ESTONIA, 1H2012: Double digit increase in GWP

13 September 2012 — Vlad BOLDIJAR
estonia-statisticsEstonian insurance companies underwrote about EUR 176 million during the first half of the current year, according to the figures published by Financial Supervision Authority of Estonia, representing an 11.4% increase compared to June 2011. Paid claims have increased by 1.2% reaching EUR 99 million.

Life insurers collected insurance premiums within the amount of EUR 36.4 million, up 6.2% in comparison with June 2011 (EUR 34.2 million in the first half of 2011).

Of all four life insurers, the market leader was SWEDBANK Life Insurance SE, followed by COMPENSA Life VIG SE and SEB Elu- ja Pensionikindlustus. Top 3 collected 94.75% of insurance premiums (94.20% of GWP a year earlier).

In comparison with the previous period, the volume of insurance premiums decreased in case of SWEDBANK Life Insurance SE and MANDATUM Life Ins. Baltic SE, except for COMPENSA Life VIG SE and SEB Elu- ja Pensionikindlustus. In case of the VIG insurer, the company collected 34% more of insurance premiums in the first half of 2012, and therefore its market share increased from 24% to 31%.

On non-life insurance segment, in the first half of 2012, the amount GWP increased by almost 13% to almost EUR 140 million. It is worth mentioning that, were registered increases in all major insurance classes. The biggest increases were in the GTPL insurance where the amount of GWP was up 24% to EUR 5.7 million.

The Motor hull insurance captured as previously the largest market share - 24% (EUR 42.4 million), while the market share of MTPL insurance was 19.8% (EUR 34.9 million).

At the end of June 2012, the If P&C Insurance AS captured the biggest share of the non-life insurance market (44%). The market share of SEESAM Insurance AS was 17.4%, and ERGO Kindlustus's share was 15%.

Access www.xprimm.com and download the 1H2012 Estonian insurance market.

Market portfolio (in EUR):
  • Gross written premiums
  • Paid claims 
  • Growth rates
Life and non-life insurance lines insurance companies ranking (in EUR):
  • Gross written premiums
  • Paid claims 
  • Market shares
  • Growth rates

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