OP Uusimaa An increasing number of home loan customers are now preparing for unemployment
In Uusimaa, an increasing number of new home loan customers are preparing for unemployment. In accordance with OP Uusimaa’s statistics, 20 per cent of home loans taken in March 2025 are protected with loan protection insurance, whereas the number was 14 per cent the year before.
Loan protection insurance helps in repaying loans in the event of unemployment or temporary incapacity for work, for example.
The demand for loan protection insurance accelerated at the end of last year, but especially during the early part of 2025.
Consumer confidence according to Statistics Finland was still low, -8.2 per cent in March. This was especially due to expectations concerning the general development of unemployment. The unemployment rate 10.4 per cent according to Statistics Finland (January-March 2025).
“Uncertainty about the economic situation and future prospects raises concerns, and an increasing number of people want to prepare for possible changes in their own lives. In Uusimaa, home loans are significantly higher than elsewhere in Finland, so they have a marked effect on customers’ finances,” says Riikka Kangas, SVP, Financing for Personal Customers at OP Uusimaa.
Increase in claims paid
In 2024, claims paid based on unemployment through loan protection insurance policies issued by OP Uusimaa totalled over half a million euros. The amount is a staggering 57 per cent higher than the previous year. The number of claim applications increased by 31 per cent in 2024 compared to 2023.
At the beginning of 2025, claims paid based on unemployment through loan protection insurance have also seen an increase. In January–March 2025, paid claims increased by about 16 per cent from the corresponding period in 2024.
Currently, claims are also paid over a longer period, as the average duration of unemployment compensation went from six to eight months in 2024. In March 2025, the duration was up to nine months.
Voluntary insurance policy for unemployment makes it possible to concentrate on finding a new job without financial worries.
“It offers financial security in tough times, helping to reduce the stress and anxiety caused by unemployment. The insurance lets people concentrate on planning their future without immediate pressure of loan repayment,” says Risto Sallinen, Account Manager at AXA Partners.
Owned by its customers, OP Uusimaa is a full-service bank that is genuinely local and close to its customers. We employ nearly 1,300 financial sector specialists. Together, we develop, fund and safeguard the important things in life. We provide personal and SME customers with a complete set of banking, insurance and real estate agency services, easily and under one and the same roof. OP Uusimaa has more than half a million customers and over 370,000 owner-customers.
AXA Partners is the leading provider of loan protection insurance policies in Europe. In Finland, AXA Partners collaborate with Finnish banks and insurance companies, helping protect the finances of more than 300,000 people in Finland.