January 21, 2022

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What you need to know about general insurance in Finland

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In Finland, general insurance is referred to as “non-life insurance.” Insurance against a physical or financial hazard is known as non-life insurance. Fire, water, and burglary insurance are common subcategories that are often packaged and offered as house or property insurance. Non-life insurance includes things like mandatory third-party auto insurance and voluntary car insurance, as well as health and accident insurance.

Combination insurance, as it is known in Finland, is when you include several types of risks in your insurance coverage. Individual items of property, kinds of risk covered, the start and termination of the policy, and your payment obligations are all defined in the policy with combination insurance.

Motor vehicle insurance


You must have motor liability insurance if you drive any type of vehicle (liikenevakuutus – known in many countries as compulsory or third-party insurance).

This covers both bodily injury and property damage caused by driving a car in congested areas. If your car is registered and insured in another EU country, you can drive it in Finland for up to 90 days before having to register it and pay tax and insurance.

When you buy an automobile, you must register it in your name and receive insurance within seven days. If the car will not be used for a period of time, you can purchase “seasonal” insurance (seisontavakuutus) at a reduced fee for the time the vehicle will be off the road.

Insurance premiums are determined by factors such as the vehicle’s type, age, and safety equipment (such as anti-lock brakes). Bonuses that do not require a claim are available.

General (non-life) insurers in Finland

Only an authorised non-life insurance business or a registered insurance association can provide non-life insurance, such as house insurance. The FIN-FSA – Financial Supervisory Authority – grants the authorizations.

The contact information, websites, and types of insurance offered by providers are all listed. As of January 2021, there were approximately 12 main Finnish providers.

Life insurance-information and Finnish insurers

Individual pension insurance, sickness insurance, and accident insurance are all included in the broad definition of “life insurance” in Finland. In its narrower sense, life insurance refers to insurance that covers the policyholder’s death.

Many different types of risk-related insurance are available through life insurance companies. Young families may want coverage in the event of death or unemployment, whereas older people may want savings insurance. Simple risk insurance and savings insurance are the two most common types. Additional insurance policies, such as those covering temporary or long-term unemployment, medical expenditures, or accidents, can be added to life insurance policies.

Voluntary life insurance can be extended up to a specified age or for a specific amount of time. As a result, insurance coverage lasts until the end of the agreed-upon period without needing to be renewed. Insurance coverage can also be negotiated to be good for a specific period of time, such as a year. Traditionally, insurance is paid on a continuous basis, which means that an even sum accumulates throughout the course of the policy period.

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