ESTONIA FY2013: Strong increase in the business volume, but also high figures for the claims paid

13 March 2014 — Daniela GHETU
ESTONIA FY2013: Strong increase in the business volume, but also high figures for the claims paid
estonia-statisticsThe upswing trend established in the Estonian market is the previous quarters continued also in the last three months of the previous year. Thus, the market ended 2013 with a 24% y-o-y growth in GWP, to almost EUR 428 million, driven by the non-life insurance lines which recorded impressive double digit growth rates. At the same time, claims paid by the Estonian insurers in 2013 amounted to EUR 238 million, 16% up y-o-y.

Both motor insurance lines witnessed a strong GWP growth, at an over 20% rate which is highly uncommon for this business segment in the region. Thus, Motor Hull GWP grew by 21.8% y-o-y, while on the MTPL line a 27% increase in premium production was recorded. With a significantly increasing business volume on all the non-life insurance lines, this sector recorded an overall augmentation in GWP of 28.5%, to EUR 349.2 million. However, the bad shape of the national roads following the first three winter months of 2013, as well as the stormy season installed in autumn determined a significant increase also in the claims paid for non-life insurance (34.5% y-o-y).

Life insurance showed a quasi modest increase in GWP, of 7.6% y-o-y, but a significant reduction in paid indemnities, by almost 31% y-o-y.

If P&C Insurance AS and ERGO Kindlustus are the absolute leaders on the non-life segment, with market shares of 33.5% and almost 31%, followed by SEESAM Insurance AS, with 15.3%. Yet, it is worth mentioning that while If P&C Insurance AS lost almost 9 pp of its weight in the Estonian market, the second best competitor, ERGO Kindlustus gained over 15 pp in market share continuing an expansionist path started a couple of years ago. On the life side, COMPENSA Life VIG SE and SWEDBANK Life Ins. SE are controlling together about 80% of the Estonian life insurance business.

Access www.xprimm.com and download the FY2013 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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