Statistical survey of motor liability insurance profitability 2018–2022: Result for 2022 driven by excellent underwriting result, investment activities made a loss

In 2022, premiums written on motor liability insurance totalled EUR 742 million, up by 1.5% from the previous year. The market remained concentrated, as the market share of the four largest players, measured by premiums written, was nearly 90%.

In 2022, the result recorded by motor liability insurance was a profit of EUR 297 million. The result was significantly better than the average over the five-year review period. The strong result was driven by the underwriting result, which was EUR 480 million in profit. The excellent underwriting result was largely explained by changes made to the calculation principles of technical provisions and particularly increases in technical rates of interest, but the underwriting result adjusted for changes made to calculation principles was also EUR 103 million in profit, and therefore better than the average for the review period. In 2022, both traffic volumes and paid claims for motor liability insurance still remained below the levels preceding the coronavirus pandemic.

For the first time in the review period, investment activities made a loss, totalling EUR 183 million, and the overall result adjusted for changes made to calculation principles was therefore of loss of EUR 79 million. During the review period, the overall result adjusted for changes made to calculation principles has averaged EUR 151 million in profit and the average unadjusted overall result has been EUR 160 million in profit. The insurance class has been profitable in the review period, although there were major differences between different companies and different years in the components of the result.

The FIN-FSA’s statistical survey of motor liability insurance profitability is based on data compiled from insurance companies. The survey not only presents information on actual results and their background data, but also market shares and other descriptive data. Company-specific results are published in a separate file.

For further information, please contact:

Ville Päivinen, Actuary, tel. +358 9 183 5338 or ville.paivinen(at)finanssivalvonta.fi.

Appendices

Statistical survey of motor liability insurance 2018–2022 (pdf, in Finnish)

Company-specific results 2018–2022 (Excel, in Finnish)