insurance - Bancassurance Commission Paid (EUR Billion), 2008-2012
Table 62: Finnish Persol Accident and Health Insurance - Bancassurance Commission Paid (EUR Billion), 2012-2017
Table 63: Finnish Persol Accident and Health Insurance - Written Premium Through Bancassurance (EUR Billion), 2008-2012
Table 64: Finnish Persol Accident and Health Insurance - Written Premium Through Bancassurance (EUR Billion), 2012-2017
Table 65: Finnish Persol Accident and Health Insurance - Policies Sold Through Bancassurance (Thousand), 2008-2012
Table 66: Finnish Persol Accident and Health Insurance - Policies Sold Through Bancassurance (Thousand), 2012-2017
Table 67: Finnish Persol Accident and Health Insurance - Number of Bancassurance Distributors, 2008-2012
Table 68: Finnish Persol Accident and Health Insurance - Number of Bancassurance Distributors, 2012-2017
Table 69: Finnish Persol Accident and Health Insurance - Commission Paid to Agencies (EUR Billion), 2008-2012
Table 70: Finnish Persol Accident and Health Insurance - Commission Paid to Agencies (EUR Billion), 2012-2017
Table 71: Finnish Persol Accident and Health Insurance - Written Premium Through Agencies (EUR Billion), 2008-2012
Table 72: Finnish Persol Accident and Health Insurance - Written Premium Through Agencies (EUR Billion), 2012-2017
Table 73: Finnish Persol Accident and Health Insurance - Policies Sold Through Agencies (Thousand), 2008-2012
Table 74: Finnish Persol Accident and Health Insurance - Policies Sold Through Agencies (Thousand), 2012-2017
Table 75: Finnish Persol Accident and Health Insurance - Number of Agencies, 2008-2012
Table 76: Finnish Persol Accident and Health Insurance - Number of Agencies, 2012-2017
Table 77: Finnish Persol Accident and Health Insurance - E-Commerce Commission Paid (EUR Million), 2008-2012
Table 78: Finnish Persol Accident and Health Insurance - E-Commerce Commission Paid (EUR Billion), 2012-2017
Table 79: Finnish Persol Accident and Health Insurance - Written Premium Through E-Commerce (EUR Billion), 2008-2012
Table 80: Finnish Persol Accident and Health Insurance - Written Premium Through E-Commerce (EUR Billion), 2012-2017
Table 81: Finnish Persol Accident and Health Insurance - Policies Sold Through E-Commerce (Thousand), 2008-2012
Table 82: Finnish Persol Accident and Health Insurance - Policies Sold Through E-Commerce (Thousand), 2012-2017
Table 83: Finnish Persol Accident and Health Insurance - Number of E-Commerce Distributors, 2008-2012
Table 84: Finnish Persol Accident and Health Insurance - Number of E-Commerce Distributors, 2012-2017
Table 85: Finnish Persol Accident and Health Insurance - Commission Paid to Brokers (EUR Billion), 2008-2012
Table 86: Finnish Persol Accident and Health Insurance - Commission Paid to Brokers (EUR Billion), 2012-2017
Table 87: Finnish Persol Accident and Health Insurance - Written Premium Through Brokers (EUR Billion), 2008-2012
Table 88: Finnish Persol Accident and Health Insurance - Written Premium Through Brokers (EUR Billion), 2012-2017
Table 89: Finnish Persol Accident and Health Insurance - Policies Sold Through Brokers (Thousand), 2008-2012
Table 90: Finnish Persol Accident and Health Insurance - Policies Sold Through Brokers (Thousand), 2012-2017
Table 91: Finnish Persol Accident and Health Insurance - Number of Brokers, 2008-2012
Table 92: Finnish Persol Accident and Health Insurance - Number of Brokers, 2012-2017
Table 93: Finnish Persol Accident and Health Insurance - Commission Paid to Other Channels (EUR Billion), 2008-2012
Table 94: Finnish Persol Accident and Health Insurance - Commission Paid to Other Channels (EUR Billion), 2012-2017
Table 95: Finnish Persol Accident and Health Insurance - Written Premium Through Other Channels (EUR Billion), 2008-2012
Table 96: Finnish Persol Accident and Health Insurance - Written Premium Through Other Channels (EUR Billion), 2012-2017
Table 97: Finnish Persol Accident and Health Insurance - Policies Sold Through Other Channels (Thousand), 2008-2012
Table 98: Finnish Persol Accident and Health Insurance - Policies Sold Through Other Channels (Thousand), 2012-2017
Table 99: Finnish Persol Accident and Health Insurance - Number of Distributors in Other Channels, 2008-2012
Table 100: Finnish Persol Accident and Health Insurance - Number of Distributors in Other Channels, 2012-2017
Table 101: Finnish Reinsurance by Category (EUR Billion), 2008-2012
Table 102: Finnish Reinsurance by Category (US$ Billion), 2008-2012
Table 103: Finnish Reinsurance by Category (EUR Billion), 2012-2017
Table 104: Finnish Reinsurance by Category (US$ Billion), 2012-2017
Table 105: Finnish Premium Ceded to Reinsurance by Type of Insurance (EUR Billion), 2008-2012
Table 106: Finnish Premium Ceded to Reinsurance by Type of Insurance (US$ Billion), 2008-2012
Table 107: Finnish Premium Ceded to Reinsurance by Type of Insurance (EUR Billion), 2012-2017
Table 108: Finnish Premium Ceded to Reinsurance by Type of Insurance (US$ Billion), 2012-2017
Table 109: Finnish Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 110: Finnish Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 111: Finland - Life Insurance Regulatory Framework
Table 112: Finland - Property Insurance Regulatory Framework
Table 113: Finland - Motor Insurance Regulatory Framework
Table 114: Finland - Minimum Coverage for Aircraft Third-Party Liability Per Accident and Aircraft
Table 115: Finland - Minimum Capital Requirements
Table 116: Finland - Insurance Premium Taxation
Table 117: Finland - Corporate Tax Rates for the Fincial Year 2013
Table 118: Finnish Persol Accident and Health Insurance - Market Shares (%), 2012
Table 119: If P&C Insurance Company Ltd, Key Facts
Table 120: Pohjola Insurance Ltd, Key Facts
Table 121: LocalTapiola General Mutual Insurance Company, Key Facts
Table 122: Eurooppalainen Insurance Company Ltd, Key Facts
Table 123: Fennia Mutual Insurance Company, Key Facts
Table 124: Local Insurance Mutual Company, Key Facts
Table 125: Pohjant�hti Mutual Insurance Company, Key Facts
Table 126: Turva Mutual Insurance Company, Key Facts
Table 127: Aktia Non-Life Insurance Company Ltd, Key Facts
Table 128: F�rs�kringsaktiebolaget Alandia, Key Facts