Finland's Financial Supervisory Authority reports EUR 377 million motor liability insurance profit in 2023 and sets three-yearly survey cycle

Finland's Financial Supervisory Authority published its statistical survey of motor liability insurance profitability for 2019–2023, reporting an excellent result in 2023 despite a slight decline in the underwriting result once methodological changes are stripped out. Premiums written totalled EUR 754 million, up 0.6% year on year, and the insurance class recorded a profit of EUR 377 million, the best result in the five-year period. The 2023 outcome was evenly split between a positive underwriting result of EUR 198 million and a positive investment result of EUR 179 million. Of the underwriting result, EUR 140 million reflected changes to technical provisions calculation principles, particularly increases in discounting rates, while the adjusted underwriting result was EUR 58 million, the lowest in the review period but still clearly positive; the deterioration was attributed to increases of EUR 34 million in paid claims and EUR 13 million in operating expenses from the previous year. Adjusted for the calculation principle changes, the total result for 2023 was a profit of EUR 237 million; across 2019–2023, the adjusted average total profit was EUR 183 million (EUR 221 million unadjusted), with large differences across companies and years. Market concentration remained high, with the four largest players accounting for nearly 90% of premiums written, and company-specific results were published in a separate file. Following amendments to the Motor Liability Insurance Act effective from 1 January 2025, the authority is required to publish the statistical survey at least every three years.