News release 22 September 2021 – 15/2021

Statistical survey of motor liability insurance 2016–2020: Number of accidents at a record low level in 2020

In 2020, premiums written on motor liability insurance totalled EUR 721 million, compared with EUR 714 million in the previous year. Premiums written therefore grew by one per cent from the previous year. At the end of 2020, motor liability insurance was provided in Finland by 32 insurance companies, of which 26 were Finnish companies and six were foreign EEA insurance companies. By the end of the year, the number of Finnish insurance companies had decreased by two following the merger of A-Vakuutus Oy with Pohjola Vakuutus Oy and the merger of LähiTapiola Satakunta Keskinäinen Vakuutusyhtiö with LähiTapiola Lännen Keskinäinen Vakuutusyhtiö.

In 2020, the result recorded by motor liability insurance was EUR 118 million, consisting of EUR 6 million in underwriting result and EUR 112 million in investment returns. In proportion to net premiums earned, the result was 17%, which was of the same magnitude as the average in the review period 2016–2020. The underwriting result was weakened by changes made to the calculation principles of technical provisions. The most significant changes were reductions in the discount rates used in the calculation of technical provisions, which most companies implemented due to the prolonged low level of interest rates in the market. The changes in the calculation principles of technical provisions improved the security of technical provisions.

The decrease in traffic volumes due to the coronavirus pandemic that spread during 2020 was also reflected in a fall in the number of traffic accidents. Accidents reported to insurance companies were as much as 12% fewer than in the previous year. Indeed, the number of accidents reported was at its lowest level for over ten years. Winter months with low snowfall in southern Finland also likely contributed to reducing the number of accidents in 2020. Although the number of accidents decreased significantly, the effect of this on the development of claims expenditure cannot, however, be clearly seen from the collected data.

For the insurance class as a whole, business has been profitable, but there were major differences, however, between different companies and different years in the components of the result.

The FIN-FSA’s statistical survey of motor liability insurance is based on data compiled from insurance companies. The survey presents tables relating to premiums, market shares, key ratios and results. In addition to the aggregate data, financial performance data are published on a company-specific basis in a separate file.

For further information, please contact

  • Vesa Ronkainen, Head of Unit, tel. +358 9 183 5704 or vesa.ronkainen(at)
  • Pirkko Welin-Siikaluoma, Chief Actuary, tel. +358 9 183 5533 or pirkko.welin-siikaluoma(at)