The Finnish Financial Supervisory Authority (FIN-FSA) has published an online statistical tool to monitor patient insurance statistics and profitability in Finland, covering data from 2021 to 2023. The authority plans to update the statistical data annually. The tool reflects the shift under the Patient Insurance Act from 2021, under which patient insurance has been provided only by insurance companies, whereas cover had previously also been granted by the Patient Insurance Centre (PIC) on behalf of its member companies. Data are broken down between policies granted by insurance companies and those received from the PIC, with further splits between public- and private-sector insurance. Premiums written by insurance companies totalled EUR 58.9 million (2021), EUR 57.1 million (2022) and EUR 65.4 million (2023), with the public sector accounting for the larger share in 2023 (EUR 50.6 million versus EUR 14.8 million). The market is highly concentrated: in 2023, Finnish Mutual Patient Insurance Company held 50.8% of premiums written for insurance granted by insurance companies, Pohjola Insurance Ltd. 30.0% and Fennia Mutual Insurance Company 9.3%, with eight companies writing premiums over 2021–2023. Over 2021–2023, the average underwriting result for insurance granted by insurance companies was EUR 2.3 million, but after adjusting for EUR 4.3 million from changes to technical provision calculation principles and other adjustment items, the adjusted underwriting result was a EUR 2.1 million loss; FIN-FSA highlights that technical provisions are high relative to premiums (3.5 times in 2023), making results sensitive to assumption changes such as discount rates. The combined expense ratio averaged 97% (104% on an adjusted basis), while the overall result including the imputed investment result averaged a EUR 3.7 million profit; for policies received from the PIC, the average underwriting result was EUR -0.3 million, but EUR -7.1 million of adjustments meant the adjusted underwriting result was a EUR 6.7 million profit.
Finanssivalvonta 2025-05-28
Finnish Financial Supervisory Authority publishes patient insurance statistics and profitability monitoring tool covering 2021–2023
The Finnish Financial Supervisory Authority (FIN-FSA) launched an online tool to monitor patient insurance statistics and profitability in Finland, reflecting changes under the 2021 Patient Insurance Act. The tool shows a highly concentrated market with Finnish Mutual Patient Insurance Company holding 50.8% of premiums in 2023. Despite an average underwriting result of EUR 2.3 million, adjustments led to a EUR 2.1 million loss, highlighting sensitivity to technical provision assumptions.