News release 28 November 2023 – 12/2023

Statistical survey of workers’ compensation insurance 2018–2022: Result on insurance activities remained strong in 2022 but investment activities were unprofitable

In 2022, premiums written on workers’ compensation insurance totalled EUR 568.7 million, compared with EUR 563.0 million in 2021. Premiums written increased by 1.0% from the previous year. The market remained concentrated as the four largest companies’ share of premiums written was approximately 94%. During the year 2022, Alandia sold its workers’ compensation portfolio to LocalTapiola so a total of nine insurance companies were providing workers’ compensation insurance in Finland at the end of 2022. Of these companies, seven were Finnish companies and two were branches of EEA insurance companies.

In 2022, the result recorded was significantly above the average level. The result of EUR 306 million was approximately 54% in proportion to net premiums earned, whereas the five-year average ratio is approximately 31%. The result was based on a strong technical result, which was EUR 497 million. The technical result was supported by changes in the calculation principles of technical provisions and especially by the increases in discounting rates (local GAAP). The technical result, adjusted for changes in the calculation principles, was EUR 76 million in 2022, whereas in year 2021 it was EUR 98 million. The slight weakening of the adjusted technical result is explained by the increase in paid claims after the Covid-19 pandemic.

In 2022, investment activities made a loss of EUR 191 million, so the total result recorded, adjusted for changes in the calculation principles, was a loss of EUR 114 million. However, the average return on investments from the past five years is EUR 95 million and average total result recorded, adjusted for changes in the calculation principles, is a profit of EUR 158 million. Therefore, business has been profitable for the insurance class as a whole although there have been notable differences between companies and years as for 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:

Iiro Marttila, Actuary, tel. +358 9 183 5482 or iiro.marttila(at)

Appendices (in Finnish)