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In Finland, insurance against accidents at work and occupational diseases is compulsory and forms part of the Social security system. However, unlike in most European countries, the administration is entrusted to private insurance companies.
Employers must take out insurance against occupational injuries with an approved company that is a member of the Workers’ Compensation Centre (TVK). Each insurer sets its own premiums according to the rules of free competition. The law does not prescribe specific rates but lays down general principles, in particular the protection of policyholders and the adjustment of premiums according to risk. The basis on which these premiums are calculated remains confidential.
For next year, TVK expects average employer contributions to remain stable at an estimated 0.54% of payroll. These rates vary widely according to risk, ranging from 0.05% to 5%.
Finally, almost all persons compulsorily insured under the law are covered by a group life insurance policy taken out by the employer in the same framework as the compulsory insurance. This insurance covers risks in the event of the death of a spouse or guardian of children and is valid both at work and during leisure time.
