How Many Insurance Companies Are There in Finland?atr-gBX5y | 20/01/2023 | 0 | Business
Insurance is an important part of financial planning and risk management for individuals and businesses alike. There are a variety of insurance companies in Finland offering a range of different types of coverage. But just how many insurance companies are there in Finland?
Many company reviews in Finland list several insurance companies, but they cannot treat all of them. The total number is 3,925. Knowing this figure is important for a start-up to understand the competition they are facing. But you can keep track of changes to this figure by researching the following:
- Finnish Chamber of Commerce
- Trade Register Patentti- ja rekisterihallitus (PRH)
- Yritys- ja yhteisötietojärjestelmä (YTJ)
Helsinki has the most insurance companies (25%). That is 971 in number. Tampere is second on the rankings with 318 businesses. That is 8% of the market share. The third on the rankings is Oulu with 303 insurance companies. Helsinki, Tampere, and Oulu together have a total of 41% of the market share in the industry. I have presented a list of the top 20 insurance companies in Finland below.
You can read about reliable banks in Finland later.
Top 20 Largest Insurance Companies in Finland
- Elomatic Oy Turku
- SWECO Industry Oy Helsingfors
- Citec Oy Ab Vasa
- Mandatum Life Palvelut Oy Helsingfors
- Foreship Oy Helsingfors
- Sweco Rakennetekniikka Oy Helsingfors
- Pohjola Vakuutus Oy Helsingfors
- Keva Helsingfors
- Rejlers Finland Oy St. Michel
- Enmac Oy Tampere
- Autollecom Oy Kempele
- Taratest Oy Birkala
- WSP Finland Oy Helsingfors
- Suomen Vahinkotarkastus SVT Oy Helsingfors
- Insinööritoimisto Polartek Oy Oulu
- NewIcon Oy Kuopio
- Finnmap Infra Oy Helsingfors
- Granlund Pohjanmaa Oy Vasa
- Copart Suomi Oy Espoo
- LähiTapiola Palvelut Oy
Types of Insurance Companies
Insurance companies are divided into two main categories: life insurance companies and non-life insurance companies.
● Life Insurance Companies
They offer coverage for things like term life insurance, whole life insurance, accidental death insurance, and dismemberment insurance. These types of insurance are designed to provide financial security for the policyholder’s loved ones in the event of their deaths.
● Non-Life Insurance Companies
Non-life insurance companies offer coverage for things like property insurance, liability insurance, and motor insurance. These types of insurance are designed to protect the policyholder’s assets and financial well-being in the event of a loss or accident.
● Insurance Intermediaries
There are also many insurance intermediaries operating in Finland, apart from insurance companies. These intermediaries act as brokers as well as help persons and businesses find the best insurance coverage possible.
Choosing an Insurance Company
One of the key factors that set insurance companies apart in Finland is the type of coverage they offer. Some companies specialize in a particular type of insurance. For example; travel insurance or pet insurance. Others offer a wide range of coverage options.
Another factor to consider is the financial stability of the insurance company. It is important to choose a company that is financially stable and able to pay out claims in the event of a loss. The Finnish Financial Supervisory Authority regularly reviews the financial stability of insurance companies operating in Finland to ensure that they can meet their obligations to policyholders.
In addition to the traditional insurance companies operating in Finland, many digital insurance companies have emerged in recent years. These companies use technology to offer insurance coverage more conveniently and cost-effectively. Some of these digital insurance companies offer coverage for things like home insurance and travel insurance, while others offer more specialized coverage options.
The insurance industry in Finland is diverse and competitive, with a range of options available for individuals and businesses seeking coverage. With 3,925 insurance companies and a growing number of digital insurance companies operating in the country, there are plenty of options to choose from when it comes to finding the right insurance coverage.