Finland’s Financial Supervisory Authority (FIN-FSA) published its statistical survey of workers’ compensation insurance for 2019–2023, reporting that the sector’s total result in 2023 was the strongest of the five-year review period despite a sharp fall in the underwriting result from 2022. Premiums written totalled EUR 554.5 million in 2023, down 2.5% from EUR 568.7 million in 2022. The total result was EUR 363 million, equivalent to around 66% of net premiums earned, split between investment activities of EUR 197 million and an underwriting result of EUR 166 million. The underwriting result fell from EUR 497 million in 2022, with FIN-FSA noting that EUR 110 million of the result was explained by changes to technical provisions calculation principles, particularly higher discount rates, compared with up to EUR 420 million from similar changes in 2022; on an adjusted basis, the underwriting result was EUR 56 million in 2023 versus EUR 76 million in 2022. Investment performance swung from a EUR 191 million loss in 2022 to a EUR 197 million profit in 2023, and the adjusted total result for 2023 was a EUR 253 million profit. The market remained concentrated, with nine providers (seven Finnish insurers and two branches of foreign EEA insurers) and the four largest accounting for about 95% of premiums. From 1 January 2025, amendments to the Workers’ Compensation Act require FIN-FSA to publish the statistical survey at least every three years, and FIN-FSA said the survey will be conducted on at least that frequency going forward.
Finanssivalvonta 2025-01-09
Finland's Financial Supervisory Authority publishes workers’ compensation insurance survey showing 2023 total result EUR 363 million and premiums down 2.5%
Finland’s Financial Supervisory Authority (FIN-FSA) reported that the workers’ compensation insurance sector achieved its strongest total result in 2023 over five years, despite declining underwriting results. Premiums written in 2023 were EUR 554.5 million, a 2.5% decrease from 2022, while investment performance improved significantly from a EUR 191 million loss in 2022 to a EUR 197 million profit in 2023. Amendments to the Workers’ Compensation Act will require FIN-FSA to publish this statistical survey at least every three years starting 2025.