Life and non-life insurance companies, premiums and disbursements, 2003

Non-life insurance

Between 1998 and 2003 the claim incurred in non-life insurance increased by 57 per cent, which lead to an increase in the earned premiums for the costumers by almost 70 per cent in the same period. The main cause for the large increase was the lack of adjustment of the premiums to the increase in claim payments.

The class of private in non-life insurance showed a relatively large increase in the earned premiums and claims incurred from 1998 to 2003. It was mainly in the class of fire and other damage to property insurance services that caused this increase. In the period from 2002 to 2003 the claims incurred dropped by 9 per cent, while the earned premiums had an increase of 27 per cent.

For the class of industry in non-life insurance it was the fire and other damage to property insurance services in manufacturing that had the largest increase, in both earned premiums and claims incurred from 1998 to 2003.

Life insurance

In life insurance the gross claim payment increased by 23 per cent from 1998 to 2003, and in the same period the gross premiums written increased by 65 per cent.

The gross premiums written in individual life insurance services doubled from 2002 to 2003, and the main reason was the increase in the level of the interest rate. Both in 1998 and 2003 the short term interest rates were low compared with the guaranteed return in life insurance, which resulted in relatively large one-time-payment of gross premiums written.

Tables

Publised tables