News release 10 November 2021 – 16/2021

Statistical survey of workers’ compensation insurance 2016–2020: 2020 was a peak year for the result on insurance activities

In 2020, premiums written on workers’ compensation insurance totalled EUR 563 million, compared with EUR 592 million in 2019. Premiums written declined by 4.9% from the previous year. The market was even more concentrated, with the four largest companies accounting for 94% of premiums compared with 91% a year earlier. At the end of the year, ten insurance companies were operating in Finland, a reduction of one company from the previous year. Of the insurance companies providing workers’ compensation insurance, eight were Finnish companies and two were branches of foreign insurance companies.

In 2020, the result recorded was significantly above the average level. The result of EUR 181 million was approximately 32 % in proportion to net premiums earned, whereas the five-year average ratio is approximately 18 %. The result was based on an exceptionally successful technical result, where claims expenditure excluding changes in the calculation principles were one-fifth lower than normal. This was partly due to the societal impact of coronavirus as well as lower-than-average supplementary interest rate provisions combined with an average result on investment activities. The result recorded by workers’ compensation insurance was a profit of EUR 98 million, which is significantly the best during the review period.

For the insurance class as a whole, business has been profitable, but there were notable differences, however, between companies and years as to the components of the result.

The Financial Supervisory Authority’s statistical survey of workers’ compensation insurance is based on data compiled from insurance companies. The survey presents tables, charts and calculations relating to premiums, market shares, key ratios and results. In addition to the aggregate data, financial performance data are published on a company-specific basis in a separate file.

For further information, please contact:

Toni Blomster, Chief Actuary, tel. +358 9 183 5318 or toni.blomster(at)fiva.fi

Appendices (in Finnish)