Life & General Insurance in Finland
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- General (Non-life) Insurance - Information & Finnish Insurers
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This section covers life insurance and general insurance (ex. motor, homeowner, household, marine, travel). For information on pensions (pension insurance) see Earnings-related Pensions and Pension Insurance for Employers and Entrepreneurs.
General insurance is known as "non-life insurance" in Finland. Non-life insurance is insurance against a physical or financial hazard. Typical subcategories are fire, water and burglary insurance, which are often packaged and sold as home or property insurance. Compulsory third-party car insurance and voluntary car insurance are further examples of non-life insurance, as are health and accident insurance.
When you include different varieties of risks in your insurance cover you have what is known in Finland as combined insurance. With combined insurance the policy specifies certain basic definitions, such as individual items of property, types of risk covered, the start and end of the policy, and your payment obligations.
Motor Vehicle Insurance
If you use a motor vehicle of any kind you must have motor liability insurance (liikenevakuutus - known in many countries as compulsory or third-party insurance). This covers both physical injury and damage to property resulting from using a vehicle in traffic conditions. If your vehicle is registered and insured in another EU country you can drive it for up to 90 days in Finland, after wich time you must register the vehicle in Finland, and pay tax and insurance.
When purchasing a vehicle you must register the car in your name within 7 days and get insurance. However, if the vehicle is not going to be in use you can get a type of "seasonal" insurance (seisontavakuutus), at a reduced rate, for the period the vehicle will be off the road.
Insurance premiums are dependent on factors such as the type, age and safety features (ex. anti-locking brakes) of the vehicle. No-claim bonuses apply.
General (Non-life) Insurers in Finland
Non-life insurance such as house insurance can only be provided by an authorised non-life insurance company or a registered insurance association. The authorisations are granted by the FIN-FSA - Financial Supervisory Authority. The current database of all Finnish non-life insurance providers is available at the FSA site. The link below goes directly to the Search page; if it fails, follow the trail to get there!
www.finanssivalvonta.fi > Registers > Supervised entities > Undertakings operating in the insurance market > Non-life insurance > Search
Providers' contact details, websites, and types of insurance provided are detailed. There were about 17 major Finnish providers as of January 2019.
In its wider meaning "life insurance" in Finland includes individual pension insurance, sickness insurance and accident insurance. In its narrower meaning life insurance concerns only insurance covering the death of the policy holder.
Life insurance institutions offer many kinds of risk-related insurance. Young families may wish to have cover in case of death or unemployment, whereas older people may be interested in savings insurance. The main kinds are straightforward risk insurance and savings insurance. Policy holders can add additional insurance policies to their life insurance, for instance covering short or long term unemployment, medical expenses or accidents.
Voluntary life insurance can made valid up to a certain age or period. Thus insurance cover continues up until an agreed time without having to be renewed. Insurance cover can also be agreed so that it is valid, for instance, for a year at a time. Traditionally, insurance is paid continually, meaning that an even amount accrues during the period of insurance cover.
Life Insurance Terms
- Bonus: An addition to the guaranteed return allotted annually by a life insurer to holders of with profits policies. The size of the bonus depends on the insurer's performance. This bonus ensures that the value of the policyholder's insurance cover remains adequate
- Guaranteed return: Interest that a life insurer is required to pay on life insurance policies at a fixed minimum rate, regardless of its earnings. In addition to the guaranteed return, life insurers pay a bonus on with profits policies
- Life expectancy: The average number of years that persons of a given age may be expected to survive according to a mortality table
Life Insurance Companies in Finland
Life assurance can only be provided by an authorised life insurance company or a registered insurance association. The authorisations are granted by the FIN-FSA - Financial Supervisory Authority. The current database of all Finnish life assurance providers is available at the FSA site. The link below goes directly to the Search page; if it fails, follow the trail to get there!
www.finanssivalvonta.fi > Registers > Supervised entities > Undertakings operating in the insurance market > Life assurance > Search
Providers' contact details, websites, and types of insurance provided are detailed. There were 10 major Finnish providers as of January 2019.
The Finnish Financial Ombudsman Bureau provides advisory services to private individuals and small enterprises in problem situations relating to the insurance
sector. You may contact the Bureau if, for example, your insurance claim has been rejected or you are not satisfied with the performance of your insurance provider.
If the customer is not satisfied with the determinations of the Financial Ombudsman Bureau, the Bureau can inform them about further actions to be taken in order to resolve the dispute.
Financial Ombudsman Bureau
Monday to Thursday 10:00 - 16:00
Address: Porkkalankatu 1, FI-00180 Helsinki
Tel: +358 9 6850 120
Fax: +358 9 6850 1220
www.fine.fi > In English
- Bulevardi 28: Group of organizations providing information about all aspects of the Finnish insurance industry, including accident, motor, patient, pharmaceutical, and environmental insurance
- Finnish Motor Insurers' Centre: Joint organization site with advice on insurance, traffic safety, traffic accidents & more