Simˈpōzēəm
The early dawn of risk-based supervision
Structure and history
The Finnish insurance market is split almost evenly between life and non-life firms, based on premium income (48.7% life and 51.3% non-life). However, measured by liabilities, the life market is dominant with almost 80% market share. The relatively high proportion of non-life liabilities is a result of annuities provided in third party motor insurance and workers’ compensation insurance. Statutory pension insurance would almost double the liability figures. However, these are managed by separate firms that are not allowed to be active in the voluntary market and therefore do not fall under the Solvency II insurance rules.