P&C insurance markets by country
Specific characteristics of the Finnish, Swedish, Norwegian, Danish and the UK P&C insurance markets.
The Finnish P&C insurance market
Finland is the smallest Nordic P&C insurance market with premiums of approximately EUR 5.4 billion (in 2023). P&C total premiums written increased by nearly 5 per cent in 2023.
The Finnish P&C insurance market is very concentrated. A total of 91 per cent of all premiums were written by the four largest insurance companies or groups.
One of the special characteristics of the Finnish insurance sector is that statutory lines generate a major share of premiums written. In 2023, approximately one quarter of all premiums written came from statutory insurance, i.e. employee pension, workers’ compensation and motor liability insurances.
The Finnish insurance market has been developing, and the overall demand for insurance is high. According to studies, nearly half of all Finnish people consider voluntary insurance policies to be a necessary supplement to social security benefits.
The trend in P&C insurers’ underwriting profitability has been improving during the past years. In 2023, P&C insurers’ combined ratio amounted to 90.0 per cent.
Insurance premiums, 2023
Premiums net of reinsurance (insurance activities)
Gross premiums by class of insurance, 2023
Market share, 2023
Combined ratio
Paid claims
Leakages, break-ins and fires
Number of registered passenger cars
Traffic accidents involving injuries and fatalities
House price index (2015=100)
Regulation in Finland
As all of the Nordic countries are either members of the EU or have signed the EEA agreement, the EU directives and regulations play a major role in insurance regulations. National regulations also play an important role in terms of governing the Nordic insurance markets. Most of the differences between national legislation relates to the taxation of insurance-related incomes or the amount of statutory insurances. The Nordic countries differ most from each other in the sector of life insurance and motor vehicle insurance.
The operations of insurers are governed by several laws, the most important of which are the Insurance Companies Act and the Insurance Contracts Act. Furthermore, each statutory insurance line is also governed by its own Act. The Finnish insurance sector is monitored by the Finnish Financial Supervisory Authority.
The Swedish P&C insurance market
Sweden is the largest Nordic P&C insurance market, with premiums of approximately EUR 10 billion (in 2023). This represents close to one third of the estimated total Nordic P&C market.
Swedish insurance markets have a very high concentration of insurance companies. In 2023, the four largest insurers wrote nearly 81 per cent of all premiums.
In 2023, there were over 14.1 million non-life insurance policies in total, reflecting an 11 per cent increase since 2014.
The claims paid were increased in 2023 as the number of claims increased. The most common compensation payments in 2023 were for claims associated with traffic and motor vehicles – these claims accounted for more than a quarter (32 per cent) of the compensation paid. In 2023, claims paid to companies was approximately 17 per cent of the total claim payments, while the remainder was paid to households.
Insurance premiums, 2023
Premiums net of reinsurance (insurance activities)
Paid claims by class of insurance
Market share, Q2/2024
Combined ratio
Number of registered passenger cars
Traffic accidents involving injuries and fatalities
House price index (2015=100)
Regulation in Sweden
As all of the Nordic countries are either members of the EU or have signed the EEA agreement, the EU directives and regulations play a major role in insurance regulations. National regulations also play an important role in terms of governing the Nordic insurance markets. Most of the differences between national legislation relates to the taxation of insurance-related incomes or the amount of statutory insurances. The Nordic countries differ most from each other in the sector of life insurance and motor vehicle insurance.
There are two different legislative blocks that regulate the activities of insurance companies in Sweden: The Insurance Business Act (which relates to the establishment, operations and overall supervision of insurance companies) and The Insurance Contracts Act (which regulates the relationship between the insurer and the insured). The Swedish Financial Supervisory Authority (FSA) is responsible for the regulation and supervision of insurance companies.
The Norwegian P&C insurance market
Norway is the third largest Nordic P&C insurance market with premiums of approximately EUR 9.1 billion (in 2023).
The Norwegian insurance market is highly concentrated. A total of approximately 76 per cent of all premiums were written in 2023 by the four largest life and P&C insurance companies or groups.
In Norway, the largest P&C insurance class measured by the gross premiums is motor vehicle insurance services with approximately 31 per cent share of total gross premiums. The second largest insurance class is fire and other damage to property.
The sector experienced an increase of approximately 9 per cent in earned premiums in 2023 compared to the previous year. The combined ratio amounted to 93.0 per cent in 2023.
Insurance premiums, 2023
Premiums net of reinsurance (insurance activities)
Gross premiums by class of insurance, 2023
Market share, 2023
Combined ratio
Number of registered passenger cars
Traffic accidents involving injuries and fatalities
Motor vehicle claims occurred
Claims occurred from insurance against fire and other property damage
House price index (2015=100)
Regulation in Norway
As all of the Nordic countries are either members of the EU or have signed the EEA agreement, the EU directives and regulations play a major role in insurance regulations. National regulations also play an important role in terms of governing the Nordic insurance markets. Most of the differences between national legislation relates to the taxation of insurance-related incomes or the amount of statutory insurances. The Nordic countries differ most from each other in the sector of life insurance and motor vehicle insurance.
The Norwegian Financial Supervisory Authority (FSA) is responsible for the regulation and supervision of insurance companies. It is an independent government agency that has been legitimized by the Norwegian Parliament.
The Danish P&C insurance market
Denmark is the second largest Nordic P&C insurance market with premiums of approximately EUR 9.3 billion (in 2022).
The Danish P&C insurance market has not been as concentrated as the other Nordic markets, but during the past few years, there has been more consolidation. The four largest life and P&C insurance companies or groups wrote approximately 61 per cent of all premiums in 2023.
There are some statutory insurances for everyone in Denmark. These include e.g. liability insurance for motor vehicles, dog insurance and insurance against fire for real estates. Employers are also obligated to take out injury insurance for their employees, which covers all work-related injuries.
In Denmark, the largest insurance class measured by the gross premiums is fire and other damage to property. The second largest insurance class is accident and health. Returns of P&C insurers have remained relatively steady despite the increased number of weather-related claims.
During the past 5 years, Denmark has been the most profitable Nordic P&C market in terms of underwriting margins, with stable development. In 2023, P&C insurers’ combined ratio amounted to 87.1 per cent.
Insurance premiums, 2023
Gross premiums by class of insurance, 2023
Premiums net of reinsurance (insurance activities)
Market share, 2023
Combined ratio
Number of registered passenger cars
Traffic accidents involving injuries and fatalities
Total P&C claims
House price index (2015=100)
Regulation in Denmark
As all of the Nordic countries are either members of the EU or have signed the EEA agreement, the EU directives and regulations play a major role in insurance regulations. National regulations also play an important role in terms of governing the Nordic insurance markets. Most of the differences between national legislation relates to the taxation of insurance-related incomes or the amount of statutory insurances. The Nordic countries differ most from each other in the sector of life insurance and motor vehicle insurance.
The Danish Financial Supervisory Authority (FSA) is responsible for the regulation and supervision of insurance companies.
The UK P&C insurance market
The United Kingdom insurance sector is very developed and large, being the second largest in Europe as of 2020 and seventh largest insurance market globally in 2023. In 2020, the industry employed more than 114,000 direct employees.
In the UK, there are about 410 authorised insurance companies of which approximately 282 companies are concentrated to the P&C insurance sector. The number of authorised companies has been decreasing since 2016, however, an increase is to be expected due to EU insurers completing their restructuring of UK business. Bank of England compile the list of authorised companies. Based on the number of insurers, it can be concluded that the P&C insurance market is very fragmented. In 2023, the six largest P&C insurers wrote approximately 22 per cent of all P&C premiums.
In the UK, the largest P&C insurance class measured by the net written premiums is fire and other damage to property. The second largest insurance class is general liability and the third is motor vehicles.
During the past 5 years, the UK P&C insurers’ underwriting margins have improved. In 2023, P&C insurers’ combined ratio amounted to 92.6 per cent, while in 2019, combined ratios were clearly above 100 per cent. However, the UK P&C insurance market can be considered more cyclical than the Nordic P&C insurance markets.
Insurance premiums, 2022
Premiums written by classes of non-life insurance, 2022
Premiums net of reinsurance (insurance activities)
Total P&C claims paid
Paid net claims by class of insurance, 2023
Market share, 2022
Combined ratio
Number of first time registered cars
Traffic accidents involving injuries and fatalities
House price index (2015=100)
Regulation
United Kingdom
The insurance industry is governed by a numerous statutes primarily the Financial Services and Markets Act 2000 and the Insurance Act 2015. Although there are separate legal systems and differences between the various legal jurisdictions of the United Kingdom, the laws relating to the insurance market are substantially the same.
Insurance providers are either dual regulated, by the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), if their activities include insurance underwriting, or solo regulated by the FCA if their activity involves insurance intermediation and no carrying of insurance risk. Under the UK’s Road Traffic Act the purchase of motor insurance is compulsory for those wishing to drive in the United Kingdom, requiring that, at a minimum, a driver be insured against liability for injury to other persons and damage to their property in the event of an accident. Other personal lines general insurance products are not compulsory.
Gibraltar
Insurance companies in Gibraltar are authorised and regulated by the Gibraltar Financial Services Commission. Under the Gibraltar Authorisation Regime, such firms can operate in the UK under passporting arrangements which recognise regulatory equivalence with UK prudential and conduct regulatory requirements. Insurance companies in Gibraltar also comply with the European Union’s Solvency II legislation.
Supervisory Authorities of Sampo Group Entities Operating in the UK Market:
Sources: Finance Finland (FFI), Financial Supervisory Authority (FIN-FSA), Insurance Sweden, Statistics Sweden, Statistics Norway, Finance Norway, StatBank Denmark, OECD, Insurance & Pension Denmark, Statista, OECD, International Monetary Fund (UK, Financial Sector Assessment Program), Bank of England
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